CPA Blog

Did you give to charity in 2021? Make sure you have substantiation

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Published: Wednesday, 09 February 2022 16:04

Written by Phillip Strickler, CPA.CITP

If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2021 income tax return? It depends.

The requirements

To prove a charitable donation for which you claim a tax deduction, you need to comply with IRS substantiation requirements. For a donation of $250 or more, this includes obtaining a contemporaneous written acknowledgment from the charity stating the amount of the donation, whether you received any goods or services in consideration for the donation and the value of any such goods or services.

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Approach turnaround acquisitions with due care

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Published: Wednesday, 09 February 2022 16:02

Written by Phillip Strickler, CPA.CITP

Economic changes wrought by the COVID-19 pandemic, along with other factors, drove historic global mergers and acquisitions (M&A) activity in 2021. Experts expect 2022 to be another busy year for dealmaking.

In many cases, M&A opportunities arise when a business adversely affected by economic circumstances decides that getting acquired by another company is the optimal — or only — way to remain viable. If you get the chance to acquire a distressed business, you might indeed be able to expand your company’s operational scope and grow its bottom line. But you’ll need to take due care before closing the deal.

Looking at the long term

Although so-called “turnaround acquisitions” can yield substantial long-term rewards, acquiring a troubled target can also pose greater risks than buying a financially sound business. The keys are choosing a company with fixable problems and having a detailed plan to address them.

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How will revised tax limits affect your 2022 taxes?

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Published: Tuesday, 25 January 2022 08:51

Written by Phillip Strickler, CPA.CITP

While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation.

If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about your 2022 tax situation. That’s understandable because your 2021 individual tax return is generally due to be filed by April 18 (unless you file an extension).

However, it’s a good idea to acquaint yourself with tax amounts that may have changed for 2022. Below are some Q&As about tax amounts for this year.

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3 specialized IT leadership positions for growing businesses

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Published: Tuesday, 25 January 2022 08:47

Written by Phillip Strickler, CPA.CITP

For many businesses, technology has changed from something they use to something they do. When a company reaches a point where IT plays a central role in operations and productivity, ownership might want to create one or more leadership positions to specifically oversee tech-related matters and strategy.

Often, this means a Chief Information Officer will join the team to manage the business’s internal IT infrastructure and operations. Other common “tech execs” include Chief Technology Officers and Chief Digital Officers. However, just as technology itself seems to expand at a constant rate, so do IT leadership roles.

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