053 18.5 Million Dollar Charitable Contribution Denied
Federal Tax: No tax reform for 2013. I discussed some corporate tax reform being discussed in Congress with talk about decreasing the corporate tax rate.
State: Supreme denied Amazon a hearing on the New York Internet Reporting, Collecting, an d remitting taxes on Amazon purchases made by New York customers. Further discussed Nexus
Main Topic – Tax Courts are denying charitable contributions according to the Tennessee Society of Certified Public Accountants Journal. To resolve this going forward, you need to have the following for your donations over $250.
- Get a written statement from the done organization for the charitable contribution over $250
- The written statement needs to have “No goods or services were exchanged for this donation.
- Don’t self appraise property given to a non-profit organization, use someone else
- Correctly prepare the 8283 form
- Attach the correct documentation to the tax return for appraised non-cash contribution
- Checks are not valid receipts
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Navigating The Tax Headline of the Week
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Tax TipsThe Additional Child Tax Credit is available on dependents under the age of 17.
- CIRCULAR 230 DISCLOSURE "We are required by IRS Circular 230 to inform you that the advice contained herein (including all attachments) was not intended or written to be used for the purpose of avoiding any penalties that may be imposed under Federal tax law and cannot be used by you or any other taxpayer for the purpose of avoiding such penalties."
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