Monday, September 21, 2015

The 7520 rate for October has decreased to 2.0%.

The October 2015 Applicable Federal Interest Rates can be found here.

Thursday, September 17, 2015

ThinkstockPhotos-482577350Thomson Reuters Checkpoint has calculated the projected inflation-adjusted amounts for several transfer tax figures for 2016. These calculations are based on the average Consumer Price Index (CPI) for the 12-month period ending on August 31, 2015. Please note that these are the projected inflation-adjustments and not the official figures from the IRS which will be released later in the year.

The following relevant items are included within this report:

• The “unified credit” or lifetime gift tax and estate tax exemptions are projected to increase from $5,430,000 in 2015 to $5,450,000 in 2016.

• The generation-skipping transfer tax exemption is also projected to increase from $5,430,000 in 2015 to $5,450,000 in 2016.

• The gift tax annual exclusion is not projected to increase; it is projected to remain $14,000 in 2016.

• The gift tax annual exclusion for gifts to non-citizen spouses is projected to increase from $147,000 in 2015 to $148,000 in 2016.

Additional information on these and other projected tax related inflation-adjusted figures for 2016 can be found in the following report: 2016 Inflation-Adjusted Figures Report.

Friday, September 11, 2015

ThinkstockPhotos-80614811Are you getting ready to write that big check to the IRS?  If so, you should be aware that the IRS is no longer accepting checks in amounts larger than $99,999,999.00.  In Internal Revenue Bulletin 2015-36, the IRS announced that, starting on January 1, 2016, the IRS will begin returning checks in amounts greater than $99,999,999.00 to the originator.  If you are one of the unlucky few who owe this much in tax (I might disagree and say you’re lucky to owe that much because how much do you have left after paying $100 million in tax?) you should be aware that you will have to send the IRS more than one check to make your payment.

Friday, September 4, 2015

When: Thursday, Oct. 22, 2015, from 9 a.m. to 5 p.m.
Where: Social Sciences and Business Building — SSB # 411 on the UM-St. Louis North Campus
Fee: $89 (includes lunch)

Program Description: 
Starting a 501(c)(3) nonprofit organization and governing a 501(c)(3) nonprofit organization are flip sides of the same coin.  Steps you take in forming a 501(c)(3) nonprofit corporation affect how your organization must operate in the future. Steps you take in the governance and operation of your 501(c)(3) nonprofit corporation affect your ability to maintain your 501(c)(3) tax-exempt status with the IRS on an ongoing basis.

Come to this class to learn how to start a Missouri nonprofit corporation that will seek to obtain 501(c)(3) tax exempt status from the IRS. In addition, this class will also cover good governance policies, strategies, and requirements that will allow your organization to maintain its 501(c)(3) tax exempt status on an ongoing basis once you are up and running.

This is an intensive 8-hour class that will focus on practical information and resources like forms to use, websites to access, governmental offices to contact or be aware of, and a checklist of steps to take.

Instructor Dan Sise, JD, joined the Nonprofit Management and Leadership Program (NPML Program) at U.M. – St. Louis in October, 2008, and serves as the NPML Program’s Academic Coordinator and Community Engagement Manager. A 1997 graduate of the University of Illinois College of Law, Dan is currently licensed to practice law in Missouri and Illinois. In the course of his legal career, Dan has dealt with a wide range of issues, including regulatory compliance, insurance coverage and defense, community redevelopment, and nonprofit governance and oversight. He serves on the board of directors of a number of nonprofit organizations, including the St. Louis-Jefferson Solid Waste Management District and Mission: St. Louis. Prior to joining the faculty of the NPML program, Dan worked at Habitat for Humanity St. Louis where he was director of operations.

To register, click here.