IRS Gift Substantiation Proposed Regulation Dropped

The Treasury Department and IRS announced this week that it is withdrawing the proposed Gift Substantiation regulation.

The proposed regulations would have permitted, but not required, charitable nonprofits to file a new, separate information return with the IRS (in addition to the Form 990) by February 28 every year to substantiate contributions of more than $250 in value. A new informational tax return (“Donee Report”) would have required the nonprofit using it to collect the donor’s name, address, and Social Security number (SSNs) or other taxpayer identification number and also provide a copy to each donor.

Treasury and the IRS received 37,977 comments during the rulemaking period that ended on December 16, virtually all of them opposed to the proposal.

Post date: January 8, 2016
Topics: National News

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