Illinois CPA advises be aware of donation deadlines and keep good records
CHICAGO, Jan. 25 /PRNewswire-USNewswire/ -- In the hope of encouraging people to continue to contribute to Haiti relief efforts, President Obama has signed into law the Haiti Assistance Income Tax Incentive Act. The Act allows taxpayers to claim charitable donations made after January 11, 2010 but before March 1, 2010. Donations must be monetary and made to a charity that is assisting Haiti.
Charitable contributions are usually only deductible in the same tax year in which they are made. However, with this bill taxpayers will have the option of taking the deduction in 2009 or 2010.
The Illinois CPA Society encourages taxpayers to keep good records of their donations. The IRS requires all monetary donations be documented with a receipt and a record such as a cancelled check. Written acknowledgement is needed if the donation is over $250, and telephone bills can serve as proof of donations made on a cell phone via text message.
More information about IRS regulations on charitable donations can be found on their site, www.irs.gov, and general guidelines for giving to Haiti relief can be found on the Illinois CPA site, www.icpas.org. A CPA can provide additional assistance with tax preparation or charitable giving; to find a CPA in Illinois use the "Find a CPA" search feature in the Consumer Section of the Illinois CPA Society site.
About the Illinois CPA Society
The Illinois CPA Society, founded in 1903, is the fifth largest state CPA Society in the nation, with more than 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.
SOURCE Illinois CPA Society