
Charitable deductions in the millions of dollars are lost for failure to strictly comply with the Internal Revenue Code and the Internal Revenue Service’s substantiation and appraisal rules. Substantial compliance (much more on this later) never cuts it at the IRS—and hardly ever in the courts.
We’ll summarize the rules and alert you to pitfalls—and we’ll toss in some cases. While it’s true that every client is entitled to his decade in court, we all want our clients to breeze through at the IRS.
Timing is Key
You’ll be shocked, shocked to read how an eager beaver can lose his charitable deduction. David Donor mails his $100,000 check to charity on Dec. 31, 2016. He mails his 2016 tax return, claiming the charitable deduction, to the IRS on...
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