Potential pitfalls of charitable contribution substantiation and reporting.

CORPORATE giving; INCOME tax deductions for charitable contributions; TAX returns; FINANCIAL institutions; ELECTRONIC funds transfers; CREDIT cards

The article focuses on pitfalls of charitable contribution substantiation and reporting and necessary documentation and properly report contributions on their tax returns. It mentions regulations provide that a bank record includes a statement from a financial institution, an electronic fund transfer receipt, a canceled check and credit card statement. It also mentions contributions for which taxpayer receives a corresponding state or local tax credit or deduction.