Featured Client Spotlights

CLIENT SPOTLIGHT: Factory Five Racing

Factory Five Racing was founded in 1995. Over the years they have grown from a start-up business in a small garage to become the world's largest manufacturer of "build-it-yourself" component car kits. They employ a full-time crew of about 40 people, and are located in Wareham, Massachusetts (about an hour south of Boston). They make their products right here in the USA, in the heart of New England where American manufacturing was born.
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        Nonprofits Take Note! Recent Expansion of Qualified Charitable Distribution Rules

        President Biden recently signed into law the Secure 2.0 Act of 2022. The Act contains, in part, an expansion of the rules for qualified charitable distributions. A qualified charitable distribution (“QCD”) is a direct transfer of funds from an individual retirement account to a qualified charity.

        Two of the highlights, which are effective for the 2023 tax year:

        Increase in QCD limit: Under current law, individuals who are 70½ years old or older may use a QCD to donate up to $100,000 to qualified charities directly from an IRA. The Act indicates that the annual QCD limit of $100,000 will be indexed for inflation, effective for tax years after 2023.

        Expanded Use of QCD: The Act includes a one-time election for a QCD to fund one of either a charitable remainder unitrust, a charitable remainder annuity trust or a charitable gift annuity. Charitable remainder trusts and charitable gift annuities are vehicles defined by federal tax law that allow you to provide payments to yourself or others while making a generous gift to charity. The limitation under the Act to fund one of these vehicles is $50,000, indexed for inflation. The QCD continues to be ineligible to fund donor advised funds, private foundations, or supporting organizations.

        We at Partridge Snow & Hahn have a multifaceted Charitable & Nonprofit Organizations Practice Group to guide you through the advice necessary to discuss charitable giving options.