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…
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Cryptocurrency Reporting
Perhaps it’s just a generational thing, but to be honest I don’t understand cryptocurrencies. I’ve read various articles and can spout off definitions of blockchain, bitcoin and a host of other cool tech-sounding words and phrases. It does make me feel a little better when I read what the IRS has published over the past couple of years on the subject. It appears to me they are trying to catch up as well.
PPP2 Application & Additional Guidance
Late on January 6th, the SBA issued 120 pages of guidance in the form of Interim Final Rules. The revised application for Paycheck Protection Program Part 2 was released on January 8th.
The SBA will begin taking applications on January 11th although only new borrowers in underserved communities will have access today and tomorrow. On Wednesday, January 13th, all eligible entities nationwide will be able to apply.
IRS Operations Limited Due to COVID-19
Due to the pandemic, the IRS has been forced to limit staff to only mission-critical functions. While tax returns and refunds continue to be processed, matters that are customarily handled over the phone have become more challenging.
Don’t Forget – July 15th Deadline
All income tax filings and payments ordinarily scheduled between mid-April and mid-June have been delayed until July 15th. This means that any remaining taxes owed for 2019 as well as 2020 taxes on income earned through the end of May are due on that day.
Sam Estes Joins Dent Moses Team
Dent Moses LLP., is pleased to announce that Sam Estes recently joined the firm as a Staff Accountant. Prior to joining Dent Moses, he served as Staff Accountant at Carr, Riggs & Ingram, LLC., where he audited governmental entities and employee benefit plans, and prepared tax returns for corporations and individuals. He received his Bachelor…
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What to do with all these pesky 1099s directed toward your business
I received an email from a dental client of mine yesterday – he unwittingly inspired this post. His question was, “What do I do with this mountain of 1099s that I have received in the business?” This is a short question with a long answer. First, the rules The may be a refresher for most…
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Cents-per-mile rate for business miles decreases slightly for 2020
This year, the optional standard mileage rate used to calculate the deductible costs of operating an automobile for business decreased by one-half cent, to 57.5 cents per mile. As a result, you might claim a lower deduction for vehicle-related expense for 2020 than you can for 2019.
Year-End Tax Tips for Medical Practices
As the year comes to a close, we share a few tips to help you bring the year in for a smooth landing. Personal Tax Projections Take the time to prepare your personal tax projection and compare your estimated tax liability to the tax you have paid to date. This does not need to be…
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The Tax Cuts and Jobs Act – C Corporation Tax Rates
Last time, we looked at individual tax rates. This time, let’s look at the bigger picture of C Corporations. PART 2 C Corporations currently pay taxes on a graduated scale up to 35% of taxable income. Personal service corporations (attorneys, engineers, etc.) pay at a flat 35%. Beginning in 2018, all C Corporations will…
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