According to a new report by the Treasury Inspector General for Tax Administration (TIGTA), the IRS needs to get tougher on certain charitable donations. (TIGTA Ref. No. 2013-40-009, 12/20/12)
TIGTA estimates that more than half of the taxpayers who claim large deductions for noncash charitable gifts may not be complying with IRS reporting requirements. As a result, it is urging the IRS to increase efforts to substantiate such claims. Read the full report here.