TE Options Agreement Signed. An Options Agreement to purchase the remaining 10.7 acres of the Timbers Edge project was signed on December 21st. This is an extension of many months from the initial Options Agreement which indicates the property owner Mr. Tallman, and the developer John Johnson are willing to work with the Illahee Forest Preserve and the Illahee Community boards of directors to accommodate a possible purchase. The map below shows all the purchases desired for 2016, with the top priority being the remaining TE property.
By Jeffrey Levine, Director of Retirement Education
Follow Me on Twitter: @IRAGuru4EdSlott
It’s taken almost a full year – literally – but Congress is finally set to pass an appropriations act, which will include the much anticipated extenders bill. However, this isn’t your run-of-the-mill extenders bill. This year’s version of the extenders bill – something of a holiday tradition for many professionals at this point – permanently extends several key tax provisions, including the QCD (Qualified Charitable Distribution) provision that allows certain IRA owners to give IRA funds directly to charity without having to include them in income. But wait… there’s more!
Stuffed into the bill under a section appropriately titled “Miscellaneous Provisions” are several other changes to the tax law – that have nothing to do with the extenders – but that may impact your planning for one or more reasons. The following is a brief summary of some of the most important provisions in the law which are most likely to impact you and your family.
(Editor’s Note: Congress did act, and the President signed the PATH Act into law on Friday, December 18, 2015.)
Qualified Charitable Distributions (QCDs) Are Back… “Forever”
The extenders bill will bring back qualified charitable distributions retroactively to January 1, 2015. Although the bill still hasn’t been signed into law, at this point, that’s pretty much just a formality. If you made a “QCD” earlier in the hope that Congress brings back the provision retroactively – as it has every other time it’s expired in the past – you can now rest easy. That distribution will soon become a valid QCD.
There’s more good news too. Never again will you have to wait until mid-December to figure out whether or not you should be making a QCD. The extenders bill brings back QCDs permanently. Of course, as I’ve said before, “permanent” means something different to Congress than it means to you or I. To us, permanent means, well… permanent. Not to be changed. Ever. To Congress, however, permanent just means the way it is until we decide to pass another law to override it.
If you haven’t yet made a QCD for 2015 and want to do so now that there is clarity as to the law, you had better get to work quickly! Charitable distributions must leave your IRA no later than December 31, 2015 in order to be treated as a 2015 QCD. Despite the close proximity between now and the end of the year, there will be no grace period or other extension of that deadline. Remember, QCDs can only be made from IRAs, and only if you are actually age 70 ½ or older at the time of the distribution.
– See more at: https://www.irahelp.com/slottreport/extenders-bill-poised-make-big-changes-what-you-need-know#sthash.7g6mQvAL.dpuf