Greensboro, North Carolina
800 Green Valley Rd Suite 200
Greensboro, NC 27408
336-272-9777

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, Greensboro, 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
Five Behaviors of Productive Work at Home Employees, Greensboro, North Carolina
Today’s blog presents five behaviors that managers of employees working from home can use to assess productivity. These include taking initiative, delivering results, displaying expe...read more
Happy July 4th!, Greensboro, North Carolina
Sharrard, McGee & Co., PA will be closed Friday, July 3, in observance of Independence Day. We wish you and your family a happy and healthy celebration of our nation’s birthday! read more
4 Tax Mistakes Many Small Businesses Make, Greensboro, North Carolina
Being a small business owner comes with numerous obligations. As such, tax preparation may fall by the wayside, which can lead to serious consequences. While the following mistakes&n...read more
Paycheck Protection Program – June 26, 2020 UPDATE, Greensboro, North Carolina
Dear Clients and Friends:   To reflect the recent passage of the Paycheck Protection Program Flexibility Act (PPPFA), the SBA in conjunction with the Treasury Department has r...read more
Streamlined PPP Loan Forgiveness Applications Available, Greensboro, North Carolina
The Small Business Administration and the Treasury Department unveiled a simpler loan forgiveness application for the Paycheck Protection Program this week. The new application refle...read more