New IRS Rules for Donors Take Effect
January 11, 2007 | Read Time: 1 minute
New IRS regulations for 2007 will not allow taxpayers to claim deductions for charitable contributions unless they are accompanied by receipts or other financial records, reports the Chicago Tribune.
The rules require taxpayers to produce canceled checks, bank records, credit-card statements, or written notices from charities as proof that they made donations. Previously, the IRS had permitted taxpayers to use bank registers, diaries, or personal notes to document donations, and those requirements applied only to gifts of $250 or more.
Congress approved these new measures last August, as part of the Pension Protection Act.
For additional information on the tax-law changes, see The Chronicle’s coverage.
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