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Tue, 01 May 2018 00:07:13

Rea & Associates Shares Information Regarding Charitable Donations

Accounting Firm in Zanesville shares helpful information concerning charitable substantiation in online article entitled, "Getting To Know (The Business End) Of Charitable Donations."

Rea & Associates, an accounting and business consulting firm with offices in and around Zanesville, recently published an informative article for nonprofit organizations and donors, alike. According to a spokeswoman with the firm, “Getting To Know ‘The Business End’ OF Charitable Donations,” was published as a way to help charities more smoothly substantiate donor contributions – which, according to the article’s author, requires more than simply sending a “thank you” note.

Rea & Associates CPA Firm stated that, in order for donors to claim deductions on their tax returns, donors must have a written acknowledgement of their donation, particularly when certain thresholds are met. According to the firm’s spokeswoman, these thresholds include quid pro quo donations (when a donor receives goods or services from a charity in exchange for a contribution in excess of $75) and cash donations of $250+. Rea also mentioned that non-cash donations in excess of $500 typically require donors to complete Form 8283, with the charity completing the bottom half. Rea also indicated that non-cash donations in excess of $5,000 require official appraisal, as well as the completion of Form 8283.

Rea advised that methods of formally acknowledging a charitable donation can include (but are not limited to) emails, letters, and postcards. Rea also stated that written acknowledgement needs to include the name of the organization, the amount of the donation, and a statement confirming that no goods or services were provided to the donor in exchange for the donation (if that is the case). Rea also said that written acknowledgements should be provided no later than January 31st for donations from the previous year. Further information concerning charitable donation claims can be found at www.reacpa.com/insight/will-you-claim-charitable-donations-on-this-years-tax-return/

 

 

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