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In 2017, the Tax Cuts and Jobs Act, a $1.5 trillion tax reform plan was signed into law. The bill was the most significant overhaul of America’s tax system in decades. Due to these changes in legislation, the MICPA created this set of resources to help practitioners navigate the differences. Check back often for additional updates. 
  

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Treasury, IRS issue proposed regulations on charitable contributions and state and local tax credits

by IRS | Aug 24, 2018
Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.

Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.

The proposed regulations issued today are designed to clarify the relationship between state and local tax credits and the federal tax rules for charitable contribution deductions. The proposed regulations are available in the Federal Register.

Under the proposed regulations, a taxpayer who makes payments or transfers property to an entity eligible to receive tax deductible contributions must reduce their charitable deduction by the amount of any state or local tax credit the taxpayer receives or expects to receive.
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