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Gifts to Charity: Six Facts About Written Acknowledgements

Throughout the year, many taxpayers contribute money or gifts to qualified organizations eligible to receive tax-deductible charitable contributions. Taxpayers who plan to claim a charitable deduction on their tax return must do two things: • Have a bank record or written communication from a charity for any monetary contributions. • … Continue reading

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Like-Kind Exchanges – General Rules

A like-kind exchange is any exchange (1) of property held for investment or for productive use in your trade or business for (2) like-kind investment property or trade or business property. For these purposes, “like-kind” is very broadly defined. As long as the exchange is real estate (land and/or buildings) … Continue reading

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Nevada Commerce Tax Update and Details

For business entities or individuals registered with the Nevada Secretary of State that received a welcome letter in the mail see below: • The letter contains the pre-approved Nevada Tax access code needed to register your online account. -To create your online account, follow the instructions at http://tax.nv.gov/Commerce/NVTaxRegister/. • A … Continue reading

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Nevada Commerce Tax

The Commerce Tax is an annual tax imposed on the Nevada gross revenue of each business entity engaged in business in the state. For purposes of this tax, a business entity also includes any person engaging in business in Nevada, which would include anyone receiving trade or business income, rental … Continue reading

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Extension and Modification of Bonus Depreciation and Section 179 Rules

On December 18, 2015, the 2015 Protecting Americans from Tax Hikes (PATH) Act was passed by Congress, which extended, modified or made permanent several depreciation related provisions including: • Bonus depreciation was extended for an additional five years, through the 2019 tax year. For property placed in service during 2015, … Continue reading

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Annual Trust Review

The beginning of the year is a good time to review the terms and provisions of your current trust document or think about establishing a new trust. Some of the key provisions to review on at least an annual basis are the successor trustee and beneficiary provisions of your trust. … Continue reading

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Phone Scams Continue to be a Serious Threat

Aggressive and threatening phone calls by individuals impersonating IRS agents continue to be a serious threat. We have received calls from several clients over the past few months indicating receipt of these types of calls locally. The IRS has seen a surge of these phone scams in recent months as … Continue reading