The IRS has issued Rev. Proc. 2008-46 which contains annotated a sample declaration of trust and alternate provisions for a testamentary charitable lead unitrust with payments to one or more charitable beneficiaries for the unitrust period followed by the distribution of trust assets to one or more noncharitable remaindermen.  MORE »

The IRS has issued Rev. Proc. 2008-45 which contains annotated sample declarations of trust and alternate provisions for grantor and nongrantor inter vivos charitable lead unitrusts with payments to one or more charitable beneficiaries for the unitrust period followed by the distribution of trust assets to one or more noncharitable remaindermen.  MORE »

The IRS has issued guidance that updates Rev. Proc. 2006-48 and identifies circumstances under which the disclosure on a taxpayer's return with respect to an item or a position is adequate for the purpose of reducing the understatement of income tax under IRC section 6662(d) and for the purpose of avoiding the preparer penalty under section 6694(a).  MORE »

The Service has issued procedures for issuing determination letters and rulings on the exempt status of organizations under IRC §§ 501 and 521 (other than retirement plans). Generally, the Service issues these determination letters and rulings in response to applications for recognition of tax exempt status and revocation or modification of determination letters or rulings. This revenue procedure also provides guidance on the exhaustion of administrative remedies for purposes of declaratory judgment under § 7428.  MORE »

In Rev. Proc. 2008-3, the IRS has updated the list of areas of the code for which it will not issue private letter rulings or determination letters.  MORE »

The IRS has announced optional standard mileage rates for employees, self-employed individuals, or other taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. The rate for miles driven in service to charitable organizations remains unchanged from the 2007 rate of 14 cents per mile.  MORE »

The Service has issued an advance copy of Rev. Proc. 2007-52 which sets forth the procedures for issuing determination letters and rulings on exempt status of organizations under sections 501 and 521. These procedures also apply to revocation and modification of determination letters or rulings, and provide guidance on the exhaustion of administrative remedies for purposes of declaratory judgment under section 7428.  MORE »

The IRS has issued Rev. Proc. 2007-45 and 2007-46 that provide sample forms, annotations and alternate provisions for inter vivos and testamentary grantor and nongrantor charitable lead annuity trusts. The procedures also offer a safe harbor for trusts that satisfy the requirements of the procedure, subject to stated exceptions.  MORE »

Thomas Purcell of the American Institute of Certified Public Accountants has followed up on prior AICPA comments on guidance on spousal election rights and charitable remainder trusts by suggesting that future guidance on the matter be published in proposed form to give practitioners an opportunity to comment.  MORE »

The IRS has extended (Notice 2006-15) the June 28, 2005, safe harbor date that applies to certain charitable remainder annuity trusts (CRATs) or charitable remainder unitrusts (CRUTs), pending further guidance from the IRS.  MORE »