Planned Giving - Define Your Legacy and Make a Difference!

Planned Giving

With thoughtful planning, anyone can provide for their financial goals and help Jacksonville University continue to be an extraordinary place to learn. Planning may allow you to:
  • Benefit family and friends while providing for the university that is important to you
  • Leave a personal legacy that reflects your values and beliefs
  • Take advantage of possible tax benefits
  • Receive the satisfaction of giving back in a meaningful way
Legacy gifts take many forms, and reasons to include JU in one's financial and estate plan are as unique as each individual, but they share a single purpose: to ensure that Jacksonville University will prosper in the future.

We appreciate the continued commitment of alumni and friends to JU students and thank them for all they do to make our good work possible. We would be honored to assist you, too. JU's success depends on your vision and generosity.
How to Make a Difference at JU
You want to make a difference at JU, but don't know where to begin? Identify your goals and review possible strategies to achieve them.
Read More...
Plan Your Gift At Any Age
Simple Planning Tips to protect your family and support JU too!
Read More...

 

Contact Us
Maria Pellegrino-Yokitis, JD
Director of Major Gifts and Planned Giving
Jacksonville University
2800 University Blvd. N.
Jacksonville, FL 32211
(904) 256-7928
mpelleg@ju.edu
Tax ID: 59-0624412

 

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Sunday July 24, 2016

Washington News

Washington Hotline

Natural Gas Disaster Tax Relief

In Announcement 2016-25; 2016-31 IRB 1, the IRS announced that it will exclude most payments to residents affected by the Aliso Canyon natural gas leak.

Aliso Canyon was originally an oilfield developed by J. Paul Getty. After the oilfield was depleted, it was sold and is currently used by Southern California Gas Company (SoCal Gas) for underground storage of 86 billion cubic feet of natural gas. The area now is a northern Los Angeles suburb with thousands of residents.

On October 23, 2015, SoCal Gas discovered a natural gas leak on well SS25, which was initially drilled in 1953. The well casing and wellhead failed to contain the pressurized natural gas.

Area residents reported headaches, nausea and nosebleeds. About 2,500 households were temporarily relocated until Feb. 18, 2016, when California state officials stated that the leak was plugged.

Because many residents received compensatory payments from SoCal Gas for their relocation costs, the IRS excluded from taxable income most SoCal payments during the period from November 19, 2015 to May 31, 2016. The excluded amounts include the following:
  1. Hotel expenses, including meal allowances.
  2. Payments to family or friends for room and board at $150 per day.
  3. Home rental costs for alternative housing until May 31.
  4. Mileage for transporting children to schools from the temporary location.
  5. Home and vehicle cleaning expenses related to the natural gas leak.

Residents who were relocated are permitted to exclude all of these payments from taxable income. However, family and friends who received any SoCal Gas payments will be required to report them as taxable income to the extent they exceed the 14 day exclusion under Sec. 280(A).

Published July 22, 2016
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