WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

* Have you seen the latest “issue” of THE LAKE REGION SOMETHING yet?  

* Russ Fox reports on the Treasury’s correct and expected response to the attempted scams by states to “get around” the $10,000 itemized deduction limitation on state and local taxes in “We’re Not Gonna Take It” at TAXABLE TALK.

Russ quotes from the release (the highlight is mine) -

“For example, if a state grants a 70 percent state tax credit and the taxpayer pays $1,000 to an eligible entity, the taxpayer receives a $700 state tax credit. The taxpayer must reduce the $1,000 contribution by the $700 state tax credit, leaving an allowable contribution deduction of $300 on the taxpayer’s federal income tax return.”

This is exactly what I told my NJ and NY clients when the scams were first passed.

* Kay Bell also discusses this issue in “SALT deduction proposed regulations would make state tax charitable credit workarounds useless” at DON’T MESS WITH TAXES.

* The IRS provides “Tax relief for victims of wildfires and high winds in Northern California”.

* Kelly Phillips Erb, FORBES.COM’s TaxGirl, debunks “Back to School Myths: School Uniforms Are Deductible”.

* Jim Blankenship discusses “Alimony and Taxes, 2019 style” at GETTING YOUR FINANCIAL DUCKS IN A ROW.

TTFN