Accounting and Tax Services
Dec 11

Claiming Charitable Contributions on 2007 Returns

The IRS released Publication 526 , "Charitable Contributions," for use in preparing 2007 returns. The "What’s New" section has information on the new recordkeeping requirements for cash contributions, paying the filing fee upon contributing an easement on buildings in historic districts, and deducting contributions to donor advised funds. The publication notes that taxpayers can’t deduct a cash contribution, regardless of the amount, unless they keep a (1) bank record, such as a cancelled check, bank or credit union statement, or credit card statement; or (2) letter or other written communication from the charity showing the name of the charity, the date of the contribution, and the amount of the contribution. Publication 526 is available at www.irs.gov/pub/irs-pdf/p526.pdf .

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →