High Point, North Carolina
1321 Long St
High Point, NC 27262
336-884-0410

Final Regulations on Charitable Contributions and State and Local Tax Credits June 11, 2019

Final Regulations on Charitable Contributions and State and Local Tax Credits, High Point, North Carolina

The U.S. Department of the Treasury and the Internal Revenue Service today issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. In a notice also issued today, the IRS stated that taxpayers may treat payments they make in exchange for these credits as state or local tax payments. This allows some taxpayers to deduct certain of the payments as taxes. More details about these regulations are included in today’s IRS Tax Advisory.

https://www.irs.gov/newsroom/final-regulations-on-charitable-contributions-and-state-and-local-tax-credits

If you have questions about these or any other new IRS regulations, your tax advisor at Sharrard, McGee & Co., PA has the answers. Call us at (336) 884-0410 in High Point or (336) 272-9777 in Greensboro. 

Other Announcements, Events and Deals from Sharrard, McGee & Co., PA
CARES Act Information -- Update May 18, High Point, North Carolina
Today’s Client Update is posted on our blog and offers timely information for business owners deciding whether to use or payback their Paycheck Protection Program loan...read more
Small Business Reopening Advice from the U.S. Chamber of Commerce, High Point, North Carolina
Today’s blog highlights valuable resources provided to small businesses by the U.S. Chamber of Commerce with reopening information categorized on a state-by-state and busin...read more
CARES Act - PPP - May 6 Update, High Point, North Carolina
Today’s blog provides the latest updates on the Payroll Protection Program (PPP). including the SBA’s policy guidance as provided in  SBA’s PPP Loans Frequently A...read more
3 Reasons to Audit Your Employee Benefit Plan, High Point, North Carolina
An employee benefit plan audit reviews and assesses the benefits you offer and can provide valuable insights into how to improve the management of these amenities. For larger compani...read more
Tax Strategy: Figuring out Payroll Taxes in 2020, High Point, North Carolina
The coronavirus crisis has created opportunities for business owners to access payroll tax credits and advances. Today’s blog explains credits for sick and family leave, em...read more