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4 December 2018

A New IRS Tool for Charitable Giving

A New IRS Tool for Charitable Giving
It’s the season for giving, and the IRS has made it easier to find charitable opportunities that provide tax advantages, too. Its new Tax Exempt Organization Search (TEOS) replaces EO Select Check and offers advanced features like images of newly filed 990 forms and mobile-friendly searching.

To take a tax deduction for charitable giving, the organization you give to needs to be a 501(c)3 in good standing. TEOS is designed to help confirm that status by ensuring the organization has a Form 990, 990-EZ, 990-PF or 990-T on file as well as a favorable determination letter issued by the IRS—both requirements for tax-exempt status. While it may take some time to populate the site with determination letters received before January 2018, the idea is to eventually eliminate the need to ask a charitable organization to provide the letter to you directly. Forbes’ Kelly Erb offers instructions on how to use the tool here. 

Other online tools like Charity Navigator are still very useful in helping you identify eligible charities that match your interests and location and in rating charities based on factors like financial health, accountability, and transparency. The top charities in San Antonio right now, scoring a 95 or above on Charity Navigator’s rating scale, are:
• Habitat for Humanity
• Animal Defense League of Texas
• Petco Foundation
• San Antonio Food Bank
• San Antonio Humane Society
• Texas Public Radio
• The Children’s Bereavement Center of South Texas

Stay tuned for our next posts explaining more about how to give under the new Tax Cuts and Jobs Act of 2017 (TCJA). For specific questions, feel free to contact us. 

Image Copyright: szefei  

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