IRS To Closely Scrutinize Charitable Non-Cash Giving

During the first nine months of 2006, donors claimed $1.8 billion in non-cash giving that lacked the proper documentation. In response to this, and new stringent laws regarding the deduction of property, the IRS will carefully scrutinize deductions for non-cash gifts claimed on tax returns according to an article by Karen Hube in Barrons.

Make sure you provide your donors the proper IRS documentation for all non-cash gifts, and you also may want to check to be sure if you received receipts for items that you may have donated to Goodwill or your church auction.

Read the full article here.