New Incentives for Qualified Charitable Distributions
The new law enhances the benefits of making “qualified charitable distributions” (QCDs) from a taxpayer's IRAs.
deductions and credits
Tax Court Disallows Mortgage Interest Deduction
The new case involves a complex series of transactions where three brothers intermingled their business and personal interests.
Do You Need A Charitable Appraisal? 2023 Tax Tips
The appraisal rules don’t apply to donations of publicly traded securities. Use the quoted market price to determine the FMV of the securities. This takes a lot of the guesswork out of the deduction.
Business Meals are Deductible Again, But Not Entertainment, Says IRS
Previously, a business taxpayer could deduct 50% of the cost of qualified entertainment expenses, if those expenses were properly substantiated. This included entertainment that was “directly-related” to or “associated with” the business.