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IRS Issues Final Regulations on Charitable Contributions and SALT Credits

from CPA Practice Advisor

The U.S. Department of the Treasury and the IRS have issued final regulations that require taxpayers to reduce their charitable contribution deductions by the amount of any state or local tax credits they receive or expect to receive in return. In a public notice, the IRS stated that taxpayers may treat payments they make in exchange for these credits as state or local tax payments. more

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