+Final IRS Rules Leave States Few Options for Evading the SALT Cap
This week, the IRS closed the charitable deduction loophole -- and did so in a way that charities say will have a far-reaching impact.
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+‘Something to Upset Everyone’ in IRS’s Final SALT Cap Regs
Reaction to the IRS’s final regulations on charitable contributions and state and local tax credits is ricocheting from one extreme to another, with the only common ground seeming to be that nearly everyone is grumbling.
+IRS Has Plan to Shut Down SALT Workarounds
Much is at stake, said David L. Thompson of the National Council of Nonprofits, adding that several arguments need to be addressed during the public comment period.
+Nonprofits Respond to Release of Proposed Rules on SALT Workarounds
On the Treasury Department’s release of proposed rules regarding the so-called SALT workarounds, David L. Thompson, Vice President of Public Policy for the National Council of Nonprofits, said:
+California lags other high-tax states on state and local deduction workaround
But the plan also could increase contributions if a person who previously gave $200 now gives $10,000 to get a tax credit. In this case the charity would be ahead by $800.
+Law Lets Local Governments Treat Property Taxes as Charitable Contributions
Meanwhile, other concerns about the workaround have come from the state’s nonprofit community, which is already worried that the Trump tax overhaul could lead to fewer donations being made by New Jersey residents due to the increased standard...
