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Lesson From The Tax Court: The Sharp Corners Of the §170 Charitable Donation Substantiation Requirements

(TaxProf Blog) - The taxpayer made a very large donation to a museum and claimed a §170 charitable donation deduction on her return. The IRS said that the 5-page document memorializing the gift did not meet the statutory substantiation requirements for such a gift.



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What to Know about Form 1040 Identity Theft 
(Accounting Web) - The IRS has made strides toward combatting tax identity theft, but savvy thieves will file a fraudulent Form 1040 and then claim the refund. Here, tax guru Julian Block explains what filers can do to thwart tax identity theft schemes and how their accountants can help.

How Does Working Longer Affect Your Social Security Benefits? 
(Financial Advisor) - The personal savings rate as a share of disposable income dropped to 4.4% in April, the lowest since September 2008, according to data from the Bureau of Economic Analysis released Friday. The report also showed that inflation-adjusted spending remained strong despite elevated, yet moderating price pressures.

Biden to Meet Fed Chair as Inflation Bites Pocketbooks 
(AP) - President Joe Biden is set to meet with Federal Reserve Chairman Jerome Powell as soaring inflation takes a bite out of Americans’ pocketbooks.

Cities Struggle to Adapt to Increase in Remote Workers 
(CPA Practice Advisor) - Nationally, people were working remotely about 39% of the time as of April, after peaking at around 62% in mid-2020 at the height of coronavirus pandemic-related closures, according to a national survey by the University of Chicago and three other ...

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