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Substantiation of Charitable Contributions Required Before Filing 2007 Tax Returns

The Pension Protection Act of 2006 has elevated the substantiation requirements for charitable contributions. IRC Section 170(a) allows for a deduction of charitable contributions, but new code Section 170(f)(17) states that no deduction is allowed under Section 170(a) for any contribution of a cash, check or other monetary gift, unless the taxpayer maintains as a record of the contribution, a bank record or a written communication from the donee showing the name of the donee organization and the date and the amount of the contribution.

For more information, contact Micah Wheat at 312-980-2949 or your Blackman Kallick representative.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.