Charitable Contributions by Individuals and Businesses
Author: Barbara Weltman
| CPE Credit: |
1 hour for CPAs
1 hour Federal Tax Related for EAs and OTRPs
1 hour Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The tax law rewards generosity by individuals and businesses. Legislation in recent years has changed some breaks and created new ones. Join Barbara Weltman as she walks though the tax rules for deducting charitable contributions by individuals and businesses.
Publication Date: February 2024
Topics Covered
- Eligible charities to receive tax-deductible contributions
- Substantiation rules for charity and property donations
- Adjusted gross income limitations for deductions by individuals
- Taxable income limitation for deductions by C corporations
- Enhanced deductions for certain donations by C corporations
- Special rules for donations of intellectual property
- Treatment of contributions to donor advised funds
- Donations of partial interests in property
- Unique rules for conservation easements
- Special rules for qualified charitable distributions
- Overvaluation penalties
Learning Objectives
- Recognize which organizations are IRS-qualified to accept tax-deductible contributions
- Describe substantiation rules for charitable gifts
- Describe the limitations on charitable deductions for individuals and businesses
- Identify various special charitable-giving situations, such as those involving intellectual property and bargain sales
- Recognize the sophisticated ways in which to make charitable donations
- Recognize the special rules for conservation easements
- Describe the rule for qualified charitable distributions
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (1 hour)
Program Prerequisites
None
Advance Preparation
None
