Preserving the Charitable Deduction and Avoiding Traps for the Unwary: Substantiation and Acknowledgment Rules 1 Credit
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Assume that a donor contributes to a charity and the charity provides some goods or services to the donor. Essentially the charity is receiving the contributed property partly as a contribution and partly in consideration for the goods or services that the charity is furnishing to the donor. The Internal Revenue Code requires the charity to disclose whether any goods or services were provided in consideration for the donation.
The charity must also make a good faith estimate of the value of the goods or services provided. The math for consideration is simple. The greater the number of goods or services disclosed as consideration, the smaller the deduction. The opposite is also true: the smaller the number of goods and services disclosed, the greater the charitable deduction.
The donor must obtain an acknowledgment from the charity. Also, if the donor is aware of consideration not disclosed on the acknowledgment, the donor may not be able to rely on the timely acknowledgment from the charity and the entire amount of the contribution may be disallowed.
This CE/CPE Tax course will address the basic rules for substantiation of charitable contributions and written acknowledgments.
Three cases illustrate the disallowance of a charitable contribution where the taxpayers had reason to know about the consideration that was not disclosed in the acknowledgments.
This Online Webinar by Louis Michelson will discuss the substantiation and acknowledgment rules in the context of charitable deductions including:
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Mr. Michelson received his B.A. Degree, with general honors from the University of Chicago, his M.S. in Accountancy from DePaul University and his J.D. degree from UCLA School of Law. He has been admitted to practice with the U.S. Tax Court and the United States District Court, Central District of California.
Mr. Michelson is Past Chair of the Nonprofit Organizations Committee of the Business Law Section of the California Lawyers Association. He has served as Chair of the Tax-Exempt Organizations Committee of the Taxation Section of the State Bar of California, as Co-Chair of the Nonprofit Organizations Committee of the Business Law Section of the State Bar of California and as Chair of the Taxation Section of the Los Angeles County Bar Association. In May 2001 he participated in the Los Angeles County/California State Bar delegation to the Internal Revenue Service, Treasury and staff of the Congressional tax committees in Washington D.C. to discuss proposed guidance, as set forth in a co-authored paper, “Getting Connected: Business and Politics of Charities on the Internet.” Together with other attorneys, he assisted in reviewing and suggesting revisions to portions of the California Attorney General’s Guide to Charities. Mr. Michelson is a lecturer at UCLA Extension on tax issues for nonprofit organizations. He is also Adjunct Professor at David Nazarian College of Business and Economics California State University Northridge for a class on income taxation of trusts and estates. He has lectured for business and professional organizations and written articles on various federal and California tax topics. He is a member of the American, California, and Los Angeles County Bar Associations.
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We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
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