This is a multi-part message in MIME format.
---------------------- multipart/alternative attachment
This is a USA News release but it is cracking down on something very similar to the artificial (in my opinion) charitable giving plans set up in Canada such as BANYAN and GLOBAL.
At the moment, it is my understanding that the CCRA has issued over 5,000 re-assessments for charitable giviung programs dealing with art, books, or software. In my opinion, the current drug giving programs will be next in Canada.
Beware and realize that most of these schemes get by for three or four years beofre the authorioties come along and re-assess for three years back.
To: IRS News Release Service
Sent: Monday, December 22, 2003 11:39 AM
Subject: IR-2003-141 -- IRS, Treasury Issue Notice Regarding Improper Deductions for Charitable Contributions of Patents and other Intellectual Property
IR-2003-141, Dec. 22, 2003
IRS, Treasury Issue Notice Regarding Improper Deductions for Charitable
Contributions of Patents and other Intellectual Property
WASHINGTON Today the Internal Revenue Service and Treasury Department
issued a notice to advise taxpayers that the IRS intends to disallow
improper deductions for charitable contributions of patents and other
intellectual property. Taxpayers claiming improper deductions may be
subject to penalties. In addition, the notice advises promoters and
appraisers that the IRS intends to review promotions of transactions
involving these improper deductions and that promoters and appraisers also
may be subject to penalties.
"As we approach the end of the year, it is important for taxpayers
considering donations of patents or other intellectual property to focus
on the limitations on these deductions," said IRS Commissioner Mark
Everson. "Were seeing an increasing number of donations that dont pass
the smell test. Donations that are overly inflated or made with strings
attached are going to receive increased scrutiny.
The IRS is aware that some taxpayers transferring patents or other
intellectual property to charitable organizations are claiming charitable
contribution deductions in excess of the amounts to which they are
entitled. In particular, the IRS is aware of purported charitable
contributions of intellectual property involving: 1) transfers of
nondeductible partial interests in intellectual property; 2) the
expectation or receipt of benefits in exchange for transfers; 3)
inadequate substantiation of contributions; or 4) overvaluation of
intellectual property transferred.
---------------------------------------------------------------------------
If you have a specific concern about your tax account, call IRS CUSTOMER
SERVICE AT 1-800-829-1040.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
This from "ask an income tax and immigration and bankruptcy expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, South Africa, Thailand, Indonesia, Egypt, Antarctica, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and Canadian and Mexican and any of the 43 states with state tax returns, etc.
Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico,New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon. Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, Wyoming, British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec City, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland, Yukon and Northwest and Nunavit Territories, Mount Vernon, Eumenclaw, Coos Bay and Dallas Taxman and Tax Guru Your name has been added to our email list because of an enquiry we have received, we may not answer your question but
another similar question will be as we lump them.
You may find more answers at www.centa.com
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
---------------------- multipart/alternative attachment
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/3ce51647/attachment.htm
---------------------- multipart/alternative attachment--
What's Related