Obama signs H.R. 4462 making Haiti donations deductible on 2009 tax returns
All members of Congress came together late last week with both the House and Senate voting unanimously to approve legislation that will allow eligible taxpayers to claim a deduction on their 2009 income tax returns for contributions to earthquake relief efforts in Haiti, if those contributions are made on or after January 12, 2010 and no later than February 28, 2010.
H.R.4462 - To accelerate the income tax benefits for charitable cash contributions for the relief of victims of the earthquake in Haiti - was signed into law by President Obama on Friday evening, January 22,
Taxpayers should note that this legislation applies only to cash contributions and not to non-cash contributions such as food or clothing. Also, contributions to foreign organizations do not qualify for the deduction - only contributions to U.S. organizations count for the early deduction.
As with all tax-deductible contributions, documentation is required to substantiate the date and amount of the contribution. The legislation contains a provision which permits a telephone bill to be used as documentation of contributions made by text message. The American Red Cross has set up a service to accept donations by text message. Texting the word "Haiti" to 90999 initiates a $10 donation to the American Red Cross for Haiti relief.
You may like these other stories...
By Cathy Stopyra and Todd SimmensUnderpayment interest, refund interest, and penalties charged to businesses are just a few of the considerations the IRS calculates when determining taxation for a given company. Though...
FASB mulling a revamped income statementDavid M. Katz of CFO wrote on Tuesday that the Financial Accounting Standards Board (FASB) is in the early stages of researching whether to launch a project aimed at improving and...
Renaissance avoided more than $6 billion tax, report saysThe Senate Permanent Subcommittee on Investigations said on Monday that a Renaissance Technologies LLC hedge fund’s investors probably avoided more than $6...
Upcoming CPE Webinars
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
FRF for SMEs Series--Measurement and Disclosure Principles for various Consolidations and Business Combinations, Part 4B
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.