Charitable Contribution Documentation
Approximately 30% of annual charitable giving in the US occurs in December. As we enter the giving season, make sure you have the proper documentation to substantiate a gift for tax deduction purposes. For all contributions of $250 or more, you must have a contemporaneous written acknowledgment (“CWA”) from the organization. A CWA must include…
Read More
Net Operating Losses and Qualified Improvement Property – VIDEO
Join Dent Moses Managing Partner, Mike Baker, as he discusses Net Operating Losses and Qualified Improvement Property around the CARES Act. Watch Now.
Introducing IRS Form 1099-NEC
For many years, non-employee compensation has been reported in Box 7 on IRS form 1099-MISC. Beginning with the tax year 2020, non-employee compensation will be reported on the new form 1099-NEC in Box 1.