(1) A primary purpose of these laws is to allow individuals to claim federal
charitable contribution deductions for payments that simultaneously serve to reduce those individuals' state tax liabilities and to support programs that state governments would otherwise fund.
The proposed regulations arc 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.
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.
Donors to OSF receive tax benefits, including state income tax credits and
charitable contribution deductions.<br />The Opportunity Scholarship Fund is a 501(c)(3) charitable organization.<br />
On the grounds that the benefit of a razed building was only incidental relative to the benefit flowing to the public in the form of valuable firefighting training, taxpayers relied on Scharf to employ this strategy to generate
charitable contribution deductions. (51) The Service even acquiesced to Scharf, which at least created some assurance that taxpayers could pursue the deduction without a Service challenge.
The Treasury Inspector General for Tax Administration (TIGTA) estimated that more than 273,000 taxpayers claimed $3.8 billion in potentially erroneous non-cash
charitable contribution deductions in tax year 2010.
Durden shows the lengths to which the IRS will go to enforce the substantive documentation requirements for
charitable contribution deductions. Individuals claiming
charitable contribution deductions should be mindful of the substantiation requirements of Sec.
Deductions were claimed for executor's commissions of $87,000, attorney's fees of $94,000, administrative expenses of $8,500,
charitable contribution deductions of $142,000, and $175,000 owed to the mother for her services.
Employees receive tax receipts for
charitable contribution deductions. The new charitable giving option has been added to I Love Rewards extensive online rewards catalogue of 12 million employee incentive options.
Charitable contribution deductions may be taken for the gift of a life insurance policy, life insurance premiums, maturing annuity, and endowment contract.
Charitable contribution deductions are not allowed for:
The deduction for an individual's contributions to most nonpublic (private) charities, regardless of the type of property given away, is limited to the lesser of (a) 30% of the taxpayer's contribution base, or (b) 50% of his contribution base minus the amount of
charitable contribution deductions allowed for contributions to the public-type charities.
