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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Wednesday, December 18, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).


  • Live Online


    On Demand

$347.00

This course is $0 with these passes:

CLE
CPE
ALL

This CLE/CPE webinar will provide tax counsel and advisers guidance on applicable rules regarding charitable income tax deductions and planning and pitfalls to avoid. The panel will discuss income tax charitable deduction rules under current tax law, substantiation and reporting requirements, the impact of SECURE 2.0, donor obligation, contemporaneous written acknowledgments and disclosures, property transfers, and other key items that taxpayers must consider.

Faculty

Jennifer F. Scharre
Partner
Coblentz Patch Duffy & Bass LLP

Ms. Scharre is a Certified Specialist in Estate Planning, Trust and Probate Law by the California Board of Legal Specialization. Her practice focuses on sophisticated wealth transfer strategies for high net worth clients, including founders, individuals at startups, and clients with large real estate portfolios. Ms. Scharre's prior practice at a boutique trusts and estates firm makes her uniquely equipped to solve both the legal and tax issues that families face as well as the practical issues of family dynamics, succession planning, and wealth preservation. Her estate planning practice includes working with clients to develop and execute their legacy goals including drafting estate planning and entity documents. Ms. Scharre also represents fiduciaries and beneficiaries in all aspects of trust and estate administration including preparation of trust accountings and estate and gift tax returns. She also provides advice on property tax issues for clients with large real estate portfolios and provides strategies to limit reassessment. Ms. Scharre is a prolific speaker and provides informative presentations regarding estate planning, charitable giving, and special needs issues to professional organizations and her local community. She has been a Lecturer at both Santa Clara School of Law and UCSC Extension. Ms. Scharre serves on the Executive Committee of the Trusts and Estates Section of the California Lawyers Association and on the Board of Trustees of the Silicon Valley Bar Association (SVBA), where she is also Treasurer. She previously served as Executive Committee Chair and Education Co-Chair of the SVBA. Ms. Scharre is a member of the Estate Planning, Trust and Probate Section of the State Bar of California.

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Steven L. Walker
Attorney
Law Offices of Steven L. Walker, PLC

Mr. Walker's practice focuses on representing businesses and individuals facing tax controversies before the federal and state taxing agencies. He also handles estate planning, trust and probate administration. Mr. Walker is personable and knowledgeable and known for providing skilled advocacy and expertise.

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Description

Charitable giving can provide significant income and estate tax advantages while also satisfying charitable intent. To ensure these advantages for clients, tax counsel and advisers must have a complete understanding of the legal framework and tax rules applicable to charitable giving vehicles, reporting, and deductions.

For high net worth individuals, planned charitable giving is an essential tax planning tool. Under current tax law, a number of planning and giving strategies are available such as the use of qualified charitable distributions, non-cash gifting and other gifting methods for purposes of tax planning.

Listen as our panel discusses income tax charitable deduction rules under current tax law, substantiation and reporting requirements, donor obligations, contemporaneous written acknowledgments and disclosures, and other key items that taxpayers must consider.

Outline

  1. Governing documents requirements
  2. Charitable deduction rules and requirements
  3. Reporting obligations and challenges
  4. Substantiation rules
  5. Planning considerations

Benefits

The panel will discuss these and other key issues:

  • Charitable deduction rules and requirements
  • Reporting of charitable deductions
  • Distinctions between contributions made from the corpus and those made from income
  • Types of trusts eligible to make deductible donations
  • Specific provisions in trust documents that allow for deductible contributions
  • Differences between allowable individual and trust contributions
  • Available vehicles for charitable giving and pitfalls to avoid

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Understand the charitable deduction rules and requirements for purposes of structuring charitable giving
  • Ascertain key items of focus in the reporting of charitable deductions
  • Recognize critical distinctions between contributions made from the corpus and those made from income
  • Ascertain what types of trusts are eligible to make deductible donations
  • Identify specific provisions in trust documents that allow for deductible contributions
  • Understand the differences between allowable individual and trust contributions
  • Ascertain available vehicles for charitable giving and pitfalls to avoid

    • Field of Study: Taxes
    • Level of Knowledge: Intermediate
    • Advance Preparation: None
    • Teaching Method: Seminar/Lecture
    • Delivery Method: Group-Internet (via computer)
    • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
    • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

    Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

    IRS Approved Provider

    Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).