Final Regulations on Business Donations to Scholarship-Granting Organizations Make for Good Year-End Tax Planning (and Support a Good Cause)
By EsqSocial Corporation 18/12/20
In August, the U.S. Treasury Department and the Internal Revenue Service issued final regulations on the deductibility of payments of cash or in-kind donations to certain tax-exempt organizations if the donor receives in return some form of consideration, e.g., state or local tax credits. The regulations are now effective but can be applied retroactively as well, if the taxpayer so elects, to “qualifying payments” made on or after January 1, 2018. The final regulations offered both good news and...
By: Bradley Arant Boult Cummings LLP