PG Calc Blog

The latest on planned giving from PG Calc.
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Biden Administration Releases Details on Proposed Taxation of Split-Interest Trusts

Biden Administration Releases Details on Proposed Taxation of Split-Interest Trusts

On May 28, the Biden Administration released a general explanation of its revenue proposals for Fiscal Year 2022. The so-called “Green Book” provides more detail on these proposals than had been available previously. Of especial interest to gift planners, under the heading “Treat transfers of appreciated property by gift or on death as realization events,” pages 62-64 discuss the Administration’s proposed changes to the taxation of capital gain when assets are transferred during life and at death. I reviewed some of these proposed changes regarding outright gifts and bequests of appreciated assets in a previous blog post, but until now there was no detail on how transfers to split-interest gifts would be treated.

Proposed Changes to Capital Gains Tax Could Be a Big Boost to Giving

Proposed Changes to Capital Gains Tax Could Be a Big Boost to Giving

The American Families Plan proposed by the Biden Administration includes a long list of initiatives aimed at expanding government support of children and families. It would cover much of the cost of these initiatives through a series of tax changes that include a major overhaul in the tax treatment of capital gains. It is far from certain that these tax changes will become law, but it is worthwhile to examine how they might affect the behavior of your donors if they did.

It’s Tax Season, and Timing Is Everything This Year

It’s Tax Season, and Timing Is Everything This Year

Everyone knows by now that the IRS has extended the filing deadlines for 2020 federal income tax returns for individual taxpayers; the normal deadline of April 15 has been extended to May 17, giving all of us an extra month. But less widely known is that the federal tax filing deadline for trust tax returns has not been extended.

$1.9 Trillion American Rescue Plan Will Affect Giving Only Indirectly

$1.9 Trillion American Rescue Plan Will Affect Giving Only Indirectly

Last week, President Biden signed the American Rescue Plan (ARP), a $1.9 trillion package of initiatives aimed at facilitating the U.S.’s recovery from the health and economic effects of the COVID-19 pandemic. The ARP provides economic assistance to individuals in a variety of ways, primarily to Americans making less than $75,000/year (or couples making less than $150,000/year). It also extends the Paycheck Protection Program for businesses, creates block grants to help schools reopen and expand childcare, provides aid to state and local government, and much more.

Implications of the Consolidated Appropriations Act, 2021

Yesterday, President Trump signed into law the Consolidated Appropriations Act, 2021, which will provide $900 billion in coronavirus relief and $1.4 trillion to continue to fund the government. The legislation covers a lot of territory and clocks in at over 5,500 pages. Because of the delay in passage and further delay in signing, there is little time before 2020 ends for donors to ask what will be extended and what will be changed for 2021. Below is our reporting of a few key provisions in this law that will impact fundraisers and donors.

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