The IRS is gearing up for closer inspection of vehicle donations. According to the Treasury Inspector General for Tax Administration (TIGTA), the IRS has been allowing charitable deductions without proper documentation from taxpayers.
The IRS now says deductions will be automatically disqualified until taxpayers provide the required documents.
In addition, TIGTA found that personal tax returns aren’t being cross-checked with information returns filed by charitable organizations. By doing a better job of cross-checking, the IRS should be able to expose some inflated write-offs for donations.
- Small Business Tax Deduction Strategies No matches