Tax Cuts and Jobs Acts

Tax Cuts and Jobs Acts

Category : Blog , sccm





The IRS is expected to curtail workarounds to the state and local tax deduction limit. The Tax Cuts and Jobs Act generally limits individuals’ deductions for these taxes to $10,000. So some states have adopted, or are considering, legislation allowing taxpayers to make payments to state-run charitable funds in exchange for tax credits against state and local taxes they owe. The aim is for the payments to be deductible charitable donations. The IRS says it will propose regulations addressing the federal income tax treatment of such transfers. (Notice 2018-54)


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