Tag Archives: contributions

FINAL REGS ISSUED ON CHARITABLE CONTRIBUTION RELATED TO SALT BENEFITS

On August 7, 2020, the IRS released final regulations (T.D. 9907) regarding the interaction of the $10,000/$5,000 cap on state and local tax (SALT) deduction and charitable contributions. Your SALT deduction includes real estate taxes, state income taxes (unemployment, disability, family leave, personal property taxes) and local taxes. For tax years after 2017, an individuals Read More…

RETIREMENT SAVINGS TAX DEDUCTIONS

With the loss of several itemized deductions under the new Tax Cuts and Jobs Act (TCJA) for many individuals, taxpayers are wondering where they can still find tax deductions.  One great place is with retirement savings.  The TCJA did not change the rules for retirement savings tax deductions.  In fact, many retirement savings deductions continue Read More…

HOW TO PROTECT YOUR NONPROFIT’S TAX EXEMPT STATUS

Although it is not common to have a tax-exempt status revoked, it does happen.  Decrease the chance that your organization’s tax-exempt status could be revoked by following these rules: Corporate Records:  All nonprofit organizations must keep good records.  These records should consist of, at a minimum, the original articles of incorporation, including any amendments, bylaws, Read More…