Donate or Volunteer to FAAP 02.19.2007

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Thank you for choosing to donate or volunteer to the FAAP. Please contact the FAAP President at president@theFAAP.org for opportunities in volunteering and donating to the FAAP.

2007 Tax Laws on Charitable Donations 03.02.2007

Please note that beginning in 2007, the tax law has changed with regards to substantiation of charitable donations. The new law applies to donors who wish to itemize their charitable contributions on their annual tax returns.

For cash and donations of less than $250:

Prior law allowed taxpayers to back up their donations of money with personal bank registers, diaries or notes made around the time of the donation. Those types of records are no longer sufficient. To deduct any charitable donation of money, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. A bank record includes canceled checks, bank or credit union statements and credit card statements. Bank or credit union statements should show the name of the charity and the date and amount paid. Credit card statements should show the name of the charity and the transaction posting date.

For donations of $250 or more:

The new law does not change the prior-law requirement that a taxpayer get an acknowledgment from a charity for each deductible donation (either money or property) of $250 or more.

Related Links:

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

IRS Publication 526, Charitable Contributions

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