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This policy change marks a significant milestone for Massachusetts, reflecting a growing trend among states to provide more tax benefits for charitable giving.
The August 2023 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 5%, an increase from the July 2023 rate of 4.6%. The August applicable...
The Tax Court again denies a charitable deduction for failure to obtain a contemporaneous written acknowledgement.
President Barack Obama's proposal to raise taxes and reducecharitable deductions for the wealthy mistakenly suggests thatgovernment bureaucracy can deploy citizens' resources moreeffectively than nonprofit civil society organizations can. Itmoves the dial of social responsibility one more notch in thedirection of the state at the expense of local institutions thatserve the poor more personally and efficiently.
The co-hosts of the ‘Taxes for the Masses’ podcast explain the upside and downside of all those credits and deductions.