Charitable Contribution Deductions (Part I of II) The Tax Cuts and Jobs Act of 2017 and subsequent tax acts, such as the CARES Act, have complicated charitable giving and estate planning. This two-part article provides an overview of the current state of the law as it concerns both. In this first part, the author focuses on charitable deductions. A charitable contribution deduction is allowable for a contribution actually paid in cash or other property before the close of the tax year (regardless of whether the taxpayer is on the cash or accrual method of accounting) and made for the use…
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Boosted by solid consumer spending and improving international trade, the expansion of the U.S. economy rose to 2.9% in the third quarter, the Commerce Department said. Nelson Schwarts reports that economists said the biggest quarterly gain in two years will probably be enough to persuade the Federal Reserve to raise interest rates in December. Charles Paikert discusses several avenues to take advantage of tax deductions. To read the full article in Financial Planning, click: Gimme Shelter: Help Clients Leverage Real Estate’s Investment Clout and Tax Advantages.
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Obama’s New Vision: No Further Increases in Tax Rates; Instead Focus on Eliminating Loopholes and Deductions And just last week all the pundits were saying any sort of serious budget deal was dead. Now, The New York Times, CBS News, and Washington Post/Associated Press report that president Barack Obama said future deals with Congress on the U.S. budget could set aside the option of raising tax rates and, instead, focus on eliminating tax loopholes and deductions to reduce the deficit. “I don’t think the issue right now is raising rates,” Obama said. Instead, a focus might be on mortgage interest…
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Beyond The Fiscal Cliff: Details to Act On Gail Perry at Accounting Web introduces a set of articles on the effect of the “fiscal cliff.” A first article – New Tax Law Emerges Beyond the Fiscal Cliff – provides an overview of the key tax provisions that will affect your individual and business clients. It’s followed by coverage of how the new law will impact federal estate, gift, and generation-skipping tax exemption limits. Today’s workplace fitness exercise encourages you to get out of your chair for a quick, low-impact pick-me-up! nature of such cooperation uncertain, the heads of the U.S. and international accounting standards setters said…