In an article by The Chronicle of Philanthropy by Caroline Preston entitled “Update: IRS Levies Fine on Food for the Hungry Over Drug Valuations” it describes how the US IRS has levied a penalty against a charity that misreported donations on its annual return.
The articles is at: http://philanthropy.com/article/Update-IRS-Levies-Fine-on/130539/
The article notes: “All told, the IRS letter says, Food for the Hungry’s noncash contributions should have been listed on its 2008 tax form as $92,633, not $75.7-million.”
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Mark Blumberg is a partner at the law firm of Blumberg Segal LLP in Toronto and works almost exclusively in the areas of non-profit and charity law.