As the deadline for 2023 income tax reporting approaches, it is timely to revisit the substantiation rules for claiming charitable deductions during the tax year. For many years, the IRS has focused ...
Are you planning to make a cash contribution to your favorite charity? Have you recently spent a weekend cleaning stuff out of your garage or basement that you now plan to donate to a local nonprofit ...
Taxpayers should give as much consideration to the form in which they make charitable donations as they do to the amounts they give. By making some changes they might deliver more benefits to ...
IRS revises Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, as part of ongoing efforts to improve service As part of ongoing ...
The Answer Spot addresses post-Hurricane Katrina questions. To submit a question, send it to insurance@timespicayune.com. I made several charitable contributions last year. How can I deduct them from ...
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Ask an Advisor: We Give $8K Per Year to Charity from Our IRA. How Do We Report it to Avoid Taxes?
I'm 73, married and file my taxes jointly with my spouse. My IRA is in Vanguard mutual funds. We make about $8,000 annually in contributions to charities. I understand that direct contributions from ...
On January 13, 2023, the IRS issued Chief Counsel Memorandum 202302012 (the “CCM”) establishing new rules for donations of cryptocurrency. In the CCM, the IRS concluded that taxpayers must obtain a ...
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