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IRS Issues Final Rules Governing Substantiation for Charitable Contributions

August 21, 2018

The U.S. Internal Revenue Service (IRS) published final regulations that implement changes made by the American Jobs Creation Act of 2004, P.L. 108-357, and the Pension Protection Act of 2006, P.L. 109-280, to the substantiation and reporting rules for charitable contributions under Sec. 170 (T.D. 9836). The final regulations set forth the substantiation requirements for contributions of more than $500 under Secs. 170(f)(11)(B) through (D); the new definitions of qualified appraisal and qualified appraiser applicable to noncash contributions under Sec. 170(f)(11)(E); substantiation requirements for contributions of clothing and household items under Sec. 170(f)(16); and recordkeeping requirements for all cash contributions under Sec. 170(f)(17). Click here for more information.