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February 2014

January 2014

Federal Tax Policy Committee Issues Comments to IRS on Existing Charitable Contributions Regulation

On Jan. 6, TSCPA’s Federal Tax Policy Committee issued a comments letter to the IRS concerning existing final regulation IA-44-94 (TD 8690) Deductibility, Substantiation, and Disclosure of Certain Charitable Contributions. The IRS sought comments on existing regulations, including methods to minimize the burden and enhance the quality of the information collected. The committee recommends that the IRS provide a model donation letter or form and model acknowledgement letter that charities may choose to adopt to facilitate proper documentation and substantiation. These forms would be optional to facilitate recordkeeping and reporting by charities and donors. The committee also recommends simplification of the quid pro quo reporting requirements.

Read the letter here.