Payments Under State or Local Tax Credit Programs May Be Deductible as Business Expenses

by MICPA | Sep 12, 2018   ()
If you have clients who make business-related payments to charities or government entities for which they receive state or local tax credits, they can generally deduct the payments as business expenses. The IRS clarified that this general deductibility rule is unaffected by the recent notice of proposed rulemaking.

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Source: Internal Revenue Service

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