Do your part for donors – IRS substantiation rules apply to contributors

Description

Abstract: With donors gearing up for tax-filing season, it’s not too late for not-for-profits to make sure that they’re following the IRS donation “substantiation rules” so that their benefactors have the proof they need to deduct financial gifts. Proper documentation is also crucial so that donors don’t have any future problems with the IRS. This article explains what the IRS requires to document various levels of gifts and offers a real-life example of the consequences of not closely adhering to the rules.