How Inadequate Documentation and Failure to Follow the Rules Can Really Hurt!

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If you donate property in excess of $5,000 to a qualified charitable organization, regulations require that taxpayers attach an appraisal summary to Form 8283 “Noncash Charitable Contributions”, and file with their tax return (for contributions in excess of $500,000, a copy of the qualified appraisal must also be attached). These specific requirements led to a total of $18.5 million in charitable deductions becoming disallowed by one taxpayer who did not provide the adequate supporting documents. Inadequate_Documentation

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Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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