Blog: IRS

Substantiating and Reporting Charitable Contributions: Requirements from the IRS

Effective July 30, 2018, the IRS published final regulations for Substantiation and Reporting Requirements for Cash and Noncash Charitable Contribution Deductions. These updates guide individuals, partnerships, and corporations making charitable contributions on how these contributions should be substantiated and reported in order for them to be legally tax-deductible. These regulations clarify existing regulations by adding new… CONTINUE READING >>


IRS Publishes New Guidelines for Equivalency Determination

Many international grantmakers in the U.S. were very pleased when in 2015 the Department of Treasury published its final regulations called “Reliance Standards for Making Good Faith Determinations.” With near lighting speed, for the IRS, just two years later on September 14th, 2017, the IRS has released Rev. Proc. 2017-53. These new guidelines clarify the… CONTINUE READING >>


ED Certificate a License to Give?

Update: The IRS has since released Rev. Proc. 2017-53 that serves as final regulations on Equivalency Determination. The final regulations require that, among many other things, the party undertaking the ED also include anti-money laundering and counter-terrorism financing checks. This is a welcome addition to the equivalency determination process. Please see the excerpt below from… CONTINUE READING >>


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