FL - Taxpayer did not qualify as private trust
The Florida Department of Revenue (department) determined that a taxpayer was not a private trust excluded from the definition of […]Read More
The IRS highlighted how expanded tax benefits help both individuals and businesses give to charity before the end of this year. The law now permits these taxpayers to claim a limited deduction on their 2021 federal income tax returns for cash contributions made to certain qualifying charitable organizations. These taxpayers, including married individuals filing separate returns, can claim a deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married taxpayers filing joint returns. Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify to claim a limited deduction for cash contributions.
Cash contributions made either to supporting organizations or to establish or maintain a donor advised fund do not qualify. Also, cash contributions carried forward from prior years do not qualify, nor do cash contributions to most private foundations and most cash contributions to charitable remainder trusts.
Subject to certain limits, taxpayers who itemize could generally claim a deduction for charitable contributions made to qualifying charitable organizations. These range from 20 percent to 60 percent of adjusted gross income (AGI) and vary by the type of contribution and type of charitable organization. The law now permits electing individuals to apply an increased limit (Increased Individual Limit), up to 100 percent of their AGI, for qualified contributions made during 2021. More information can be found at https://www.irs.gov/forms-pubs/about-publication-526.
In his State of the State Address, Florida Gov. Ron DeSantis proposed $1.1 billion in tax cuts, the continuation of […]Read More
The Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), has begun accepting beneficial ownership information report under the bipartisan Corporate Transparency Act, enacted in 2021. This effort requires companies doing […]Read More
Starting in 2024, Form 5558 is no longer used to request an extension of time to file Form 5330, Return of Excise […]Read More
The Internal Revenue Service said that more than 1,000 projects have been registered through the agency’s Energy Credits Online tool. The tool was created to help taxpayers who are taking […]Read More
The IRS has encouraged taxpayers to utilize tips, tools and other resources available on the IRS website to Get Ready for 2024 filing season. The agency is set to announce the start […]Read More
The IRS has provided transitional guidance under Code Sec. 6050I with respect to reporting transactions involving receipt of digital assets. The Service has further clarified that at this time, digital assets are not required […]Read More
The IRS has provided issuers of qualified mortgage bonds and issuers of mortgage credit certificates with an updated list of qualified census tracts for each state, the District of Columbia and Puerto Rico. […]Read More
The IRS Commissioner, Danny Werfel, has announced plans for new leadership structure to align with transformation goals. The updated chart, the first in two […]Read More