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News & Press: National Philanthropy News

What’s the Likely Outcome of the IRS’s Proposed Gift Reporting Rule?

Monday, December 28, 2015   (0 Comments)
Posted by: Buffy Beaudoin-Schwartz
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December 24, 2015

Nonprofit Quarterly

The IRS has proposed a rule to allow a second way to permit donors to claim tax deductions for their charitable gifts which would make use of donor social security numbers. Many charity leaders are alarmed at what they see as an additional paperwork burden, and privacy advocates see danger. There is also much misinformation about the proposed regulations, mainly due to the mistaken belief that the reporting details of all gifts to the IRS will become mandatory for charities.

The IRS’s proposed rule would create an optional reporting form for charities to document to the IRS all gifts received from donors. The form, once designed, would allow charities to assume the burden of reporting all donors’ charitable gifts to the IRS as an alternative to the donor providing the required receipts. The federal web site regulations.gov provides a summary of the history and the proposed rule.

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