By reducing taxpayers' taxable income, the charitable deduction shifts part of the cost of private charitable giving onto the rest of society, encouraging charitable gifts. While the charitable deduction clearly benefits charities, it also shrinks the federal tax base. This is the basic justification for a tax subsidy to charities: if charities produce public goods, they will be subject to market failure and will not be supplied, justifying a government subsidy for them. The vast majority of charities do not produce exclusively public goods. As a result, the scope of the current charitable deduction is far broader than can be justified by any appeal to the theory of market failure. From the perspective of economic efficiency, it is hard to justify the current size and scope of the feder...
This document contains temporary regulations that provide guidance on the application of sections 162(a) and 263(a) of the Internal Revenue Code to amounts paid to acquire, produce, or improve tangible property. The temporary regulations clarify and expand the standards in the current regulations under sections 162(a) and 263(a) and provide certain bright-line tests (for example, a de minimis rule for certain acquisitions) for applying these standards. The temporary regulations also provide guidance under section 168 regarding the accounting for, and dispositions of, property subject to section 168. The temporary regulations also amend the general asset account regulations. The temporary regulations will affect all taxpayers that acquire, produce, or improve tangible property. The text ...
The state's largest teachers union is mulling a lawsuit against a new state law it says unfairly restricts the way it can use union dues to communicate with members about political issues. Arizona Education Association President Andrew Morrill said the union may sue to stop SB1365, which prohibits unions from using automatic paycheck deductions from members for political purposes. The bill exempts unions for firefighters, police officers and other public safety employees.
Often employees spend their own money in furtherance of their job. If these costs aren't reimbursed, you may be able to take a tax deduction for them. If your employer pays for or reimburses you for your business expenses, then you can't deduct them. If your employer has an "accountable" plan, meaning that you must pay your own expenses and give your employer receipts or other proof of payment, then the expenses aren't reported to you as income on your W-2 and you can't deduct them.
PSST: Want to know a way to reduce our national debt by a quarter of a trillion dollars over the next decade, and remove an often abused and possibly unconstitutional section of the tax code? Are you sure you do? You may want to sit down. Get rid of the federal charitable-giving tax deduction.
This document contains correcting amendments to temporary regulations (TD 9564), which were published in the Federal Register relating to guidance regarding deduction and capitalization of expenditures related to tangible property.
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