The following quotes of note were made by IRS officials and tax professionals on recent Tax Talk Today webcasts.
“They have taken all of the penalties and taxes that apply under Chapter 42 and essentially doubled them.”
–Theresa Pattara, project manager, Internal Revenue, Tax-Exempt and Government Entities Division, Office of Exempt Organizations, IRS, on the big changes for tax-exempt organizations found in the Pension Protection Act of 2006.
“If you’re planning on claiming a tax deduction, you better be sure that the item is in good used condition.”
– Patricia Read, senior vice president, Public Policy and Government Affairs, Independent Sector, on the new rules governing charitable donations.