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Determine if contributions are effective for 2022 or 2023 The general rule is that a contribution is effective when delivered. A check deposited in the church offering in January of 2023 cannot be deducted in 2022, even if it is backdated to 2022. One exception—checks that are mailed and postmarked in 2022 are deductible in 2022, even if they are not received until 2023. IRS Publication 526 offers these guidelines for three other types of giving (adapted): Text message. Contributions made by text message are deductible in the year the donor sends the text message if the contribution is charged to the telephone or wireless account. Credit card. Contributions charged on the donor’s bank credit card are deductible in the year the donor makes the charge. Pay-by-phone account. Contributions made through a pay-by-phone account are considered delivered on the date the financial institution pays the amount. This date should be shown on the statement the financial institution sends the donor. Reference:...
Church Charitable Deduction Denied! It’s that time again. In addition to the tax statements from employers, banking institutions, and various financial entities — we hear from our favorite charities, and even a statement from our church. The tax laws are very strict when it comes to compliance by employers and corporations. A church or religious organization, however, that does not acknowledge a contribution incurs no penalty, but without a written acknowledgment, the donor cannot claim a tax deduction. Failure to provide the appropriate documentation to its parishioners is [in my personal opinion] an inexcusable omission. The scripture in James 4:17 comes to mind … “ If anyone, then, knows the good they ought to do and doesn’t do it, it is sin for them.” (NIV) What is the consequence of a church’s failure to go the extra mile? In one court case (David P. Durden, et ux. v. Commissioner, TC Memo 2012-140) the lack of an appropriate document from the church cost the taxpayers additional tax of $7,552 and an accuracy-related penalty of $1,510. In this instance, the IRS rejected the church statement because the acknowledgement did not have a statement indicating whether the taxpayers received goods or services for the money contributed. The second “corrected” statement from the church was also denied because it was not contemporaneous; the statement must be received BEFORE the earlier of the date the original tax return is filed or the extended due date of the tax return. Okay, enough already, we’re convinced, we...
“To get one’s ducks in a row essentially means to ensure all of the small details or elements are accounted for and in their proper positions before embarking on a new project. …When a person is fully prepared for any eventuality and has every element in place, he or she can indeed be said to have his or her ducks in a row.” (www.wisegeek.org) As the New Year rolls in, here is a quick...
GIVING TRAPS… To give or not to give? … that is never the question! As Christ-followers, as Disciples of the Word, as the Church Body (…tax exempt non-profit charitable organization…) –we are commanded to GIVE –help the poor and needy, the sick and the wounded. “He who despises his neighbor sins [against God, his fellowman, and himself], but happy (blessed and fortunate) is he who is kind and merciful to the poor.” Proverbs 14:21 (Amp.) But...
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