Charitable Deduction Accelerated for Typhoon Relief

Post Date: 4/4/14
Last Updated: 4/4/14


Cross References
- IRC §170
- H.R. 3771

The President signed H.R. 3771 into law on March 25, 2014. Under the new tax law, a taxpayer may treat a charitable contribution made after March 25, 2014 and before April 15, 2014 as if such contribution was made on December 31, 2013 and not in 2014, if the contribution is a cash contribution made for the relief of victims in areas affected by Typhoon Haiyan, the typhoon that hit the Philippines in November 2013. A telephone bill showing the name of the donee organization, the date of the contribution, and the amount of the contribution shall be treated as meeting the recordkeeping requirements of IRC section 170(f)(17).

Author's Comment: The recordkeeping rules under this new tax law do not negate the additional recordkeeping rules under IRC section 170(f)(8) that require a contemporaneous written acknowledgement letter from the donee organization if the contribution is $250 or more.
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