Top 6 Resources for Taxpayers Who Donate to Charity

November 11, 2019By KROST CPAs

Taxpayers who donate to charity should check out the IRS’ resources to become aware of the tax regulations. Below are the top 6 IRS resources for taxpayers making donations: Tax Exempt Organization Search This tool can be used by taxpayers to find out if the organization they have contributed to qualifies as a charitable organization Read the full article…

Increased Deductions for Food Donations through The Katrina Relief Act: A new opportunity for businesses to substantially increase charitable deductions

November 3, 2006By So Sum Lee

Publication: KROST Most restaurateurs know that inventory contributed to charity can be deducted based on the cost of the inventory. What many restaurants may not know is that new legislation allows a taxpayer to claim higher deductions closer to the actual value of the inventory. This results in increased deductions for restaurants, grocery stores, and any Read the full article…