Charitable IRA Rollover Extended Through End Of 2014 - Immediate Action Required

Jason E. Havens is Senior Counsel in our Tallahassee office and Richard P. Sills is a Partner in our Washington D.C. office .

Near the end of 2014, both donors and charities have reasons to celebrate. The Senate passed the House bill known as the Tax Increase Prevention Act of 2014 (H.R. 5771) to extend various tax provisions, including the IRA charitable rollover provision. This legislation would also extend the increased deduction for conservation easements, although this type of charitable gift is generally not feasible unless the required appraisal and relatively complex documents are already in process. Unfortunately the bill only applies for 2014. Most commentators anticipate that President Obama will sign the bill into law soon.