The Internal Revenue Service has established rules for substantiating lump-sum charitable contributions made through the Combined Federal Campaign or similar programs such as a United Way campaign.
Taxpayers who claim charitable contribution deductions for cash, check or other monetary gifts made in taxable years beginning after Aug. 17, 2006, are subject to the recordkeeping requirements of Section 170(f)(17).
To substantiate a deduction, Section 170(f)(17) requires a taxpayer to maintain a bank record or a written communication from the donee showing the name of the donee organization, the date of the contribution and the amount of the contribution.
The IRS and the Treasury Department expect to issue regulations under Section 170 incorporating the recordkeeping requirements of Section 170(f)(17). Taxpayers making lump-sum charitable contributions through the CFC or a similar program may rely on Notice 2008-16 to comply with Section 170(f)(17) until those regulations go into effect.
