Deductions on Charitable Contributions

2022 – 06/21 Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel…

2018 – 11/08 The IRS has launched a campaign to advise taxpayers about what preparations they can make to ensure the smooth processing of their 2018 tax returns. As part of the campaign, the tax agency issued Publication 5307, “Tax Reform Basics for Individuals and Families.” It focuses on several topics, including the gathering of…

2021 – 05/12 For businesses, so much has changed over the past year or so. The COVID-19 pandemic hit suddenly and companies were forced to react quickly — sending many employees home to work remotely and making myriad other tweaks and revisions to their processes. Understandably, you may not have fully documented all the changes…

2022 -0 04/13 What happens if a thief steals your identity and files a fraudulent tax return? Although not all fraud can be easily detected, the IRS scans tax returns for possible fraud as they’re received. Returns that are flagged as suspicious will be pulled for extra review. If this happens with your return, you’ll…

2022 – 06/22 The Supreme Court of the United States (SCOTUS) will take up a controversial issue affecting owners of certain foreign financial accounts. A holder of a foreign account worth more than $10,000 in the preceding year must file a “Report of Foreign Bank and Financial Accounts” (FBAR). For a non-willful failure to file,…

2019 – 09/26 The IRS has issued a new notice listing the “high-low” simplified per-diem rates for post-Sept. 30, 2019 travel. The high-cost area per-diem increases $10, and the low-cost area per-diem increases $5, from the prior simplified per-diems. In addition, the following have been added to the list of high-cost localities: Mill Valley /…