Posts tagged "tax deductions"

IRS Issues Final Regulations Capping SALT Deductions

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) recently finalized the federal government's answer on the charitable contribution work-around certain states have attempted to implement to reduce the effect of the cap on state and local tax deductions for federal filing purposes. Citing Internal Revenue Code section 170, the IRS determined that contributions made by taxpayers to a fund or entity designed as an alternative to paying property taxes, for example, is not a charitable contribution, because the donation is not made with a charitable intent, and the taxpayer receives a privilege or benefit in exchange for the donation.

IRS Issues Final Regulations on Substantiation for Charitable Contributions

If you regularly claim deductions for donations, you may need to update your tax record keeping practices --- the Internal Revenue Service (IRS) issued final regulations this summer concerning the correct way to substantiate any charitable contributions you wish to deduct. Under Section 170(f)(8), for contributions of $250 or more, the recipient organization should provide you a receipt at the time of the contribution that shows:

IRS Puts Taxpayers on Notice Regarding State and Local Tax Deductions

The Internal Revenue Service recently issued a notice about proposed regulations that will address the deductibility of state and local tax payments for federal income tax purposes, specifically reminding taxpayers that the IRS position is that federal law controls the characterization of payments, regardless of the treatment under state law. To read the IRS press release, click here.

What You Need to Know About Deductions for Your Holiday Giving

November kicks off the season of giving, and the donations you make to your favorite charities may also provide you some tax benefits. However, there are some guidelines you should keep in mind as you write those checks.

Micro-Captive Insurance Transactions to Come Under IRS Scrutiny

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

IRS to Review IRC Sec. 199 Deductions by TV Broadcasters and Program Distributors

The IRS Large Business and International division (LB&I) is rolling out a series of campaigns focused on specific compliance issues. The division analyzed extensive data as well as suggestions from IRS compliance employees and the tax community to improve large business compliance activities.

Fake Scams Already Surfacing While Hurricane Harvey Hits Houston

The Internal Revenue Service (IRS) has issued a warning about possible fake charity scams related to the effects of Hurricane Harvey. Taxpayers should be sure the charities they want to support are recognized by the government to accept donations. Don't let your compassion get the best of you - be careful who you send your money and information. The IRS offers the following tips to help you protect your interests while also supporting causes you care about:

White House Proposes Major Revisions to Federal Tax Law

The last comprehensive revision of the Internal Revenue Code occurred in 1986, when Congress passed the Tax Reform Act of 1986. On April 26, 2017, with less than one page of writing, President Trump has summarized his Tax Reform Plan, which promises to reduce tax brackets, simplify the tax code, create millions of job, and protect a variety of deductions. Included in the plan are the following proposed changes:

San Francisco Demands Over $30k in Back Taxes from Charity

Helpers Community Inc. must pay the San Francisco Office of the Assessor-Recorder approximately $31,000 in back taxes for misrepresenting the use of properties the charity owns around Golden Gate Park. The nonprofit was founded in 1953 to assist people with developmental disabilities, including providing residential care support. They have received about $100,000 in property tax exemptions since 2003 for this use. However, city officials recently found that the charity ended its residential services in 2002 and has been using the properties for storage and a high-end fashion resale boutique instead.

Update on Rules for Internet-Based Service Providers

Businesses on the cutting edge of technology may kick off the new year with a "sharing economy" workforce approach. Businesses that use a web-based approach to offering services, including the rental of tangible personal property, may qualify for the benefits related to this relatively new classification. Be aware of the IRS' requirements and the related rules for the best business practices and for preparedness in the event of an audit.

Contact the Law Office of Williams & Associates

For more information about our tax law services, or to discuss your tax matter, call our Sacramento office at (916) 488-8501 or toll free at (800) 684-7147. You may also send us an inquiry via email.

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