Tuesday, December 22, 2009

The Tax Question: What to Do with Charitable Contributions?

Last week, I threw out as a discussion question an auditing issue: whether significant doubt about a business's ability to continue should be marked by qualifying the audit opinion or by the present practice of using an explanatory paragraph. This week's tax-oriented issue has more possible directions: eliminate deductibility of charitable donations to reduce tax code complexity; make donations an "above the line" deduction to encourage greater giving; convert the deduction to a nonrefundable credit to reward low-income taxpayers for their generousity, cap deductibility of charitable donations at perhaps $100,000 per year to prevent tax subsidiation of "memorizing oneself" through large donations and probably other possibilities which I have not thought of. Please feel free to comment and give your ideas on this topic.


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