Our attorneys served as “subject matter experts” at the Internal Revenue Service (IRS) and have decades of experience training IRS attorneys and revenue agents in charitable deductions, penalties, and other federal tax matters. They have been key players and advisors in writing and interpreting regulations and managing litigation teams. Our firm advises our clients on all things related to charitable donations such as art, collectibles, land and conservation easements, and stock.
Tax deductions for charitable contributions require compliance with a multitude of legal requirements that must be strictly (or in some cases, substantially) complied with. Without that compliance, the IRS may deny the deduction even if there is no question that the contribution has been made. The complete disallowance of the charitable contribution deductions in many cases can be avoided by consulting with a tax attorney experienced with charitable giving who will ensure you have the proper substantiation for the charitable donation deduction.
Our attorneys are ready to provide you with legal advice on tax issues related to IRS compliance for charitable donations, including contemporaneous written acknowledgments (CWAs or “gift letters”), Forms 8283, deeds, appraisals, and baseline documentation reports.
Our practice works with estate planners, wealth advisors, and museum development offices to advise clients on tax considerations related to art donations including substantiation and audit defense. We have experience with museum acceptance policies for art donations, related-use rules, fractional interest gifts, art appraisals, and IRS compliance.
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Charitable contribution deductions for individuals donating conservation easements are generally available to those who itemize deductions. There are six key documents that will be examined by the IRS revenue agents for conservation easement deductions, and the donor must comply with the substantiation requirements under Internal Revenue Code section 170.
Our firm is experienced with issues that result in IRS audits. We will work with you and your team of advisors to review documents to ensure you are meeting all the substantiation requirements.
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The coming “Great Wealth Transfer” is expected to move trillions of dollars in family assets over the next two decades. Lifetime gifts to charity play an important role in wealth transfer planning. Charitable giving creates both opportunities and challenges for individuals and families seeking to preserve their legacies. Through thoughtful planning, we help clients support the causes they care about and claim income tax deductions for their charitable contributions.
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Failure to Substantiate Charitable Contribution with a Proper Gift Letter Results in No Deduction
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If you are donating cash, cash equivalents, art, or any type of property, including conservation easements, let's talk.