Just a small note about something that rather mystifies. There’s much American commentary each year about the amount and size of tax refunds. That is, Americans have had their taxes deducted at source all year long, then in the run up to tax day (April 15 for the US) they fill out the forms and do the detailed calculations. Was that withholding too much or not enough? If too much then they get a refund, obviously.…See More
The Internal Revenue Service has just announced new rules about who has to disclose donations to non-profit groups. The basic point appearing to be that certain non-profits do not attract tax relief at the level of the donor when a donation is made. Thus there’s no reason for anyone to report to the IRS – there’s no tax issue at stake. Seems logical enough to me but certain politicians are complaining about this. It does make one wonder why:
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Certain tax-exempt groups will no longer be required to provide the names and addresses of donors to the IRS on annual forms under guidance that the Treasury Department and IRS released Monday evening.