By Mark Weiner
WASHINGTON - The Internal Revenue Service issued a warning Wednesday
to taxpayers in New York and other high-tax states whose governors have
come up with plans to help taxpayers avoid new limits on federal
deductions for state and local taxes.
Gov. Andrew Cuomo signed a bill
in April that allows New Yorkers to avoid the new $10,000 limit on
deductions by turning their state and local tax payments into
fully-deductible contributions to charitable trusts. Those trusts would
forward the payments to government entities.
But IRS and Treasury Department officials urged caution on Wednesday, issuing a public notice that the departments plan to issue new guidance on the use of charitable contributions as a tax workaround.
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Source: syracuse.com (via Empire Report New York)
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