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Monday, November 20, 2023 Live Webcast

Individual Charitable Planning: Philanthropy for Income Tax Return Reporting (E2311352)

11:00 AM - 12:40 PM EDT

Registration: 10:30 AM EDT

webcast

Vendor Platform

2 CPE Credits in TX

OVERVIEW

Many individuals make contributions to religious, educational, scientific, literary, or other 501(c)(3) charities. For the purposes of tax savings, some forms of giving are more tax advantageous than others.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

Accounting and finance professionals dealing with charitable contribution planning

BENEFITS

  • Be familiar with the tax implications on various types of donations and the tax strategies to minimize the tax
  • Navigate charitable giving and properly report noncash charitable contributions on Form 8283

HIGHLIGHTS

  • Which organizations are qualified to receive contributions?
  • Types of charitable contributions taxpayers can deduct
  • The deduction for quid pro quo contributions
  • Strategies for donating property that has decreased/increased in value
  • Figuring the deduction for contributions of capital gain property
  • Importance of timing when making contributions
  • Considering QCDs if a taxpayer is at least 70 ½
  • Specifics of donor advised funds
  • Deduction may be limited to 20%, 30%, 50%, or 60% of adjusted gross income depending on type of property donated
  • How to figure your deduction when limits apply
  • Contribution carryovers when your donation exceeds limits
  • What written statements should be received from qualified organizations?
  • What records should taxpayers keep?
  • Substantiation requirements for cash contributions of less than/more than $250
  • Substantiation requirements for noncash contributions of less than $250 to over $500,000
  • When does taxpayer need an appraisal?
  • How and where to report contributions for individual income tax reporting

COURSE LEVEL

Basic

ADVANCE PREPARATION

None

INSTRUCTOR

Michael Frost

Michael A. Frost, CPA, EA

Michael A. Frost, CPA, EA Mike Frost, CPA, of Jacksonville, Alabama, provides tax consulting, continuing education, and motivational speaking services through his company, Mike Frost Enterprises. Mike is a former shareholder of MDA Professional Group, PC, where he managed the tax department of the Albertville office. Mike has 31 years of experience in public accounting, including but not limited to: Business and individual income tax preparation and planning; mergers and acquisitions; estate, gift, and trust tax preparation; small business consulting; Medicare planning and other elder care; audit representation; and religious groups and clergy. Mike has conducted CPE engagements and seminars throughout the United States and has served as technical advisor for tax articles in The Sand Mountain Reporter, a local newspaper. Mike has been a featured presenter at the Alabama Society of CPAs Annual Meeting and the Federal Tax Clinic held annually at the University of Alabama in Tuscaloosa. Mike graduated with "high honors and distinction" from Jacksonville State University with a major in accounting, a minor in finance, and a 4.0 GPA. He is a member of the American Institute of Certified Public Accountants and the Alabama Society of Certified Public Accountants. In addition, he is a graduate of the Tax Planning and Advising for Closely Held Businesses Certificate of Educational Achievement Program sponsored by the AICPA.

PRICING

$99.00 - Member

$136.50 - Nonmember

Event Cancelled

This event has been cancelled.

ADDITIONAL OPTIONS

Print a registration form

COURSE DEVELOPER

Surgent

AREAS OF INTEREST