Retroactive tax deduction for Haiti relief
On January 22, President Obama signed into law H.R. 4462, a bill that allows donors to accelerate the income tax benefits of charitable cash contributions for the relief of victims of the earthquake in Haiti. The bill allows individuals who make charitable contributions to aid Haitian earthquake victims to elect to claim an itemized charitable deduction on their 2009 tax return (instead of having to wait until next year to claim the deductions on their 2010 tax return).
If you have any questions about how this retroactive tax benefit may apply to you, please contact Ian Morris or your ZRC tax advisor.