I have a Google alert that anytime “tax extenders” is in the news, I get an email. As for IRA giving in 2015, there has really been nothing to report, except for today’s piece which gives me hope.
Here is the article headline from National Law Review today:
Lawmakers to Finish Highway Funding, Turn to Extenders; IRS Advisory Council to Discuss Operational Funding
posted on: Monday, November 16, 2015
– See more at: http://www.natlawreview.com/article/lawmakers-to-finish-highway-funding-turn-to-extenders-irs-advisory-council-to#sthash.cTWfbDxc.dpuf Here are the most relevant quotes:
“House and Senate lawmakers this week will be tasked with conferencing their versions of highway funding legislation…With regard to extenders, tax-writers will now be tasked with determining how to proceed, as Democrats and Republicans differ on their approach. While Republican tax-writers would prefer to make several of the business tax extenders permanent, Democrats have made clear that they will not support such an approach unless extensions of the business provisions are met with extensions of provisions benefiting the working class, including provisions such as the Earned Income Tax Credit. With only a month and a half before the end of the year, lawmakers face a December 31, 2015, deadline by which to reach agreement before being forced to reach back into 2015 next year, which is what occurred in January of this year.”
In others words, tax extenders are finally next in line for consideration. Will something be done? Most certainly yes (too many lobbyists working on the 50+ extenders from too many interests not to get something done). Will it get done with time for fundraisers to alert donors? Probably not.
Remember last year’s debacle for fundraisers – we were given one week – that’s right – to alert donors. No provision for using the law retroactively in January 2015 for 2014. No switcheroos (swapping already taken late year RMD for IRA gift).
What’s the best approach? Back to my last two posts. It’s time to encourage donors – especially those only considering modest gifts from their IRAs – to have the check written directly to the charity and see what happens. Yes, confer with your accountant (always good advice) but go ahead and make that IRA gift!
Nonprofits that have been pushing this advice have benefited greatly. And, plenty have been doing it. And may the force be with you!