Charitable Contributions
The IRS recently issued final regulations regarding reducing the charitable contribution under Section 170 when the taxpayer receives or expects to receive a corresponding state or local tax credit. Unfortunately, many of our Georgia clients have for years been using these techniques to redirect money to a school or to a rural hospital. This law would disallow a charitable deduction for these donations when the taxpayer would get a state tax credit. Please contact your CPA here at Loggins if you have further questions about this new regulation.
