In August, the U.S. Treasury Department and the Internal Revenue Service issued final regulations on the deductibility of payments of cash or in-kind donations to certain tax-exempt organizations if the donor receives in...more
12/18/2020
/ Business Entities ,
Donations ,
Donors ,
IRS ,
New Regulations ,
PTEs ,
Safe Harbors ,
Scholarship Granting Organizations (SGOs) ,
State and Local Government ,
Tax Credits ,
Tax Exempt Entities ,
Year-End Tax Planning
On December 16, the Internal Revenue Service (IRS) and the Treasury Department issued proposed regulations... that provide some good news and needed clarification for C corporations, individuals, and S corporations and other...more
12/19/2019
/ C-Corporation ,
Charitable Donations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Popular ,
Proposed Regulation ,
PTEs ,
S-Corporation ,
Safe Harbors ,
SALT ,
Scholarship Granting Organizations (SGOs) ,
State Taxes ,
Tax Credits ,
Tax Deductions ,
Tax Planning ,
U.S. Treasury
As 2019 comes to a close, while most people are busy making holiday plans, dutiful tax advisors and financial planners are burning the midnight oil to minimize their clients’ tax bills that will be due in a few short months....more
12/5/2019
/ ABLE Accounts ,
Charitable Donations ,
Corporate Taxes ,
Federal Taxes ,
Income Taxes ,
IRS ,
SALT ,
Scholarship Granting Organizations (SGOs) ,
Section 529 Program ,
State Taxes ,
Tax Credits ,
Tax Deductions ,
Tax Liability ,
Tax Planning
Now that the dust has settled following the issuance of the final “SALT cap workaround” regulations by the Treasury Department, here’s a summary of those regulations, the IRS guidance issued in connection with the final...more
7/15/2019
/ C-Corporation ,
Charitable Donations ,
Final Rules ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Pass-Through Entities ,
Proposed Regulation ,
PTEs ,
Safe Harbors ,
SALT ,
Scholarship Granting Organizations (SGOs) ,
State and Local Government ,
State Taxes ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
U.S. Treasury
Sometimes the law of unintended consequences is difficult to correct after the fact. The most recent example may be the 2017 Tax Cuts and Jobs Act’s $10,000 annual limitation on state and local tax deductions claimed by...more
1/4/2019
/ C-Corporation ,
Charitable Donations ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Pass-Through Entities ,
Proposed Regulation ,
PTEs ,
S-Corporation ,
Safe Harbors ,
SALT ,
Scholarship Granting Organizations (SGOs) ,
State Taxes ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Planning ,
U.S. Treasury
Since the landmark Alabama Accountability Act was enacted in 2013, allowing individual and corporate donors to provide scholarship funds for underprivileged children in our state who are zoned for underperforming public...more
The Alabama Accountability Act of 2013 (the “Act”) provides state income tax credits to certain donors who make contributions to a state-approved scholarship granting organization (SGO) operating within Alabama. The Act was...more