If you sell items through Etsy or eBay, you may be surprised to find out that your transactions will be reported to the IRS beginning on 1 January 2022. Form 1099-K is currently issued for all credit card transactions by Third-Party Settlement Organizations (credit card processors) if the total processed is at least $20,000 and […]
My Lenten Fast
Archbishop Foley Beach suggested that we consider giving up social media for Lent, and I think the idea has great merit. So, I will leave you with the Collect for Ash Wednesday and see you on the other side of Easter. Almighty and everlasting God, you hate nothing you have made, and you forgive the […]
Time to Embrace a Digital Payment Platform
If you do not currently accept payment digitally, the world is going to leave you behind. When I first worked in Ireland in 2007, checks (or cheques over there) were virtually unheard of. This short article presents some of the advantages of accepting digital payments. The world has forever changed, and a cloud of economic […]
Substantiating Charitable Donations for Tax Purposes
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 […]
New Form 1099-NEC
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 […]
Happy Christmas and best wishes for a Joyous New Year!
I will not wax eloquently about the year now passing, but I would like to take a moment to wish you a very Happy Christmas and a Joyous New Year. A life of service to others is the best kind of life we can have, and I hope in some way I have been able […]