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The
Presti & Naegele Advantage
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Watch Now
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Latest Tax Alerts
Check out the latest tax alert section of our website, full of links and articles for professional and personal tax news. Read More
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IRS offers guidance on taxation of phased retirement payments
Phased retirement has become an increasingly popular ... Read More
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Recent tax changes reflected in new IRS statistics
The IRS recently released its Spring 2016 ...
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FAQ: How does the suspension of the ACA medical device excise tax impact compliance?
The Affordable Care Act (ACA) imposed an excise tax on ...
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How do I: Get an extension of time to change a method of accounting?
A taxpayer changing its method of accounting must either request advance IRS ...
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July 2016 tax compliance calendar
As an individual or business ...
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Presti & Naegele
Contact us at:
info@pntax.com
Tel:(212)736-0055
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Tax legislation moves forward before Congress’ August recess
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As Congress’ August recess nears, lawmakers are moving tax legislation for individuals and businesses. Bills targeted to tax reform, small business tax relief, and more have been introduced and are working their way to votes in the House and Senate. Congress is also grappling with the IRS's budget for fiscal year (FY) 2017.
Tax Reform
Just before recessing for the Independence Day holiday, House Republicans unveiled a tax reform blueprint. Since January, the House Ways and Means Committee has been exploring different approaches to tax reform. House Ways and Means Chair Kevin Brady, R-Texas, outlined six principles for tax reform:
- The tax code must be simpler, fairer, and flatter;
- Loopholes must be closed and special interest provisions eliminated for lower rates for everyone;
- Businesses of all size must have a fair and competitive tax rate;
- The current world-wide tax system must be replaced with a permanent, modern, territorial-type system;
- Reform should be bold, ambitious and pro-growth;
- A 21st century tax system should not raise taxes to bail out Washington's spending problem.
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FAQ: Are contributions to foreign charities tax-deductible?
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Social media has helped to make our world smaller and when natural disasters and tragedies occur we want to help with contributions of money and/or other types of aid. At home, countless charitable organizations are providing all types of help and generally, your contributions to U.S. charities are tax-deductible. Contributions to foreign charities generally are not tax-deductible; however, special rules apply to charitable organizations in Canada, Israel and Mexico.
First, let's take a brief look at some of the rules for U.S. charities. A charitable deduction is allowed only for a gift of money or property made to or for the use of an organization that meets qualification requirements. Charitable contributions of $250 or more must be substantiated by a contemporaneous written acknowledgment from the charitable organization to be deductible.
It is not enough that a domestic charity is "tax-exempt." The charitable organization must be qualified ... Read More
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