Substantiation of Charitable Contributions Required Before Filing 2007 Tax Returns
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The Pension Protection Act of 2006 has elevated the substantiation requirements for charitable contributions. IRC Section 170(a) allows for a deduction of charitable contributions, but new code Section 170(f)(17) states that no deduction is allowed under Section 170(a) for any contribution of a cash, check or other monetary gift, unless the taxpayer maintains as a record of the contribution, a bank record or a written communication from the donee showing the name of the donee organization and the date and the amount of the contribution.
For more information, contact Micah Wheat at 312-980-2949 or your Blackman Kallick representative.
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