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Archives for January 2021

Substantiating Charitable Donations for Tax Purposes

January 20, 2021 by Todd Renner

To claim a deduction for a charitable donation, you must have certain documentation. The current tax law requirements are summarized in the table below. Contribution Type Amount Contributed Records Required Monetary (cash, credit card, check) Less than $250 Bank record or written receipt: Name of organization Amount of contribution Date of contribution Monetary (cash, credit […]

Filed Under: Tax Information

New Form 1099-NEC

January 6, 2021 by Todd Renner

The IRS issued a new 1099-series form this filing season called Form 1099-NEC. It replaces Form 1099-MISC for reporting nonemployee, or subcontractor, compensation. The amounts previously reported in box 7 of Form 1099-MISC are now reported in box 1 of Form 1099-NEC. This may seem like a small change, but a number of payors and […]

Filed Under: HR and Payroll, Tax Information

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