Securities Industry Asks for Guidance on IRA Charitable Rollover
As our readers know, the IRA Charitable Rollover was signed into law on August 17, 2006 as part of a larger package of charitable reforms and giving incentives. So, the clock is now ticking on this incentive because it expires at the end of 2007. As a result, charities are beginning to ask questions about how to actually implement it.
Today, the Securities Industry Association (SIA) released an e-mail they sent to Treasury Department last week asking for guidance on several implementation issues. The e-mail includes questions like:
* Will qualified charitable distributions, need to be tracked under a separate reason code for 1099-R reporting?
* Will financial institution have an "obligation" to report to the charity any identifying information relating to who directed the gift?
* Does the provision apply to distributions from other types of IRAs?
Other national groups are also planning letters to Treasury. Look for more information on this in the coming weeks.
Today, the Securities Industry Association (SIA) released an e-mail they sent to Treasury Department last week asking for guidance on several implementation issues. The e-mail includes questions like:
* Will qualified charitable distributions, need to be tracked under a separate reason code for 1099-R reporting?
* Will financial institution have an "obligation" to report to the charity any identifying information relating to who directed the gift?
* Does the provision apply to distributions from other types of IRAs?
Other national groups are also planning letters to Treasury. Look for more information on this in the coming weeks.
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