Plain Language of Change:
- The limit for cash contributions is increased to 60% of the taxpayers adjusted gross income (AGI) for tax years 2018 until 2025
- No charitable deduction is allowed for payments to a college or university in exchange for the right to purchase tickets or seating at athletic events
- Contributions of $250 or more for tax year 2017 and after are not allowed unless the donor receives a written acknowledgement from the donee
Cordasco & Company PC is a boutique CPA firm specializing in federal and state tax issues. We provide customized tax and accounting services specifically designed to help our clients capitalize on the rapidly changing tax and accounting environments.