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IRS Working On Charitable Contribution Guidance (Corrected)

Nov. 18, 2019, 7:59 PMUpdated: Nov. 19, 2019, 7:58 PM

Treasury continues to work on additional guidance under a section of the tax code that governs charitable contributions, an agency official said.

The IRS in June issued final rules under Section 170 aimed at state workarounds of the $10,000 limit on deductions for state and local taxes.

“The preamble to the final regulations provide some areas where we’re still working on some additional guidance to come out, and so that is still in the process,” Elinor Ramey, attorney-adviser at Treasury’s Office of Tax Policy, said Nov. 18 at a Washington panel hosted by the TEGE Exempt Organizations Council.

  • The IRS in June also released a notice (Notice 2019-12) saying that it planned to release regulations offering a safe harbor for individuals who make a payment to or for the use of a charitable entity described in Section 170.
  • The agency’s priority guidance plan released in October—which lays out guidance projects from July 1 of this year through June 30, 2020—mentioned plans for two sets of guidance under Section 170.

To contact the reporter on this story: Sam McQuillan in Washington at smcquillan@bloomberglaw.com

To contact the editors responsible for this story: Patrick Ambrosio at pambrosio@bloombergtax.com; Colleen Murphy at cmurphy@bloombergtax.com