Displaying items by tag: charity

(New York)

While some New Yorkers prepaid their property taxes last year in an effort to offset the decline of SALT deductions this year, others weren’t so proactive. Now that Washington has blocked states’ ability to work a loophole around classifying taxes as charitable giving, residents of high tax states may have a small window of opportunity—just 4 days—to avoid full taxes. The new regulations will take effect on August 27th, which means residents have until then to donate to the tax-charity funds which have been established.

FINSUM: Such last minute payments could be challenged after the fact, but considering the effective date of the new regulations, they seem like they would go through.

(New York)

The New York State Department of Taxation and Finance has just formally opened an investigation into Trump’s charity activities. The state accuses the Donald J. Trump Foundation of violating state tax laws regarding campaign financing, self-dealing, and illegally coordinating with the presidential campaign. The state seeks to dissolve the foundation in addition to other measures. The investigation may turn criminal, in which case it could widen in scope to include much of Trump’s personal financial affairs, including his tax returns.

FINSUM: Hard to know how broad this could extend, but it seems like it will certainly intersect with Mueller’s investigation. It could prove a big headache for the president.