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IRS Issues Notice on Intent to Issue Guidance on Characterization of SALT Credit

According to the newly issued Notice 2018-54 from the IRS, the Treasury Department and IRS intend to propose regulations addressing the federal income tax treatment of contributions made to state and local government funds (such as the charitable reserve funds recently enacted in New York) in excess of $10,000.

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State Issues Guidance on Charitable Fund Creation

The NYS Department of Taxation and Finance and NYS Department of State have released guidance regarding charitable contributions to local governments and school districts.

The complete guidance document can be downloaded via the link below:

Charitable Fund Creation Guidance

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