The IRS has released a copy of Rev. Proc. 2013-35, providing the dollar amounts for a variety of tax provisions adjusted for inflation for 2014.
Revenue Procedure 2013-35, which sets forth inflation-adjusted items for 2014, will be published in Internal Revenue Bulletin 2013-47 on Nov. 18. Items in the revenue procedure that apply to exempt organizations include:
*Insubstantial benefit limitations for contributions associated with charitable fund-raising campaigns
– Low cost article. For taxable years beginning in 2014, for purposes of defining the term “unrelated trade or business” for certain exempt organizations under § 513(h)(2), “low cost articles” are articles costing $10.40 or less.
* Reporting exception for certain exempt organizations with nondeductible lobbying expenditures
– For taxable years beginning in 2014, the annual per person, family, or entity dues limitation to qualify for the reporting exception under § 6033(e)(3) (and section 5.05 of Rev. Proc. 98-19, 1998-1 C.B. 547), regarding certain exempt organizations with nondeductible lobbying expenditures, is $110 or less.
Questions? Feel free to contact us at 802.878.1963. Davis & Hodgdon Associates has been assisting nonprofit organizations in the Burlington Vermont Metro area for more than 20 years. If you have any questions or concerns please feel free to call 802.878.1963 or email [email protected].