Recent Posts

​Categories

Archive

Tags

Charitable Giving - Tax Breaks for Charitable Giving

You probably know that you can get an income tax deduction for a gift to a charity if you itemize your deductions. But there is a lot more to charitable giving. For example, you may be able to indirectly benefit a family member and a charity at the same time and still get a tax break. Or you may be able give appreciated property to a charity without being taxed on the appreciation. These benefits can be achieved, though, only if you meet various requirements including substantiation requirements, percentage limitations and other restrictions. We would like to take the opportunity to introduce you to some of these requirements and tax saving techniques. First, let’s take a look at the basics:

Final Regulations on Specified Foreign Financial Assets

The IRS has adopted final regulations that provide guidance on the reporting requirements imposed by the Hiring Incentives to Restore Employment (HIRE) Act for “specified foreign financial assets.” The regulations specifically address the requirement to attach a statement to your income tax return that provides information on specified foreign financial assets in which you have an interest. BACKGROUND The HIRE Act imposes additional reporting and disclosure requirements for taxpayers with any interest in a “specified foreign financial asset” if the aggregate value of all such assets exceeds $50,000. Penalties are provided for failure to comply with these requirements. These provisions of the