Year-end is a time for many taxpayers to satisfy their philanthropic and tax-related charitable goals; however, it is important to remember that the simple act of giving does not necessarily result in the realization of desired income tax benefits from a charitable donation. The Internal Revenue Service, under Internal Revenue Code (Code) § 170(f)(8)(A) and (B) requires that any taxpayer desiring to claim an income tax deduction for a charitable donation of $250 or more in any tax year is required to substantiate the donation by obtaining a contemporaneous written acknowledgment (CWA). The CWA must be obtained from the charity by the date on which the taxpayer files the return claiming the deduction, including: (1) the name of the charity, (2) the date of the contribution, (3) the amount of any cash contribution, (4) a statement of whether or not goods or services were provided by the charity in exchange for the contribution, (5) a description and estimated value of any such goods or services provided by the charity to the taxpayer, and (6) if applicable, in the case of contributions to organizations that operate exclusively for religious purposes, a statement of any intangible religious benefits provided by the charity to the… Read full this story
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A $64 Million Tax Question – When is a Written Acknowledgment for a Charitable Donation Needed? have 300 words, post on www.natlawreview.com at February 9, 2017. This is cached page on Law Breaking News. If you want remove this page, please contact us.