March 18, 2011

Charitable Contributions to Disaster Victims

Contributors Diane Giordano, Partner, Tax & Business

Related Service Tax & Business

Charitable Contributions to Disaster Victims Tax & Business

As a result of the significant tragedy facing Japan, many Americans are anxious to help out by making contributions to organizations offering assistance. Those making donations must keep in mind that contributions to foreign organizations are not deductible, and to get a tax benefit for making a charitable contribution, taxpayers must itemize their deductions on Schedule A for the year in which they made the contribution.

In a bulletin dated March 14, 2011, the IRS lists some simple steps that taxpayers can take to ensure that their contributions go to qualified charities. Specific charities can be verified by doing a search on www.irs.gov . Keep in mind that certain organizations, like churches or governments, may be qualified even though they are not listed on the IRS website.

Should you have any further questions about charitable donations, contact your Marcum Tax Professional.