The Pension Protection Act was signed on 8/17/06. Do we have to have written documenttion for all contributions made after that date OR is this effective starting January 1, 2007 ???
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Charitable Contribution Substantiation
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TheTaxBook updates at http://www.thetaxbook.com/updates_view.asp?ID=59 says, “For contributions made in taxable years beginning after August 17, 2006, the new law more closely aligns the substantiation rules for money to the substantiation rules for property by providing that in the case of a charitable contribution of money, regardless of the amount, applicable recordkeeping requirements are satisfied only if the donor maintains as a record of the contribution a bank record (such as a cancelled check or account statement), or a written communication from the charity showing the name of the donee organization, the date of the contribution, and the amount of the contribution. The recordkeeping requirements may not be satisfied by maintaining other written records.
So in other words, if this is a calendar year taxpayer, the requirement does not begin until the 2007 tax year.
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Jan
Originally posted by susieqThe Pension Protection Act was signed on 8/17/06. Do we have to have written documenttion for all contributions made after that date OR is this effective starting January 1, 2007 ???
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