IRS Rule on SALT-Related Contributions Leaves White House Review

The White House regulatory review office finished examining IRS proposed rules related to its crackdown on attempts to skirt the $10,000 federal cap on state and local tax deductions.

• The proposal, expected to codify safe harbors for businesses and individuals who make payments for charitable purposes, were sent back to the agency by the Office of Information and Regulatory Affairs Dec. 4, according to the OIRA website—a signal that the IRS could release it soon.
• In June, the IRS issued a final rule that put a stop to state-created charitable funds that helped donors bypass the $10,000 limitation.
• The ...