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IRS Rules on Designated Gifts for Individuals
The most difficult kind of benevolence fund contribution to evaluate (but by far the most common) is a contribution that designates a specific recipient. Churches need to exercise caution, lest they fall afoul of IRS guidelines for tax-exempt contributions. (Illustration (c) 2009 BORN, via bigstock.com)
Handling Benevolence Gifts According to IRS Guidelines
Tragedy has struck a family close to your congregation, and of course your church wants to help. But asking for donations just for them might run your congregation afoul of the IRS, which would rule those donations NOT tax-deductible by the donor, and reportable as income by the beneficiary, according to a financial expert. (Photo © Ashumskiy – Fotolia.com)
