Month: January 2013

Gift Horse

IRS controls are not sufficient to ensure taxpayers are complying with noncash charitable contribution reporting requirements. That may be changing after a report issued by the Treasury Inspector General for Tax Administration (TIGTA).

TIGTA estimates more than 273,000 taxpayers claimed approximately $3.8 billion in potentially erroneous noncash charitable contributions in Tax Year 2010, which resulted in an estimated $1.1 billion reduction in tax.

TIGTA recommended that the IRS expand procedures to identify tax returns claiming noncash charitable contributions that do not have a Form 8283 (Noncash Charitable Contributions), or qualified appraisal attached when required, and develop processes to systemically verify the accuracy of noncash charitable contributions



“I would have b…

“I would have become an accountant but I didn’t think I could handle the excitement.”

Heard on NPR this morning during a conversation about recent laws making the tax code more complicated rather than more simplified.