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ASA Issues Summary and Comments on New IRS Charitable Contribution Rules

Aug 02, 2018
 
On July 30, 2018, the Internal Revenue Service released final rules entitled “Substantiation and Reporting Requirements for Cash and Noncash Charitable Contribution Deductions”. These rules finalize requirements when performing appraisals in connection with noncash charitable contributions, and replace interim guidance that had been in effect for nearly a decade.

ASA has reviewed the language of the final rule, and excerpted key passages of both IRS commentary and regulatory rules. In addition, ASA has created a brief list of key things to know about the final rule. This document is available for your reference by following this link.

If you wish to read the full text of the final rule, click here. ASA applauds the Service for their completion of this rule, and thanks its members who worked both by commenting on the original proposal and pushing for publication of the final rule.