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Entries in IRS regulations (1)

Monday
Dec142015

Current IRS Proposed Regulation To Impact Nonprofits Processes & Bottom Line - Act by 12/16/15! 

Imagine New works to stay aware and informed of industry related information and tend to communicate it on an individual basis as applicable... but this information we did decide to share on a larger scale after hearing about this proposed IRS regulation change for nonprofits this weekend. 
This proposed "suggestion" could potentially impact reporting, technology and other process requirements for small and large nonprofits alike... and ultimately, the financial bottom line you all work so diligently and carefully to monitor.  
You can check out a summary below followed by the article we've linked to and share your voice and thoughts if desired, by 12/16/15 (Wednesday!). 
Summary: 
"Currently, the IRS requires nonprofits to substantiate gifts of $250 or more by providing written documentation to donors stating the amount of the gift. Although this additional proposed process would technically be voluntary, the prospect of giving up SSNs or TINs would discourage many donors from giving gifts of more than $250 - or giving at all.
The Internal Revenue Service (IRS) has proposed new regulations that would compel nonprofits to collect Social Security numbers (SSN) or taxpayer identification numbers (TIN) from donors to substantiate gifts above $250."
To get involved and share your voice, please find links and a more detailed explanation here and here.