Charitable Entities

Payments under state or local tax credit programs may be deductible as business expenses

Payments under state or local tax credit programs may be deductible as business expenses

Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses, the Internal Revenue Service said today.

Charity Reveals Theft Of More Than A Million Dollars On Tax Return

Charity Reveals Theft Of More Than A Million Dollars On Tax Return

The American Bar Association (ABA) has revealed that a staff member had diverted about $1.3 million from the organization over a period of eight years. The theft was made public via the company’s annual tax form, a form 990.

Why Warren Buffett Just Donated $3.4 Billion

 Why Warren Buffett Just Donated $3.4 Billion

Warren Buffett is no stranger to wealth creation. He's also no stranger to wealth donation. Here's why Warren Buffett just donated $3.4 billion and how his philanthropy is shaping the world.

New Tax Proposal Would Boost Charitable Mileage Rate To Equal Business Rate

New Tax Proposal Would Boost Charitable Mileage Rate To Equal Business Rate

Under the Senate and House tax reform proposals, the charitable donation deduction claimed on Schedule A, including a deduction for charitable miles driven, was slated to stay in place. Additionally, under the House proposal, the mileage rate for charity would have been indexed for inflation, as it is each year for business and moving mileage. However, while the final version of the tax reform bill did retain the charitable donation deduction, it did not include an adjustment to the charitable mileage rate.