Simple End of Year Tax Planning and Wealth Transfer Tips

Believe it or not, the end of 2020 is quickly approaching (insert collective sigh of relief). While I think most of us are ready to start looking forward to 2021 and would prefer to not even have to utter the words 2020 anymore, now is the time to finish off the year strong by reviewing simple, yet important, year-end tax planning and wealth transfer tips.  When most people think of tax planning and wealth transfer, they may have in mind complex estate planning documents and an overload of legal and accounting advice.  But that doesn’t have to be the case.  Here are three simple tips that you can implement with relative ease, though you will want to consult your tax advisor first. Read More


Nonprofits and Sales Tax: Is your organization still affected?

Nonprofits are still subjected to the extended sales and use tax laws if they conduct sales outside of admissions and fundraising events sales. Read More


ELPO collects items for two food drives

ELPO collects items for two food drives Read More


Doing good does a business well, too

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP This is that time of year when we all start thinking about taxes – and how to pay less. We’ve often gotten the news from our accountants that perhaps our refunds won’t be as large as we’d like or that we owe. Ugh to both. This is a good time to consider if your business can be more charitably minded, and perhaps help you pare back the tax burden next year. Read More


Group creates pottery for Empty Bowls charity event

Group creates pottery for Empty Bowls charity event Read More


The IRA gift provision is now permanent

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP Over the past decade, Congress has passed a law – usually at the last minute – that allows for gifts directly from Individual Retirement Accounts to charitable organizations with favorable tax treatment. The gifts can be up to $100,000 to qualifying organizations, but it has to be made directly to the charity. The IRA gift provision has been a popular way for some to give to their favorite organizations, for two key reasons: The gift counts towards your required minimum distribution from your IRA for the year. As you may know, seniors ages 70.5 and up are required to take a minimum distribution from their IRA each year. The gift is excluded from taxable income. The money won’t be included in your taxable income (as it would otherwise) if the money is paid directly to the qualifying charity. Only those who are 70.5 or older can take advantage of it. Read More


What happens if your will leaves money to a place that doesn’t exist?

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP In fundraising and higher education circles, the imminent closure of Sweet Briar College in rural Central Virginia has been much-discussed. This small, women-only college has existed for nearly a century and has educated generations of women. But enrollment has declined and school’s board of trustees announced that this year’s graduating class in May will be its last. One alumnae, Teresa Tomlinson, the mayor of Columbus, Georgia, noted that she had told college officials she was going to leave $1 million to Sweet Briar in her estate, and they greeted her news graciously and pleasantly, full of thank you’s and personal notes --- and then announced two weeks later the school was closing. The mayor said she was baffled why school officials didn’t disclose this to her when she told them about the gift. Even if the school changes course again and decides to remain open, those who were going to leave money to the college are probably going to be reluctant to do so again. But what would happen if Sweet Briar College was to receive a gift but then the college closed and the will could not be changed? This happens from time to time with colleges, non-profits and other organizations that are likely to receive bequests from alumni and supporters. The foundation you wanted to support could have merged, changed its goals, re-branded as something else entirely or simply shut its doors. Then what? Read More


Auction raises $4,004 for Relay for Life

Auction raises $4,004 for Relay for Life Read More


Relay for Life auction set for February 9

Relay for Life auction set for February 9 Read More


Relay for Life auction raises $5,067

Relay for Life auction raises $5,067 Read More