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IRS Form 990 Preparation

IRS Tips for Year-End Donations Print Article
Article Date: December 2006

This year's Pension Protection Act made some changes to the charitable contribution rules. Here's a summary news release from IRS on what you need to know to maximize your 2006 charitable contributions:

Recent Tax Law Changes May Affect People Giving to Charity: IRS Offers Tips for Year-End Donations

Highlights:

  • Eligible IRA owners can transfer up to $100,000, tax-free, to eligble charitable organizations.
  • Donated clothing and household items need to be in "good used condition or better."
  • ALL cash donations must be supported by documentation: a bank record, a receipt from the charity, a credit card statement.
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