‘Something to Upset Everyone’ in IRS’s Final SALT Cap Regs

‘Something to Upset Everyone’ in IRS’s Final SALT Cap Regs

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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.

“Wherever you are in the country or on the political spectrum, there is something to upset everyone in the IRS rule released today,” David L. Thompson of the National Council of Nonprofits told Tax Notes on June 11. “It blocks SALT workarounds, it limits the value of state credits, and, even in stepping back from a very harsh draft proposal, it caused taxpayers during the last months of 2018 not to make donations to worthy and needed work of charitable nonprofits in communities throughout the country.”

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Tax Notes
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