Month: January 2018

Fewer Charitable Giving Deductions, or More, in 2018?

By doubling the standard deduction for the 2018 tax year and going forward, the law known as the Tax Cuts and Jobs Act of 2017 may potentially reduce the number of U.S. taxpayers itemizing deductions by 25%. That means no specific deduction for charitable giving except among about 5% of the U.S. population. Nonprofits worry

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Repeal of Partnership Technical Termination

The 2017 Tax Cuts and Jobs Act passed by Congress and signed by President Trump on December 22, 2017 has repealed the “technical termination” of partnerships.  When there is a sale or exchange of 50% or more of a partnership interest, such event will no longer cause the partnership to be treated as terminated.  Hence,

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