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Record keeping rules for charitable donations of cash (and check and credit card payments) and marketable securities

In order to claim a cash charitable deduction, taxpayers must keep records in the form of bank records or written acknowledgement from the charitable organization. Donations less than $250 in any one day – taxpayer must keep a...

IRS Letters for Advanced Child Tax Credit and Third Economic Impact Payments

Advance Child Tax Credit Payments  For qualified taxpayers that will receive advance Child Tax Credit payments from July - December 2021, the IRS plans to send taxpayers Letter 6419 in January 2022.  This IRS form letter will provide taxpayers the total amount of...

Charity deduction for taxpayers that do not itemize their tax returns

For the 2021 tax year, the IRS is again allowing taxpayers that file their tax return using the standard deduction to claim a charity deduction on their tax return. The maximum allowed charity deduction for non-itemizers is $300 for single, head of household and...

Record keeping rules for charitable donations of cash (and check and credit card payments) and marketable securities

In order to claim a cash charitable deduction, taxpayers must keep records in the form of bank records or written acknowledgement from the charitable organization. Donations less than $250 in any one day – taxpayer must keep a copy of a bank record such as a cancelled...

Identity Protection Personal Identification Number (IP PIN) reminder

For taxpayers who receive an IRS IP PIN annually, be on the lookout in January 2022 for a letter from the IRS with your 2021 IP PIN number.  These letters, IRS Notice CP01A, are sent out annually to taxpayers via the US mail.  Be sure to retain this notice with your...

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