Free Site Registration


More Debits & Credits Posts

President Signs Haiti Tax Deduction into Law

Print
Email
Reprints
By Michael Cohn
January 24, 2010

President Obama signed legislation Friday evening that allows taxpayers to deduct their charitable contributions toward Haiti relief from their 2009 tax returns.

Both houses of Congress passed the legislation unanimously just days earlier, quite a feat considering the high level of partisan wrangling in Washington these days (see Senate Unanimously Approves Bill to Speed Haiti Tax Deductions). In the wake of Republican Scott Brown’s victory in the special Senate race to fill the late Ted Kennedy’s seat in Massachusetts, the partisan bickering may reach even higher levels now that the Democrats have lost their supposedly filibuster-proof 60-seat majority. Still, it’s encouraging to see one issue where the two parties can come together, especially when it means helping the people of Haiti recover from the devastating earthquake.

The White House noted that the legislation allows taxpayers to receive a tax benefit from donations to the Haiti effort this tax season, rather than needing to wait until they file their 2010 tax returns next year. Cash donations to charities for the Haitian relief effort given after January 11 and before March 1 of this year may be treated as if the contribution were made on December 31 of last year so the contribution can be deducted from 2009 income. The White House cautioned that the measure applies to monetary donations, not goods or services.

Advertisement

Another sign of bipartisanship is that President Obama has turned to two of his predecessors, George W. Bush and Bill Clinton, to start the Clinton Bush Haiti Fund, which is accepting contributions at ClintonBushHaitiFund.org.

The fund is one of the charities, along with Unicef, the American Red Cross, Yéle Haiti, the World Food Program, and Partners in Health that benefited from the Hope for Haiti concert that was televised across the world Friday evening not long after Obama signed the tax legislation. For more information, visit www.hopeforhaitinow.org.

0 Comments

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Debits & Credits, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.


Advertisement
Advertisement

What's New at Grant Thornton

May 14, 2012

CEO Stephen Chipman talks about his firm's new brand focus on growth, and its recent M&A activity.

Advertisement

SLIDE SHOW

Top 10 Payroll Mistakes Companies Make

May 14, 2012

Keeping your clients from running afoul of IRS rules around payroll taxes will help them avoid stiff penalties.

10 Years of the Top 100 Firms

May 6, 2012

Tracking trends at the biggest firms in the U.S.

Best Accounting Firm Taglines

April 27, 2012

Our favorite slogans from around the profession.

Favorite Busy Season Activities

April 10, 2012

LinkedIn Accounting members share the best methods to bust stress and boost morale.

The Best Places to Be an Accountant 2012

March 27, 2012

From our 2012 Regional Leaders list, we rank the best parts of the country to operate an accounting firm.

More Wacky Tax Deductions

March 26, 2012

LinkedIn members point out some weird tax deductions their clients have suggested.

7 Tax-Free Benefits for Employees

April 15, 2012

Employee rewards Uncle Sam can't touch.

Advertisement
Advertisement
Advertisement