Tag Archives: taxes

Year End Charitable Giving Considerations for 2016

December is the month when many people make most of their charitable contributions. Join Aronson experts Craig Stevens and Bob Bender on December 15, for a webinar presentation that will address:

  1. The “Tax value”of a charitable contribution based on your tax bracket and other considerations
  2. How much of a donation deduction is available for gifts based on the types of property
  3. Overall limitations on the charitable contribution deduction
  4. The advantages and disadvantages of a private foundation vs. a donor advised fund for larger donors
  5. Charitable vehicles that provide income to donors
  6. Review of substantiation rules for donations

Learning Objectives
At the end of this webinar, you will have a full understanding of:

  1. The tax savings you can expect from making charitable contributions
  2. The deduction limitations, overall and for certain types of property
  3. The differences and opportunities between having a private foundation and a donor advised fund
  4. Charitable vehicles that provide an income back to the donor
  5. What documentation requirement exists to substantiate your charitable deductions upon an audit

Craig Stevens
Aronson LLC

Bob Bender
Aronson LLC

Register to Attend
December 15, 2016
11:00 a.m. – 12:00 p.m.
Online – LearnLive
*First time users of LearnLive please use the instructions on the lefthand side of the landing page.

New 60-day IRA Rollover Rules Spell Trouble for Some

retirementEarly this year, the U.S. Tax Court made a surprise ruling (Bobrow v. Commissioner) related to the 60-day IRA rollover rules. The ruling, which came as a shock to individuals and practitioners alike, completely contradicted the IRS’ previous position, the instructions in Publication 590 and years of practice.

Prior to the ruling, individuals could take distributions from their IRAs and, if they deposited the amount(s) or some portion thereof back into an IRA within 60 days, not have a taxable distribution. Previous guidance held that an individual could have multiple 60-day rollovers in a 12-month period if they had multiple IRAs. The new guidance now

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Getting QuickBooks Ready for Your CPA

taxIt’s the beginning of December and finalizing the books for the year is already on your mind.  What can you do before sending your QuickBooks file to your CPA to make it easier for them to prepare the annual financial statements and tax returns?  Here is a brief checklist to simplify the process:

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Back-up Withholding and Form 1099

Why Your 1099 Filing Could Trigger an IRS Notice

cautionDoes your business solicit the services of independent contractors, freelancers, or other non-employee workers? If so, the IRS may have its sights on you. While much of the economy has been focused on the healthcare-related effects of the Affordable Care Act (ACA), there were several supplemental programs and provisions that were bundled with the ACA that have been largely overlooked.

One such provision is the expansion of Form 1099 reporting. Previously, under the ACA, corporations, partnerships, and sole-proprietorships were required to prepare Form 1099 for any vendor from whom they purchased more than $600 of goods or services. After much criticism, this provision was later repealed; however, this hasn’t deterred the IRS from closely scrutinizing and examining Form 1099.

Over the last year, there has been an increase of IRS notices related to

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IRS Phone Scam Resurgence

IRS Phone ScamThe IRS released information of a new phone scam, which over the years has gotten more sophisticated.  The IRS never ever emails taxpayers and, with rare exceptions, does not phone taxpayers. It’s astounding how many people fall for these tactics and end up with identity theft or a cleaned out bank account.  If you have an IRS issue, you will get a letter.  If you have a big IRS issue, you may get a personal visit.  If in doubt, ask for the alleged agent’s name and IRS ID number, contact telephone number, and what division within the IRS he/she is calling from.  Advise that individual that you have

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