Charitable contribution scams are on the rise, according to the IRS. One fraudulent tax scheme is sometimes marketed as “Charitable LLCs.” Unscrupulous promoters encourage high-income taxpayers to create limited liability companies (LLCs), deposit cash or other assets into them, and then donate a majority percentage of non-voting, non-managing membership units to charities. The promoters sometimes have control over the charities that receive the donations. The IRS is reminding taxpayers that a valid charitable contribution requires the taxpayer to give control over donated assets to qualified charities. For additional information: https://bit.ly/4g4okLZ
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