Tue, 22 May 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

    Grow Your Birmingham Company & Netw..
    on 22 May 2018 00:27:13
    City Business Links has announced it can help Birmingham based businesses to grow, network and engag
    Get More Leads & Increase Sales Wit..
    on 21 May 2018 00:52:29
    Seun Ogundele has launched a new video marketing tool called Viddipop, helping businesses to get mor
    The Perfect Home Care In Westcheste..
    on 20 May 2018 00:03:50
    The Perfect Home Care in Westchester County NY has announced important new updates to its website. O
    Williamsport PA Roofing Company - R..
    on 19 May 2018 21:34:45
    The thing with airbrush art is that it can be done for just about anything imaginable. Artists have
    Dentist Tukwila - Seattle Cosmetic..
    on 19 May 2018 21:31:31
    Deficiency of milk may exist even at a very early period after delivery, and yet be removed. This, h

    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..