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SALT Tele-townhall with Bruce Ely & Brian Robbins

February 17, 2020 State and Local Tax
SALT Tele-townhall with Bruce Ely and Brian Robbins—the latest news on donating to worthy scholarship-granting organizations (SGO’s) in Alabama while also achieving both federal and state tax benefits.

Please join us for a call regarding the IRS tax regulation clarification regarding donations to Alabama SGO’s. Bruce Ely and Brian Robbins will walk through what the clarifications mean to PTE and how they will benefit your clients.

  • The proposed regulations provide needed clarity for federal tax deductions permitted in connection with donations by corporations, pass-through entities, and individuals;
  • For donations to AOSF, Academics+, or C2 by pass-through entities in particular, the proposed regulations provide helpful guidance that allow donors to take a federal tax deduction and still receive dollar-for-dollar Alabama income tax credits;
  • Review of the January 17 update from ADOR regarding the impact for PTE that pass on Alabama Accountability Act credit to their members;
  • Examples of approved business purposes for business entities to donate to qualified charities such as AOSF, Academics+ or C2; and
  • Donations to AOSF and C2 are down significantly from last year, and the time to reserve donations for corporate and PTEs is NOW.
Alabama Opportunity Scholarship Fund (AOSF), C2 Opportunity Scholarships (C2), and Academics+ Opportunity Scholarship, (Academics+), provide scholarships for over 1,400 students across Alabama who otherwise wouldn’t have the opportunity to go to the school that best meets their needs. Unfortunately, due to the delay in clarity of the tax regulations, tax-credit donations have been stunted, putting these children’s scholarships at risk. With end of the year IRS guidance, PTEs have a new opportunity to realize additional tax benefits for their members with the donations. There is a critical need to raise the needed funds during the first quarter. Hopefully, getting the word out about the clarified regulations that expand benefits to PTE will help us meet the need.

Call information for Thursday, February 20, 2019 1:00pm CST
(855)-756-7520 Ext.55891#

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