News & Analysis as of

Charitable Donations Tax Deductions Tax Cuts and Jobs Act

Adler Pollock & Sheehan P.C.

Does a Qualified Charitable Distribution Make Sense This Year?

A unique provision in the tax code allows certain transfers, made directly from a traditional IRA to a qualified charitable organization, to avoid taxation. Although this benefit of a qualified charitable distribution (QCD)...more

Foley & Lardner LLP

Charitable Planning in the Midst of Uncertainty

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For charitably inclined individuals, there is a significant amount of uncertainty brought on by possible policy shifts that may occur if former Vice President Joe Biden is elected and Democrats take a majority in the Senate....more

Adler Pollock & Sheehan P.C.

The CARES Act Creates Charitable Tax Incentives - Insight on Estate Planning

Many individuals incorporate charitable giving into their estate plans, providing assistance to their favorite charities while preserving sufficient assets for their heirs. Typically, the charitable donations are structured...more

McAfee & Taft

Every action has a reaction, even in the tax world - Gavel to Gavel

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The Tax Cuts and Jobs Act of 2017 limited the state and local taxes paid deduction available to individual taxpayers to $10,000. The deduction is most notably taken by Oklahomans on their federal tax return to deduct state...more

Dickinson Wright

Year-End Tax Planning: Maximizing the Tax Benefits of Charitable Contributions Under the TCJA

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Many charities feared that the 2017 Tax Cuts and Jobs Act (TCJA) would have an adverse impact on charitable giving during 2018 and after. The significant increase to the standard deduction available to most individuals means...more

Bradley Arant Boult Cummings LLP

Treasury Department Issues Final Regulations Limiting Charitable Deductions – Potential Impact on Alabama Donors? - SALT Alert:...

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

McDermott Will & Emery

Weekly IRS Roundup July 8 – 12, 2019

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 8 – 12, 2019. July 9, 2019: The IRS updated its frequently asked questions page for the...more

Williams Mullen

IRS Delivers Major Blow to Virginia’s Land Preservation Program

Williams Mullen on

On June 11, 2019, the IRS and U.S. Department of Treasury issued final regulations requiring taxpayers to reduce their charitable contribution deduction by the amount of any state or local tax credits received (or expected to...more

Adler Pollock & Sheehan P.C.

Insight on Estate Planning - June/July 2019: A win-win proposition - A charitable remainder trust benefits you and your favorite...

Charitable remainder trusts (CRTs) have been around for decades, and they continue to be a viable estate planning strategy in the wake of the Tax Cuts and Jobs Act and other recent tax legislation. This article details how a...more

Brownstein Hyatt Farber Schreck

Taxation & Representation, February 2019 #3

MEET THE MEMBERS - Now that everyone is familiar with the new House Ways and Means Committee members, it’s time to meet the newbies in the upper chamber’s tax writing committee: the Senate Finance Committee. Joining the...more

Chambliss, Bahner & Stophel, P.C.

Charitable Giving Options Under the New Tax Law

The new tax law makes it harder to claim a tax deduction for charitable contributions. While charitable giving should not be only about getting a tax break, if you want to reap a tax benefit from your contributions, there are...more

Bradley Arant Boult Cummings LLP

Status Report on IRS Guidance Limiting Charitable Contribution Deductions to Scholarship Granting Organizations - SALT Alert:...

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

Farrell Fritz, P.C.

Wills, Trusts & Estates: Plain and Simple – Should I Maximize My Charitable Giving Before Year End?

Farrell Fritz, P.C. on

The standard deduction (i.e., the amount you can deduct from your adjusted gross income without itemizing deductions) under the new tax law has increased to $24,000 for married couples and $12,000 for individuals. You are...more

Bennett Jones LLP

The 2018 Federal Fall Economic Statement—Canada's Response to U.S. Tax Reform

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Roughly one year after U.S. tax reform, the Department of Finance has introduced amendments to Canada's income tax laws aimed at encouraging investment in Canada. The proposed changes included in the Fall Economic Statement...more

Nelson Mullins Riley & Scarborough LLP

Proposed Regulations on Charitable Contributions and State and Local Tax Credits and Deductions

The United States Treasury Department and the IRS issued Prop. Reg. §1.170A-1(h)(3) (the “Proposed Regulations”) in late August, in response to state legislation proposed after the enactment of limitations on state and local...more

McGuireWoods LLP

Tax Reform 2.0 Markup Next Week

McGuireWoods LLP on

The House Ways and Means Committee is looking to the week of Sept. 10 for the markup of Tax Reform 2.0. Legislative text to the tax-cuts package has not yet been made public; the framework to the legislation was unveiled...more

Fox Rothschild LLP

Treasury Issues Proposed Regulations Addressing Charitable Deductions For State And Local Tax Credit Contributions

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The Treasury Department recently issued proposed regulations addressing the availability of charitable deductions when taxpayers receive or expect to receive corresponding state or local tax credits for contributions. The...more

Ballard Spahr LLP

IRS Proposes Regulations Disallowing Deductions for Charitable Contributions Paid in Lieu of State and Local Taxes

Ballard Spahr LLP on

The IRS proposed regulations (the Proposed Regulations) on August 23, 2018, that would largely block state efforts to circumvent new limitations on income tax deductions for state and local taxes and would affect many current...more

Foodman CPAs & Advisors

Taxpayers ought to wait for IRS guidance before strategizing their SALT

On May 23, 2018, IRS released Notice 2018-54 to inform Taxpayers that IRS, in the near future, will be releasing proposed regulations, to assist Taxpayers with understanding the relationship between federal charitable...more

Stinson LLP

How Charities are Motivating Donors Under the New Tax Law

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For charities, the Tax Cuts and Jobs Act enacted in December 2017 has sparked soul searching and creative solutions as concerns grow about giving challenges. ...more

Verrill

Connecticut Reacts to Federal Tax Law Reform Changes

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The sweeping changes created by the federal Tax Cuts and Jobs Act (“TCJA”) has resulted in some states enacting their own legislation in response to the federal tax reform. On May 31, 2018, Connecticut signed into law a bill...more

McGuireWoods LLP

Charitable Giving After Tax Reform

McGuireWoods LLP on

Public Law No. 115-97, enacted Dec. 22, 2017, and informally known as the 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”), contains several provisions that, in the aggregate, may have a substantial effect on charities and...more

Nutter McClennen & Fish LLP

SALT Taxes as Deductible Charitable Contributions?  The IRS Doesn’t Like It.

In a press release and IRS Notice (Notice 2018-54) issued Wednesday, May 23rd, the IRS warned taxpayers to be wary of state efforts to circumvent new federal limits on deductions for state and local taxes. Under the recent...more

Eversheds Sutherland (US) LLP

IRS to crackdown on SALT deduction Cap workarounds

On May 23, 2018, the IRS and the Treasury Department issued Notice 2018-54 announcing their intention to propose regulations addressing the federal tax treatment of state workarounds to the $10,000 ($5,000 in the case of...more

Ruder Ware

IRS to Issue Regulations Addressing $10,000 Limit on State and Local Tax Deduction

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Yesterday, the IRS issued Notice 2018-54 and an accompanying news release stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax proposes....more

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