Tag: charitable donations

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....

Five tips to make the most of your non-cash donations

According to a recent article in USA Today, taxpayers should take into account these five tips when making non-cash donations this holiday season. Assess the condition of your items. The IRS says clothing and other household items should be in...

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...

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...

Charitable deductions on donations of inventory

If you're a business owner who holds inventory, did you know you can get a charitable deduction if you donate it? When you donate inventory, you can receive a charitable deduction of the lesser of: Basis plus 50% of the...

IRS provides tips for year-end gifts to charity

The Internal Revenue Service reminds individuals and businesses making year-end gifts to charity that several important tax law provisions have taken effect in recent years, including: Rules for charitable contributions of clothing and household items Household items include furniture, furnishings,...

Donations disallowed due to lack of substantiation

  • May 5, 2015
  • Mark Hughes CPA CFE

In Tax Court Memo 2015-71, A taxpayer claimed a charitable contribution deduction of $37,315 for donations of household goods to four charities. Items given to Goodwill were taken in batches at various times and placed in large bins for after-hours drop-offs or...

Guest Authors Mark Neithercut and Jennifer Miller Oertel: Tax benefits of charitable giving

Regardless of whether you regularly contribute to charity, it is useful to be aware of the unique charitable giving tax benefits available to entrepreneurs. We suspect that even the most knowledgeable, charitably-minded individual may not be aware of all of...

Charitable tax deduction guidelines for “#GivingTuesday”

It's Tuesday after Thanksgiving, the recently dubbed "Giving Tuesday" for charitable organizations. If you're one of the millions of #GivingTuesday givers, or if you're planning to donate money to any charity in the next few weeks to get your contributions...

Guest Author Jennifer Oertel: Is the L3C Right for Your Social Enterprise?

By Jennifer Oertel, Partner Not For Profit Team Leader Jaffe Raitt Heuer & Weiss P.C. L3Cs were designed to encourage private foundations to pursue their missions through investments in social enterprises. Private foundations are subject to many restrictions, including that...