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Deductions & Charity Payments

2018- 9/10 Can your business still deduct payments to charities or government entities for which you receive state and local credits when you file your federal tax return? Under the Tax Cuts and Jobs Act (TCJA), the rules have changed, beginning in 2018. In response, the IRS added a frequently asked question section to its website. Also, Treasury Secretary Stephen Mnuchin issued a statement explaining that “…the longstanding rule allowing businesses to deduct payments to charities as business expenses remains unchanged under” the TCJA. To read the Q&A: https://bit.ly/2M9nkaH

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