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Charitable Donations

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Charitable Donations

Recently my CPA firm was honored to support the Otterbein Golf Team on a spring trip to Scottsdale, Arizona. Otterbein has a great team and won all of their matches while they were in Scottsdale. We would like to thank our 1,700 tax clients who have done business with our CPA firm for many years and help make it possible for us to give back to education and to our community.

Above is a picture of the Otterbein Golf team presenting a flag to me, from TPC Scottsdale, signed by all of the players. Of course I am going to keep the autographed flag in case one or more of the players makes it to the PGA. I have great expectations for individual players and for the team.

TAX TIP: As most of you know, charitable donations are tax deductible and can reduce your tax burden significantly.  Many of you may not know however, that IRS has significantly changed the documentation rules for contributions. For example, a single check to a charity of $250 or more must be supported by a receipt from the organization.  The receipt must state if the donor received any goods or services and is so, a good faith estimate of the value received in connection with the donation.

 If the taxpayer is audited and the above documentations are not timely provided to the donor, IRS will deny the deduction. This is true even though you may have the canceled check or credit card receipt.

The new IRS documentation rules are wide ranging, complex, and in my opinion, unreasonable. However, it behooves all taxpayers who are making contributions to know the rules to survive an IRS tax audit.