Deductibility of charitable gifts is under scrutiny by Senate committee

06/17/2013 | AdvisorOne

The Senate Finance Committee has laid out the issues it is likely to consider regarding charitable deductions as it works on an overhaul of the federal income tax system. In a background paper distributed to its members, the committee listed several possible goals for reforming the rules for charitable giving. These include improving the efficiency and effectiveness of incentives for charitable contributions and more closely scrutinizing tax-exempt organizations' commercial and political activities.

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