Tax Receipts: Better Late Than Never

Get your tax receipts out to donors now!

If your tax receipts have not already gone out to donors, you’re behind according to the IRS. Tax receipts should be delivered within 30 days of year’s end. However, getting them out a few weeks late is better than not getting them out at all.

To help, Allegiance has provided a quick re-cap of tax receipt requirements here.

Get your receipts out

While we recommend that all donors receive a thank you and tax receipt, IRS regulations state that donors that meet these requirements must receive a tax receipt:

Those who gave:

  • $250 or more at a time (cash or CC) with or without premium items.
  • At least $75 at one time and receiving a premium gift or bundle of gifts valued at $10.70 or higher.
  • A gift of $107 or more with a premium gift valued at $10.70 or more individually or in aggregate.

The IRS does not provide a standard form – so a letter, postcard, email or printed receipt are all acceptable.

A receipt can be mailed, emailed, or posted on a donor’s private account online and retrieved by the donor. The receipt must include:

  • Organization name
  • Amount contributed
  • Whether you provided goods or services in exchange for a contribution, unless valued at less than $10.70.
  • Estimate of the Fair Market Value and description of goods/services valued at $10.70 or more.

Those are the basic parameters required for tax receipts. For additional details and examples, view the Allegiance Proven Practice Webinar Get a Jumpstart on Tax Receipts.