Are you aware of the recent change in IRS regulations?
The Pension Protection Act of 2006 was signed into law on August 17, 2006. While its major emphasis is on pension reform, the Act also includes an extensive section on new rules regarding charitable donations and increased reporting and oversight over certain tax-exempt organizations. Subtitle A of the Act is titled “Charitable Giving Incentives.” Subtitle B, titled “Reforming Exempt Organizations,” is divided into three parts: “General Reforms,” “Improved Accountability of Donor Advised Funds,” and “Improved Accountability of Supporting Organizations.”
Recordkeeping requirements for certain charitable contributions. The IRC section 170(f) recordkeeping requirements are amended by section 1217 of the Pension Protection Act, which provides that no deduction shall be allowed for any contribution of a cash, check, or other monetary gift unless the donor maintains as a record of the contribution a bank record or a written communication from the donee showing the name of the donee organization, the date of the contribution, and the amount of the contribution. This new rule applies for contributions made in tax years beginning after August 17, 2006.
This new requirement means that, regardless of amount, any cash contribution must be substantiated by a cancelled check, a listing on a bank statement, or a credit card statement.
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