doss2
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Tax Change Heads Up
In an effort to assist you with your contributions to the University of Cincinnati we want to make you aware of the proposed tax bill legislation and the potential impact it will have on future priority seating gifts within UCATS (i.e. ticket related giving). If the bill is passed prior to December 31, the proposed changes will likely take effect January 1, 2018. To take advantage of the current tax law, we encourage you to consider the following prior to year-end:
•If you have an annual pledge with respect to football or men’s basketball priority seating you may want to complete your pledge in the 2017 tax year to preserve the current tax benefits associated with your gift. The proposed legislation could eliminate the tax deductibility of such gifts. These gifts will be receipted by the UC Foundation in 2017; however, priority points will not be credited to your UCATS account until 2018 and therefore will not impact your priority ranking for the Fifth Third Arena Seat Selection process.
•You may also consider making payment on any multi-year capital gift or endowment pledge this year, rather than next year or in future years. Changing tax rates may decrease the tax benefits of your charitable deduction in future years.
•Please note any prepayment is non-refundable. However, we can reallocate funds in the event your prepayment is greater than your future priority seating gift requirement.
To make a gift:
•Call the UCATS Office at 513-556-4884 between the hours of 8:30 AM – 5:00 PM by Friday, December 22nd or between the hours of 11:00 AM – 1:00 PM from December 27th through December 29th.
•Checks can be mailed to the UCATS Office (PO Box 210021 Cincinnati, OH 45221) and must be post-marked by December 31st, 2017.
•Stock or wire transfers should be completed by Friday December 29th at 5:00 PM. Please call the UCATS Office for instructions.
We encourage you to consult your tax advisor to determine whether this opportunity is of value to you.
Thank you for continued generous support of Bearcats Athletics and Happy Holidays to you and your family!
Go Bearcats!
Sincerely,
Mike Bohn
Director of Athletics
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12-21-2017 08:01 AM |
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TubaCat
1st Chair
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RE: Tax Change Heads Up
This damn tax bill could really screw over a lot of athletic departments.
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12-21-2017 08:16 AM |
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Banter
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RE: Tax Change Heads Up
(12-21-2017 08:16 AM)TubaCat Wrote: This damn tax bill could really screw over a lot of athletic departments.
and those of us that are poor like lil ole Banter
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12-21-2017 08:37 AM |
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The T-Shirt
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RE: Tax Change Heads Up
(12-21-2017 08:16 AM)TubaCat Wrote: This damn tax bill could really screw over a lot of athletic departments.
amongst other things and people
Color me shocked.
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12-21-2017 08:38 AM |
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MickMack
All American
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RE: Tax Change Heads Up
Prepay your 2018 property taxes!
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12-21-2017 08:47 AM |
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Bruce Monnin
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RE: Tax Change Heads Up
You never should have been able to deduct a payment for which you received a benefit. About time they fixed that.
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12-21-2017 08:48 AM |
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doss2
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RE: Tax Change Heads Up
(12-21-2017 08:47 AM)MickMack Wrote: Prepay your 2018 property taxes!
Better test it or have your tax advisor check if it help if you are subject to AMT.
MST from UC 1983
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12-21-2017 08:57 AM |
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doss2
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RE: Tax Change Heads Up
(12-21-2017 08:48 AM)Bruce Monnin Wrote: You never should have been able to deduct a payment for which you received a benefit. About time they fixed that.
I totally agree. Actually real tax reform would be no deductions or exemptions.
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12-21-2017 08:59 AM |
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TubaCat
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RE: Tax Change Heads Up
(12-21-2017 08:48 AM)Bruce Monnin Wrote: You never should have been able to deduct a payment for which you received a benefit. About time they fixed that.
You don't understand. Tax deductions are terrible, unless they benefit ME. Then they're great.
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12-21-2017 09:46 AM |
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Marcus
Heisman
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RE: Tax Change Heads Up
(12-21-2017 08:48 AM)Bruce Monnin Wrote: You never should have been able to deduct a payment for which you received a benefit. About time they fixed that.
Agree 100%
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12-21-2017 10:04 AM |
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rath v2.0
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RE: Tax Change Heads Up
(12-21-2017 08:48 AM)Bruce Monnin Wrote: You never should have been able to deduct a payment for which you received a benefit. About time they fixed that.
I always felt like I was getting over on the man on that deduction.
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12-21-2017 11:48 AM |
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RealDeal
Heisman
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RE: Tax Change Heads Up
Wish more people would consider common sense when analyzing law changes. People love to worry about who's being adversely affected and how much without considering does the law even make sense in the first place. If the law doesn't make sense it should go, period. I've deducted my small UCAT donation annually and now I won't, I'll live.
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12-21-2017 11:51 AM |
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rath v2.0
Wartime Consigliere
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RE: Tax Change Heads Up
Any athletic department that goes tits up due to the fact that donations can no longer be deducted was living on an iron lung anyways like Larry's dad in The Big Lebowski.
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12-21-2017 11:59 AM |
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Marcus
Heisman
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RE: Tax Change Heads Up
(12-21-2017 11:59 AM)rath v2.0 Wrote: Any athletic department that goes tits up due to the fact that donations can no longer be deducted was living on an iron lung anyways like Larry's dad in The Big Lebowski.
This.
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12-21-2017 12:00 PM |
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Racinejake
Heisman
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RE: Tax Change Heads Up
The new 21% excise tax on non-profit organization employees that make in excess of $1 million will cause a bit of pain for us I'd imagine with Cronin and Fickell's salaries. I completely agree with the tax, however.
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12-21-2017 01:45 PM |
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Recluse1
1st String
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RE: Tax Change Heads Up
Huh, this might be the most tame discussion of the tax plan I've seen yet.
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12-21-2017 02:09 PM |
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Fubar
Special Teams
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RE: Tax Change Heads Up
(12-21-2017 08:16 AM)TubaCat Wrote: This damn tax bill could really screw over a lot of athletic departments.
Not really. Ironically it will hurt large schools like OSU more than the likes of us.
(This post was last modified: 12-26-2017 11:22 AM by Fubar.)
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12-26-2017 11:20 AM |
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RedRocker
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RE: Tax Change Heads Up
(12-21-2017 11:51 AM)RealDeal Wrote: Wish more people would consider common sense when analyzing law changes. People love to worry about who's being adversely affected and how much without considering does the law even make sense in the first place. If the law doesn't make sense it should go, period. I've deducted my small UCAT donation annually and now I won't, I'll live.
^^^This.
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01-01-2018 03:19 PM |
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BearcatsUC
Heisman
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RE: Tax Change Heads Up
(12-21-2017 10:04 AM)Marcus Wrote: (12-21-2017 08:48 AM)Bruce Monnin Wrote: You never should have been able to deduct a payment for which you received a benefit. About time they fixed that.
Agree 100%
Well...there’s the ticket purchase, then there’s the donation to UCATS. So the UCATS portion is no longer deductible?
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01-01-2018 07:45 PM |
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