New IRS Pension Protection Act Guidelines Published in the Code of Federal Regualtions

As you may recall, after the Pension Protection Act became law, the IRS issued transitional guidelines regarding the interpretation of the new legislation as it concerned qualified appraisals, qualified appraisers and charitable donations.

The new regulation as published in the Code of Federal Regulations on August 7, 2008 now provides guidance concerning substantiation and reporting requirements for cash and non cash charitable contribution under section 170 of the Internal Revenue Code. The guidelines as published are open for comment until Nov 5, 2008, but given the depth of information in the publication, I believe these guidelines may be close to what the final guidelines will look like.

I just printed out the new guidelines (about 22 pages), and after I read and get a level of understanding I will post more information and comments. In the meantime, should you wish to read the guidelines from the Code of Federal Regulations click HERE.