Final Charitable Contribution Reporting Regulations Issued

The Code imposes various reporting and substantiation requirements in order for a donor to claim a charitable contribution. More than once I have seen the IRS adopt a strict approach with taxpayers and have sought to disallow deductions for substantial contributions due to technical failures to comply with the rules.The IRS has promulgated revisions to the rules, which in large part adopt the 2008 proposed regulations. Some key modifications include:All donors must keep records of their contributions. Code §170(f)(17). For money contributions, the donor must retain a canceled check, or other reliable written records showing the name of the donee, the date of contribution and the amount. Some organizations provide a blank pledge card to their donors. The Preamble to the new regulations provide that such a card is insufficient for these record keeping requirements since they it will not include all the information required. For contributions over $250, the donee organization…

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