The Financial Management Blog for Surprise, Arizona
Boulder, CO – The Board of Directors has named Gary Frisch, CPA, MBA of Monheit Frisch CPAs PLC, Chairman of the Technology Executive Committee.
Gary is a Partner at Monheit Frisch CPAs PLC, the Arizona-based public accounting and business consulting firm. As Chairman of the Technology Executive Committee, he will be responsible for the strategic planning of the organization’s technology special interest group.
A proposed amendment released by the U.S. Treasury Department and IRS on August 23rd could limit charitable donations and state tax credits. Previous charitable donations that qualified for an Arizona dollar for dollar tax credit would receive a state tax credit and a federal charitable deduction. The new proposed rule change states that donations to tax credit organizations will no longer be deductible on federal returns. This proposed rule will be set to apply to contributions made after August 27th – You might consider making your charitable donations now. Any donation made thereafter will still qualify for the Arizona tax credit but will no longer receive a federal charitable deduction. We will provide further updates as they become available.
Contact us to discuss how this ruling may affect your individual tax situation.