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IRS publishes guide on tax laws for nonprofits and taxpayers

The Internal Revenue Service has published a new guide to help nonprofits and taxpayers get a better grasp of the federal laws affecting charitable contributions.

The document, entitled, 'Publication 1771 - Charitable Contributions - Substantiation and Disclosure Requirements,' includes information on written acknowledgements, payroll deduction contributions, and written disclosures.

Publication 1771 states that there are two general rules that organizations need to be aware of to meet substantiation and disclosure requirements for federal income tax return reporting purposes:

  • A donor is responsible for obtaining a written acknowledgment from a charity for any single contribution of $250 or more before the donor can claim a charitable contribution on his/her federal income tax return; and
  • A charitable organization is required to provide a written disclosure to a donor who receives goods or services in exchange for a single payment in excess of $75.

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