Academic journal article Journal of Accountancy

Tax News

Academic journal article Journal of Accountancy

Tax News

Article excerpt

Donating Excess Inventory to Charity

CPAs may want to remind clients with excess inventory that they can earn a federal tax deduction when the product is donated to charity. Corporations with a fiscal year ending December 31 should be urged to check their inventory levels now. Clients that have difficulty finding an organization to take their product can contact the nonprofit National Association for the Exchange of Industrial Resources at 800-289-4551. The organization will send them a free guide to the donation process.

Last Known Address Program Delayed

Last year the IRS announced that, effective May 1, 2000, a new program would allow it to update taxpayers' addresses using the U.S. Postal Service's national change of address (NCOA) database. Previously a taxpayer's "last known address," although not defined by statute or regulation, had been determined by case law to be the address that appeared on the taxpayer's most recently filed and properly processed return. Furthermore, the IRS issued proposed regulations to reflect this new definition. But in announcement 2000-49, the IRS said it would delay the program's start because it could not complete by May all the steps necessary to implement the regulations. …

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