IRS Issues Proposed Regs on Substantiation of Charitable Contributions

The IRS has issued proposed regs under Code Sec. 170(f)(8), REG-138344-13, implementing the exception to the contemporaneous written acknowledgement requirement for substantiating charitable contribution deductions of $ 250 or more. The proposed regs explain how donee organizations must file information returns that report the required information regarding contributions.

Comments are due by December 17. The regs are proposed to apply to contributions made on or after the date they are published as final regs in the Federal Register.

See proposed regs and submit comments by clicking here.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.