Planned Giving Insights and Information

The IRS Says You Didn’t File Your PIF or CRT Form 5227…But You Did!

We are getting accustomed to waiting longer for things these days: Waiting for baggage to come at the airport. Waiting for food to be delivered. Waiting for any device that uses a microchip. Many of the delays are due to staffing shortages. The IRS is no different. If you have received a paper notification that you didn’t file your 2020 PIF or CRT Form 5227, you are not alone. That’s because the IRS automated notice system is working just fine. However, due to staffing shortages, the IRS is delayed in opening these and other hard copy returns. So while the automatic notice machine churns on, the real live humans are still sitting and opening envelopes trying to catch up.

Money Goes to Money: Investment Results for 2021

It is a bit of a paradox that while Americans were battling the second year of an historic pandemic in 2021, the stock market was booming, and the economy was roaring back to life. Certainly, demand for goods and services was exploding, as vaccines rolled out and millions returned to work. Unfortunately, however, with multiple waves and variants of COVID-19, the numbers of cases and hospitalizations shot back up to levels not even seen in 2020. Eventually, those numbers went down – only to rise again, in time, and reach even higher levels. And yet, despite a constant stream of supply chain disruptions, despite monumental labor shortages, and against a backdrop of hundreds of thousands of deaths, the U.S. economy managed to bounce back.

Donor Surveys Show You Care

Organizations send donor surveys for many different reasons. Often, they are used to fill some holes in your database, for stewardship, or for lead generation. These are all good reasons, but I’ve got an even better one: Send a donor survey to show you care about your supporters, just as much as they care about your mission.

IRS Announces Indexed Tax Items for 2022

The IRS has announced the values for 2022 of various tax items that are indexed annually for inflation. In general, values have been adjusted upward about 3.0%. Of particular interest to gift planners, the unified gift and estate tax exemption amount will be $12,060,000 ($24,120,000 per couple) in 2022, an increase from $11,700,000 ($23,400,000 per couple). For the first time since 2018, the annual gift tax exclusion will also increase, from $15,000 per person this year to $16,000 per person next year. Also of interest, the standard deduction in 2022 will increase to $25,900 for married couples filing jointly and to $12,950 for single filers, an increase of $800 and $400, respectively. Taxpayers who are 65 or older will qualify for an additional $1,400 in standard deduction on top of that (an additional $1,750 if single and not a surviving spouse). See Revenue Procedure 2021-45 (https://www.irs.gov/pub/irs-drop/rp-20-45.pdf) for complete details, including all federal income tax...