Sunday, February 25, 2007
IRS needs proof of small Purim gifts
Next time you drop $20 into the collection plate at your place of worship, you might want to get a receipt.
New IRS rules in effect since Jan. 1 require written proof to get a tax break on any cash donation — including offerings or the odd bills and coins tossed into donation boxes at churches, synagogues and mosques.
Previously, the IRS would take the taxpayer's word for it on any cash offerings less than $250, accepting personal notes or diary accounts as sufficient proof.
Contributions of $250 and more still require written acknowledgment from the charity.
St. Cloud-area religious officials say tracking member donations has been common in congregations, and they don't expect the new law to affect their collections.
http://www.sctimes.com/apps/pbcs.dll/article?AID=/20070225/BUSINESS/102250008/1003
Next time you drop $20 into the collection plate at your place of worship, you might want to get a receipt.
New IRS rules in effect since Jan. 1 require written proof to get a tax break on any cash donation — including offerings or the odd bills and coins tossed into donation boxes at churches, synagogues and mosques.
Previously, the IRS would take the taxpayer's word for it on any cash offerings less than $250, accepting personal notes or diary accounts as sufficient proof.
Contributions of $250 and more still require written acknowledgment from the charity.
St. Cloud-area religious officials say tracking member donations has been common in congregations, and they don't expect the new law to affect their collections.
http://www.sctimes.com/apps/pbcs.dll/article?AID=/20070225/BUSINESS/102250008/1003
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