Congress Significantly Increases Reporting Requirements for Taxpayers and Charities on Patent and Vehicle Donations
By Estate Planning Practice Group
On October 11, the Senate approved by a large margin the new $140 billion corporate tax cut bill known as the American Jobs Creation Act of 2004. Previously approved by the House on October 7, the American Jobs Creation Act is now before President Bush for approval. Included in the 600-page AJCA are several new provisions which will require both taxpayers and charities to increase their reporting and substantiation materials to the Internal Revenue Service for charitable contributions. These new administrative burdens and reduced deductions are already the target of strong criticism from taxpayers and charities.