Of all the tax returns submitted in 2019, only 0.4% were audited, and 80% of the review was done via mail. This rate has dropped significantly in consequent years, and the COVID-19...
Posted by CORE PERFORMANCE on 09/09/2021
Donating to a charity does not only help advance a cause that you have passion for, it also helps bring down your tax bill. This article explores everything you need to know about...
Posted by Carmen Garcia on 07/17/2021
According to Uncle Sam, charitable contributions are donations or gifts to qualified organizations. However, some rules guide these donations before one can claim charitable donations. Charitable...
Posted by KLSM CPA Firm PLLC on 05/30/2021
Income from fundraising is not considered a taxable source of income by the IRS. Tax fundraising laws define donations as gifts, which recipients do not have to report on their tax...
Posted by Flynn Financial Group Inc on 05/29/2021
What if you had the chance to win an award of excellence for your outstanding contributions to art, community service, or science? Do you have to pay income tax on this amount? The...
Several charities are experiencing a drop in donations as the United States grapples with the COVID health crisis. In response, Congress included a clause in the CARES Act, designed...
In December 2017, major tax reform was launched, which concerns individuals and businesses. It is commonly known as the Tax Reduction and Employment Act, TCJA, or Tax Reform. Most...
The federal government estimates that approximately 60% of people use paid tax preparers to complete and file their tax returns. If you fall into this category, you have nothing to...
Posted by Tim Thompson CPA PLLC on 06/15/2020
The rise of online and discount brokerages is making people interested in trading and the stock market. However, taking advantage of the various strategies on asset protection and...