Tag: charitable contributions

Charitable donations of virtual currency

  • February 5, 2020
  • Steve Wisinski, CPA, MAFF

According to the IRS, a charitable organization that receives virtual currency (such as Bitcoin) should treat the donation as a noncash contribution. Such contributions must be reported on a Form 990-series annual return and its associated Schedule M, if applicable....

Tax Reform Planning Series: Bunch charitable contributions through donor-advised funds

The Tax Cuts and Jobs Act (TCJA) temporarily increases the limit on cash contributions to public charities and certain private foundations from 50% to 60% of AGI. However, standard deduction has almost doubled. Combined with the capping of the state and...

Guest Author Joseph J. Lezotte, CFP®, AIF®: Is a qualified charitable distribution right for you?

If you’re a charitably-minded individual at an age that requires you to take a required minimum distribution from your IRA and you don’t need the full amount to support you, a qualified charitable distribution (QCD) may be a good option....

Gifts to charity: Six facts about written acknowledgements

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things: Have a bank record or written...

Failure to substantiate charitable contributions could cost you

Substantiation requirements for charitable contributions vary depending on the size and nature of the donations—and taxpayers should be prepared with adequate documentation. While a recent article in Forbes pokes fun at substantiating charitable contributions, it reminds us that the IRS...

Substantiating charitable contributions

As you compile information on charitable contributions for your 2015 tax return, please take into account the following requirements. For a contribution of cash, check, or other monetary gift, regardless of amount, you must maintain a bank record or a...

ShindelRock debuts new charitable contribution campaign this tax season

  • January 25, 2016
  • Steve Wisinski, CPA, MAFF

Our clients give generously to charities and non-profits, and at ShindelRock our team shares your commitment to these worthy causes. That’s why we’re pleased to introduce a new matching program for a Michigan 501(c)3 organization that is important to our...