Contribution Deduction News Today

Freeman Law's "The Tax Court in Brief" covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose.

(As of December 22, 2020) Congress passed the $900 Billion COVID-Related Tax Relief Act of 2020 (“COVIDTRA” or “the Act”) as part of the Consolidated Appropriations Act of 2021, on December 21, 2020. As of this writing, President Donald J. Trump has not yet signed the Act into law. COVIDTRA extends and modifies several provisions first enacted in the Coronavirus Aid, Relief, and Economic Security Act, as amended (“CARES Act”), Congress’ $2.2 trillion pandemic relief act that wa...

Created with Sketch. Giving to charity is admirable in its own right, but it doesn’t hurt if you can get a tax break, too. Unfortunately, tax incentives for charitable giving have been much harder for individual taxpayers to take advantage of in recent years. The good news is that things have changed for 2020. A provision under the CARES Act ― the comprehensive coronavirus stimulus package passed in March ― makes it possible to write off up to $300 in certain charitable contributions with...