The information collected under § 170(f)(11) will be used by taxpayers to substantiate claimed charitable contribution deductions in excess of $500; some of the information will be required to be included with the taxpayer's tax return. The information collected under § 170(f)(17) will be used by taxpayers to substantiate claimed charitable contributions of cash, check, or other monetary gifts; the information must be maintained by taxpayers but will not be required to be included with the taxpayer's return.
US Code:
26 USC 170
Name of Law: Charitable, etc., contributions and gifts
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
PL: Pub.L. 109 - 280 1219 Name of Law: Pension Protection Act of 2006
Subsection 170(f)(17), added by the PPA, established a new recordkeeping requirement for taxpayers claiming a charitable contribution deduction for cash, check, or other monetary gift. Prior to the change in the law, taxpayers could rely on self-created written records; however, after the change in the law, taxpayers must maintain a bank record or written communication from the donee showing the name of the donee organization, the date of the contribution, and the amount of the contribution. Because taxpayers can no longer rely on self-created written records, the addition of (f)(17) increased taxpayers' burden. The overall burden hours were increased to 226,419.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
REG-140029-07_Sup Stmnt.doc
REG-140029-07_NPRM.pdf
REG-140029-07 Substantiation and Reporting Requirements for Cash and Noncash Charitable Contributions and Deductions (Previously Notice 2006-96)