A tax-exempt irrevocable trust designed to reduce the taxable income of individuals by first dispersing income to the beneficiaries of the trust for a specified period of time and then donating the remainder of the trust to the designated charity. The whole idea of a charitable remainder trust is to reduce taxes. This is done by first donating assets into the trust and then having it pay the beneficiary for a stated period of time. once this time-frame expires, the remainder of the estate is transferred to the charities deemed as beneficiaries.
A charitable organization that, while serving a good cause, does not qualify as a public charity by government standards. A private foundation is a nonprofit organization which is usually created via a single primary donation from an individual or a business and whose funds and programs are managed by its own trustees or directors. As such, rather than funding its ongoing operations through periodic donations, a private foundation generates income by investing its initial donation, often disbursing the bulk of its investment income each year to desired charitable activities. Private foundations generally fit into two categories: private operating foundations and private non-operating foundations. Private operating foundations actually run the charitable activities or organizations they fund with their investment income, while private non-operating foundations simply disburse funds to other charitable organizations.
This type of bond is used by municipalities to finance public works facilities and improvements. However, the vast majority of the benefit provided by the project being financed by a public purpose bond must be directed at the public at large, and not at private individuals. Public Purpose Bonds are generally employed to fund such projects as road construction and maintenance, libraries, swimming pools and other municipal facilities. As with all other types of municipal bonds, the interest paid from Public Purpose Bonds is exempt from federal income taxes (and often state and local taxes as well). Public Purpose Bonds were first defined in the Tax Reform Act of 1986. Municipalities that are authorized to issue this type of bond must have the ability to tax their residents, plus eminent domain or police power.
A type of gift transaction in which a donor contributes assets to a charitable trust which pays an annuity designed to leave a substantial proportion of the funds to charity upon termination of the annuity. The tax consequences of this transaction may be advantageous for contributing appreciated assets, due to differences involved in the taxation of charitable trusts. The charitable remainder annuity trust is similar to other charitable annuities. However, the remainder trust has the advantage of being structured as a separate trust fund. This means that the charity cannot incur liability as a result of the annuity because the funds are in a separate legal structure.
A tax on lobbying and/or political expenses that exceed an allowable amount set by the IRS. For example, political activists whose expenditures associated with attempting to influence the public votes in a given election, referendum or legislative matter will likely be required by the IRS to pay proxy tax.
A trust designed to reduce beneficiaries' taxable income by first donating a portion of the trust's income to charities and then, after a specified period of time, transferring the remainder of the trust to the beneficiaries. The whole idea of a charitable lead trust is to reduce taxes upon the estate left by the deceased. This is done by donating to charities from the estate until all taxes are reduced. once this is accomplished, the estate is then transferred to the beneficiaries, who typically will face lower taxes. Many different organizations offer information regarding the set-up of these types of trusts. Examples are universities, colleges, and non-profit societies.
The level of income that is used to determine whether a taxpayer is liable for tax on his or her Social Security benefits, and by how much. Provisional income is calculated by making certain adjustments to the taxpayer's gross income. The formula for determining provisional income is as follows: Provisional income = gross income + tax-free interest + 50% of Social Security benefits + any tax-free fringe benefits and exclusions - adjustments to income (except for the student loan deduction, tuition and fees deduction or domestic production-activities deduction) Provisional income is calculated on Worksheet 34-1, unless the taxpayer is an active participant in a qualified plan and also has made or intends to make deductible contributions to a Traditional IRA for the year. If the taxpayer's provisional income exceeds a certain base amount, then part of the taxpayer's Social Security benefits may become taxable.
A professional designation available in both the United States and Canada that indicates a human resource professional's expertise in employee benefits. The program is overseen by the Wharton School of Business at the University of Pennsylvania and at Dalhousie University in Canada. A certified employee benefit specialist has a vast understanding of compensation structures. U.S. courses cover group health plan design, group benefits management, healthcare financing and economics, retirement plan design, retirement plan management, asset management, human resources and compensation management, compensation concepts and principles, executive compensation, basic personal financial planning, and tax and estate planning. Canadian coursework is slightly different; it covers principles of group benefits, applications of group benefits, healthcare economics and issues, retirement income programs, asset management, government-sponsored benefits, compensation concepts and principles, executive compensation, human resource management, and basic personal financial planning.
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