Pension Protection Act of 2006: Text of H.R. 4, as Pa..
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Categories: Pension Protection Act Tags: 2006, H.R., Pa.., Pension, Protection, Text
Pension Protection Act of 2006: Text of H.R. 4, as Pa..
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Categories: Pension Protection Act Tags: 2006, H.R., Pa.., Pension, Protection, Text
Underfunded Pensions, Pension Dumping, and Retirement Security: Pension Funds, the Pension Benefit Guarantee Corporation (PBGC), Bailout Risks, Impact … and the Pension Protection Act of 2006
Underfunded Pensions, Pension Dumping, and Retirement Security: Pension Funds, the Pension Benefit Guarantee Corporation (PBGC), Bailout Risks, Impact … and the Pension Protection Act of 2006
“Underfunded Pensions, Pension Dumping, and Retirement Security: Pension Funds, the Pension Benefit Guarantee Corporation (PBGC), Bailout Risks, Impact on the Federal Budget, and the Pension Protection Act of 2006,” part of the Government Series from TheCapitol.Net The Employee Retirement Income Security Act of 1974 (ERISA) provides a comprehensive federal scheme for the regulation of employee pension and welfare benefit plans offered by employers. The Pension Benefit Guarantee Corporation
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Categories: Pension Protection Act Tags: 2006, Bailout, Benefit, Corporation, Dumping, Funds, Guarantee, Impact, PBGC, Pension, Pensions, Protection, Retirement, Risks, Security, Underfunded
Pension Protection Act of 2006 (2006, Paperback), CCH
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Pension Protection Act of 2006 – Law, Explanation and Analysis
Pension Protection Act of 2006 – Law, Explanation and Analysis
CCH’s LAW, EXPLANATION AND ANALYSIS of the Pension Protection Act of 2006 provides the most comprehensive and practical guidance available to pension, tax and legal professionals needing to make sense and apply the changes enacted in this bill. CCH editorial staff, along with leading practitioners, provide clear and practical guidance on the many new rules in this timely reference, offering full coverage of all provisions, so pension plan administrators, benefits consultants and, tax and legal p
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Categories: Pension Protection Act Tags: 2006, Analysis, Explanation, Pension, Protection
Donate Your Clothing and Household Items to a Charity Before the “Pension Protection Act of 2006″ is Enacted Into Law
Woburn, MA (PRWEB) August 14, 2006
During the first week of August, the Senate approved the Pension Protection Act of 2006 by a vote of 93-5. The House had already approved this bill late in July. The President said that he plans to sign this Act into law.
In addition to sweeping changes to the pension plan rules, this Act also makes a few major changes to the tax deduction people can claim for their charitable donations. One big change applies to donations of clothing and household items. As of the enactment date of this new law, taxpayers can only claim a deduction for donated goods that are in good condition or better.
“Once President Bush signs the Pension Protection Act of 2006 into law, you’ll no longer be able to claim a deduction for your donated goods that aren’t at least in good condition. So now’s the time to clean out your closets and donate your unused clothing and household items to a charity,” suggests Andrew D. Schwartz, CPA founder of CPA Niche, LLC (www.cpaniche.com), a site where taxpayers can interact with CPAs who specialize in a variety of niches such as healthcare, real estate professionals, and lawyers.
As always, people who make donations of goods should list each item donated, including each item’s fair market value, and file that list along with their other tax documents. Keep in mind that unless an item is brand new or in excellent condition, it is probably worth no more than one-third of its original cost.
Taxpayers who claim a deduction in excess of 0 for donated goods need to complete and attach a Form 8283 to their tax returns. And anyone looking to claim a deduction in excess of ,000 generally needs to attach a written appraisal to their tax form as well. More information about non-cash contributions can be found in IRS Publication 526, Charitable Contributions, available at www.irs.gov. Give the IRS time to update this publication to reflect the new rules, however.
This Act also increases the documentation required for people claiming an itemized deduction for their donations of money to a charitable organization. Effective as of the Act’s enactment date, taxpayers must maintain a cancelled check, bank record, or receipt from the charity substantiating the date and amount of the donation.
“The Pension Protection Act of 2006 made numerous changes to the U.S. Income Tax rules and will take quite a while for taxpayers and tax professionals to digest,” warns Schwartz. “Even so, with the new standard for donations of clothing and household items taking effect when this bill is signed into law, anyone who waits to drop off their goods to a charity could lose out on a valuable tax deduction.”
Andrew D. Schwartz, CPA is the editor and founder of CPA Niche, LLC (www.cpaniche.com), a site where taxpayers can interact with CPAs who specialize in a variety of niches such as healthcare, real estate professionals, and lawyers. Schwartz has provided tax and basic financial planning advice in interviews with various media, including the Washington Post and Wall Street Journal. He is available for interviews.
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