Leaderboard

Copied from Forbes" "The State of South Carolina has issued a request for proposals for an independent accounting firm to perform a forensic accounting review of cash and investments held in the state treasury as well as a review of cash and investments found in the state’s historical annual comprehensive financial reports. The main target? Finding out where an extra $1.8 billion in mystery money came from." Unbelievable! My mind boggles

SC claiming ERC credits

State's treasurer helped a Nigerian prince that turned out to be a real thing.

I never believed that the IRS keeps track of the 8606s anyway. What's in it for them? If you take a distribution and claim that some portion was post-tax, the onus will always be on you to prove it. You are the one who will have to produce 8606s from possibly decades ago, records that will long ago have disappeared from IRS systems. I even wonder how long gifts reported on 709s are retained by IRS.

I was wondering where I misplaced that $1.8 billion - been looking all over for it. Looks like it turned up just down the road a ways.

State treasurer bought a ticket for one of those European sweepstakes things? Good for them for wanting to figure out what on God's green earth is going on.

A state that is making money? That sounds good to me. It's far better than missing $1.8B.

I personally do 5 QCDs every year and I have always received a donee acknowledgement from each of them (all over $250). I also have a client who makes 3 sizable QCDs every year who also receives donee acknowledgements. The account fiduciary is following your instructions. They are not verifying the validity of your donation. If you ask, the fiduciary will provide you with a copy of the cancelled check. "Get a receipt QCDs are not deductible as charitable contributions on Schedule A. But, as with deductible contributions, the donor must get a written acknowledgement of their contribution from the charitable organization before filing their return. In general, the acknowledgement must state the date and amount of the contribution and indicate whether the donor received anything of value in return. For details, see the Acknowledgement section in Publication 526, Charitable Contributions. For more information about IRA distributions and QCDs, see Publication 590-B, Distributions from Individual Retirement Arrangements (IRA).

Stay Cool.................