Businesses that donate to charitable funds in exchange for a state tax credit can deduct those costs from their federal taxes, according to regulations released on Friday.
The Internal Revenue Service guidance, which finalized a proposal from December, addresses confusion to how the donations are treated, following changes to how the IRS treats tax benefits from donating to state charitable funds.
The regulations also provide a safe harbor for some individuals who donate to these charitable funds for a tax credit.
The regulations are a response to new state charitable funds that sprung up following the 2017 tax law, which capped the annual state and local tax, or SALT, deduction on federal tax returns at $10,000.
The SALT cap was one of the most politically contentious changes in the Republican tax overhaul. Removing the cap on SALT deductions is among the things Democrats have said they’re are pursuing in negotiations with Republicans for an upcoming stimulus bill. Talks stalled Friday after the two sides failed to reach agreement about the overall cost of a deal.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
