IRS Weighing New Options for Documenting Donations

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There may be a new rule change for the verification of donations. According to Bloomsberg BNA, in September the Internal Revenue Service proposed a rule change for the reporting of donations of $250 or more. With the old rule many taxpayers were able to make donations and then claim them on the Form 990 without having to have a “traditional contribution receipt.” The new rule change is planning to stop taxpayers from being able to claim donations without a “traditional contribution receipt” and make sure they have a “contemporaneous written acknowledgement” of any donations over $250. If …read more

Read more here:: Nonprofit


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