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IRS proposes changes in charitable contribution substantiation rules

from PE News

In October, the IRS issued a proposed regulation amending the substantiation rules for charitable contributions: Internal Revenue Bulletin 2015-41. The proposed regulation is only a page long, and it makes a proposed change in the way charitable contributions are substantiated. There are five things for church leaders to note. First, under current law, any charitable contribution of $250 or more must be substantiated by a contemporaneous written acknowledgment from the charity that lists the name and address of both the charity and donor, the amount of the contribution, a statement of whether goods or services were provided by the charity in return for the contribution other than intangible religious benefits, and an estimate of the value of any goods or services the charity provided. more


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