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Written Acknowledgement of Charitable Contributions

Taxpayers generally receive two benefits when they provide financial support to a non-profit organization.  The first is the sense of satisfaction from contributing to an organization they believe in.  The second is to get a tax deduction.  The non-profit organization has an obligation to provide appropriate donor recognition that provides the substantiation needed to claim a tax deduction.  There…
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Recognizing Charitable Contributions

Non-profits can receive a wide range of gifts from their supporters.  If you are unsure what documentation the IRS requires for donors to substantiate a tax deduction for their gifts check out an overview here.   Abby M. Sanders, CPA, CFE is a Member and non-profit expert with Petersen CPAs and Advisors in Yakima, WA.      

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Beware of Fake IRS Emails and Phone Calls

Tax scams that use email and phone calls that appear to come from the IRS are common these days. These scams often use the IRS name and logo or fake websites that look real.

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IRS Tax Tip – Home Office Deduction

If you work from home, you should learn the rules for how to claim the home office deduction. Starting this year, there is a simpler option to figure the deduction for business use of your home.

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Changing standards for leases: What lessees need to know

Off-balance-sheet reporting is one of the most attractive features of operating leases. This treatment and associated bright-line criteria, however, are the source of much criticism. In response, recent FASB and International Accounting Standards Board decisions indicate these structures will likely be brought onto the books of lessees, consistent with the right-of-use (ROU) model. The exact…
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