Feature Story
By Conrad Teitell, LL.B., LL.M.
Volunteers who contribute their time — the most valuable asset of all — certainly aren’t motivated by tax breaks. Many of these MVPs — Most Valuable Philanthropists — probably are unaware that their unreimbursed expenses are deductible contributions for itemizers.
A recent Tax Court case, involving only $4,838 in income taxes is a virtual primer on the deductibility of unreimbursed volunteers expenses.
The long, detailed and scholarly court opinion shows that the busy courts take these issues seriously, regardless of the amounts involved.
Read Full Story
Top Story
By Conrad Teitell, LL.B., LL.M.
Now’s a good time to tell your clients how to substantiate their charitable gifts on their 2011 federal income tax returns—due by April 16, 2012.
Strict, detailed and overlapping substantiation requirements must be met for charitable deductions to be allowed. And generally there’s no second chance if deadlines are missed or requirements aren’t satisfied.
Read Full Story
|
