IRS Withdraws Proposed Donation Rule Due To Opposition
Law360, Los Angeles (January 7, 2016, 4:19 PM EST) -- The Internal Revenue Service withdrew proposed regulations Thursday giving nonprofits the option to report the names and Social Security numbers of donors giving $250 or more, instead of providing contributors with written acknowledgements of gifts, citing strong opposition over privacy concerns.
The IRS and the Treasury Department received a "substantial number" of public comments in response to the proposed new method for reporting donors' gifts, the federal agency states in its announcement in the Federal Register on Thursday.
"Many of these public comments questioned the need for donee reporting, and many comments expressed significant concerns about donee organizations collecting and maintaining...
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