Wednesday, February 21, 2007

IRS changes require better records for cash donations

NASHVILLE, Tenn. (BP)--Churchgoers still in the habit of placing cash in offering plates will need to change the way they give if they plan to receive a deduction for the contribution in next year’s taxes, according to tax law changes approved by Congress last summer that are now in effect.

“To deduct any charitable donation of money, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution,” an Internal Revenue Service news release said. “A bank record includes canceled checks, bank or credit union statements and credit card statements.”

Read more of this story on Baptist Press.

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