Since the tax law changes of 2004 took effect the administrative burden on vehicle donation has become almost unbearable. Do you know if you are even meeting the Federal Governments Requirements?
1098(c) You must furnish Form 1098-C to the donor within 30 days of the gift, or within 30 days after the sale if the vehicle was sold.
Penalties If the IRS finds that your organization knowingly furnished a false or fraudulent acknowledgment, or knowingly failed to furnish the acknowledgment as required by the rules, you can be fined. The penalty is based upon the value of the vehicle, and there is a formula that applies.
If you have any questions regarding you tax documentation process please give us a call and we will give you a free no strings attached process review.