Hurricane Milton and How to Check Charity Status Before Donating

In light of the ongoing situation surrounding Hurricane Milton, our primary concern is the safety and well-being of our valued clients, community members, and all those affected by this natural disaster. We extend our heartfelt prayers and support to our friends, family, clients, and colleagues in Florida during this challenging time.

Check Charity Status Before Donating

While many of us will want to help residents with financial donations recovering from Hurricane Helene, and now with Hurricane Milton, as always, be certain to verify if the charitable organization you select is not a scam. The IRS has tools available online at https://www.irs.gov/newsroom/irs-beware-of-fake-charities-check-before-donating

Below are some tips from the IRS to protect against fake charity scams:

• Verify first. Scammers frequently use names that sound like well-known charities to confuse people. Potential donors should ask the fundraiser for the charity’s exact name, website and mailing address so they can independently confirm the information. Use TEOS to verify if an organization is a legitimate tax-exempt charity.
• Don’t give in to pressure. Scammers often pressure people into making an immediate payment. In contrast, legitimate charities are happy to get a donation at any time. Donors should not feel rushed.
• Don’t give more than needed. Scammers are on the hunt for both money and personal information. Taxpayers should treat personal information like cash and not hand it out to just anyone.
• Be wary about how a donation is requested. Never work with charities that ask for donations by giving numbers from a gift card or by wiring money. That’s a scam. It’s safest to pay by credit card or check — and only after verifying the charity is real.

Deduction for Donations

Taxpayers who give money or goods to a charity can claim a deduction if they itemize deductions, but these donations only count if they go to a qualified tax-exempt organization recognized by the IRS.

Questions?

As always, should you have questions on this or other matters affecting you or your business, please call or email us to speak with a CPA today.

DISCLAIMER: The WM Update, WM Wednesday Wisdom, WM Daily Update, and other related communications are intended to provide general information, as of the date of this communication, and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.