Thu, 18 October 2018
FB Twitter Rss
Advertisement
Tue, 01 May 2018 00:07:11

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/

 

Link to Source:
http://www.datsyn.com/press-release/36745/2018/05/01/Rea-Associates-Shares-Information-Regarding-Charitable-Donations

 

LOGIN TO POST ADS

Free Registration
Username / Email
Password
  • Forgot your Password?
  • Create an Account
  • Latest News

    Psychology of Light More Important ..
    on 18 October 2018 00:38:20
    Psychology of Light More Important Than We Realise Says Electrical Professional EJ Barnes, propriet
    Anxiety treatment in cape town offe..
    on 17 October 2018 00:03:42
    Self development entrepreneurs & people who suffer with anxiety looking for the latest informati
    Get The Best Glendale Basement Wate..
    on 16 October 2018 04:39:35
    Weinstein Construction Corp, a Los Angeles - based construction contractor, updated its services to
    Improve Web Presence & Increase Inb..
    on 15 October 2018 03:16:25
    Online Paradigms, a leading digital marketing firm in Dublin, has announced it can help local compan
    Improve Web Presence & Increase Inb..
    on 14 October 2018 19:03:10
    Marketing Blitz, a Brampton, Ontario based SEO and lead generation specialist, has updated its site

    Latest Classified Ads

    Suport and Contribute for The \"B..
    on 07 November 2017 17:35:15
    We are seeking funding to make a movie dramatizing what would happen if elections were hacked.&nbs..
    Power Bank 20000mAh Slim aluminum a..
    on 12 January 2017 18:51:46
    Power bank 20000mAh Slim Aluminum Alloy mobile battery charger with electronic digital display ..
    Solar Battery charger..
    on 12 January 2017 18:51:15
    Solar battery charger –  10000mAh Solar battery Power Bank charger With Fold-able 4 Solar..
    Portable Car battery jump starter..
    on 12 January 2017 18:41:49
    Portable car battery jump starter  power bank 12000mah, emergency Multi purpose battery charger..
    Wireless Charger 10000mah Power Ban..
    on 01 January 2017 17:07:54
    Wireless Charger – 10000mAh Polymer lithium-ion QI wireless power bank for sams..