by apexcpas | Jul 4, 2018 | Tax Planning
It pays to remember that charitable contribution deductions have fairly strict substantiation requirements. For a transfer of property to a charitable organization to qualify for a deduction, the charitable, or donee, organization must substantiate a contribution of...
by apexcpas | Jul 4, 2018 | Tax Planning
Life insurance and taxes can be a mind-numbing and confusing combination for most people. Normally, the death benefit received from a life insurance policy is not considered taxable income. However, income can be taxable when you cash in the policy during your...
by apexcpas | Jul 4, 2018 | Tax Planning
The IRS has launched a new online search tool – Exempt Organizations Select Check – to help users more easily find information about tax-exempt organizations. You can now go to one location on IRS.gov to search for the following information:...
by apexcpas | Jul 4, 2018 | Tax Planning
If you operate a business and you paid any service provider at least $600 for services during 2011, you must provide Form 1099-MISC, Miscellaneous Income, to the provider no later than Jan. 31, 2012. However, if the provider is a corporation, you generally do not...
by apexcpas | Jul 4, 2018 | Tax Planning
Many young girls play with dolls. Many young boys play with action figures. Is there a gender bias in the tax law? Most toys – dolls and action figures included – are manufactured overseas and imported into the United States. The Harmonized Tariff Schedule...