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Friday, September 12th,
2008
The Long Beach Bar Association
presents: The Annual Kenneth Zommick Charity Golf Classic benefitting
SHORTSTOP
flyer/details
El Dorado Park Golf Course
2400 N. Studebaker Road
Long Beach, CA 90815 MAP
(562) 430-5411
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the
Long Beach Bar Foundation SCRAPBOOK
A chance to
thank the people and sponsors who make our charity events a success!!
The Long Beach Bar Foundation
For the SHORTSTOP Program's Volunteer Recognition Reception in
February was a great success... check out the photos
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According to the California
Association of Nonprofits Policy Update: President signs new nonprofit laws
The President signed into law recently the Pension Protection
Act (H.R. 4) containing dozens of new charitable giving incentives
and safeguards. Under the new law, taxpayers must retain a receipt,
canceled check, or credit card statement to prove their donation.
No tax deduction will be allowed if the taxpayer cannot provide
any supporting documentation in the event of an IRS audit. The
new law requires that donated items, such as cars, clothing,
and household goods, must be in good condition and no tax deduction
is allowed for items in less than good condition. Additional
provisions require that nonprofits with annual gross receipts
of $25,000 or less file information returns with the IRS and
that nonprofits must publicly disclose their unrelated business
income. The Pension Protection Act allows taxpayers for the first
time to donate money to nonprofits directly from their IRA account.
These distributions will be tax-free, avoid the penalty on early
withdrawals, and have an upper limit of $100,000 per year. Since
the distribution will not be included in taxable income, individuals
will not be able to claim a tax deduction for the charitable
contribution.
The Act includes many other
details related to specific types of nonprofits and donations.
For complete summary: Joint Committee on Taxation (http://www.house.gov/jct/).
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