CHARITABLE CONTRIBUTIONS – Part One

Taxpayers are allowed a charitable contribution deduction only if the donation is made to a qualified organization.  For a list of qualified organizations, go to Tax Exempt Organization Search or the organization itself should be able to provide verification of its charitable status.

Qualified organizations include nonprofit groups that are religious, charitable, educational, scientific or literary in purpose or that work to prevent cruelty to children or animals.

The most common types of deductible charitable contributions are:

• Cash, check or money order given to a qualified organization
• Property other than cash or check given to a qualified organization
• Volunteer out-of-pocket expenses when serving as a volunteer
• Volunteer auto expenses (miles or actual) when serving as a volunteer

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For all cash contributions, the taxpayer must have a record (cancelled check, bank statement or credit card statement) showing the date and the amount of the contribution and the name of the charitable organization.

For contributions of $250 or more, the taxpayer also must obtain a written acknowledgement from the charitable organization stating that ‘no goods or services were received’ by the taxpayer in exchange for the donation.  If goods or services were received, the letter needs to state that.

For donations of property other than cash or check, the taxpayer must have a detailed list of all items contributed and the fair market value of those items. Clothing or household items must be in GOOD or better condition.  For a value guide, go to Goodwill donation calculator.

Taxpayers who are required to take a distribution (RMD) from their IRA account may use some or all of that distribution to make charitable gifts. These are called Qualified Charitable Distributions (QCD), and

• Must be made directly by the trustee of the taxpayer’s IRA to an eligible charitable organization
• The taxpayer must be 70 ½ or older at the time of the QCD
• All or part of the taxpayer’s required minimum distribution (RMD) may be included in the QCD
• QCDs are limited to $100,000 per taxpayer per year

If you choose to make QCDs, contact your financial institution for the appropriate forms to submit.  At minimum, you will need the name and address of the charity and the amount you wish to contribute.

For many taxpayers who no longer itemize their deductions, the use of the QCD will allow them to continue to contribute to their favorite charities and deduct their contributions while taking the standard deduction.

The Changing Schedule A – Itemized Deductions

In this newsletter we will give a brief explanation of how the Federal Schedule A will change from the 2017 tax year to 2018.

It is important to note at this time that California has not conformed to these changes. This means that you should continue to gather the same data as usual for preparing your California tax return.

The phase-out of itemized deductions (based on income limitations) is suspended for tax years 2018 through 2025.

The standard deduction has changed for all taxpayers. In 2018, the amounts are as follows: Single or MFS – $12,000; MFJ or QW – $24,000; HOH – $18,000. For taxpayers 65 or older, there is an additional deduction of $1,300 for MFJ, QW or MFS and $1,600 for Single and Head of Household (HOH).

Medical – for 2017 & 2018, the income threshold to be able to deduct medical expenses is 7.5% of Adjusted Gross Income; for 2019 this increases to 10%.
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Taxes – the new law limits the aggregate deduction for personal state/local real & property taxes and state/local income taxes to $10,000 ($5,000 for MFS). Foreign property taxes not connected with a trade or business are no longer deductible.

Home Mortgage Interest – the $1,000,000 debt limit continues to apply for acquisition debt incurred before 12/15/17 or refinanced on or after 12/15/17. For all new debt incurred after 12/15/17, the acquisition debt limit is now $750,000. Interest on home equity loans/debts is only deductible if the loan proceeds are used to buy, build or substantially improve the home that secures the loan.

Charitable Contributions – the percentage of AGI limitation increases from 50% to 60% for donations of cash to public charities and other organizations; for all donations of $250 or more the taxpayer must obtain contemporaneous written acknowledgement from the charity.

Casualty Loss (personal) – a personal casualty loss is now deductible only if such loss is attributable to a Federally Declared Disaster Area that is declared by the President.

Miscellaneous Itemized Deductions – all expenses that were subject to the 2% of AGI limitation are no longer deductible. These include investment expenses (advisory fees), tax preparation fees and unreimbursed employee business expenses.

2018 Federal Withholding Taxes

Effective February, 2018 most employees found that the amount of Federal income tax withheld from their paycheck was reduced and the take-home pay was increased.

Unfortunately, not all taxpayers will experience a reduction in their Federal tax liability for 2018 and many will experience an increase. These people could find their 2018 Federal tax return will show a significant balance due.

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The last page is a written analysis of where you stand as of your most recent pay stub and what you need to do to meet your tax liability between the date you fill this out and the end of the year.

Taking a few minutes to do this will give you some control over your 2018 Federal taxes withheld.

Security Summit Partners Mark Progress in Identity Theft Battle

On October 17, 2017 the IRS, state tax agencies and private-sector industry leaders detailed their continued progress against tax-related identity theft and prepared additional safeguards for the 2018 filing season to curb refund fraud.

The latest IRS data continued to show significant improvements as fewer identity theft returns entered the tax system, fewer fraudulent refunds were issued and fewer taxpayers were reporting themselves as victims of identity theft.

CA Wildfires Disaster Loss Update

The IRS has updated the list of California counties designated as Presidential declared disaster areas.  Those counties are as follows:

Butte, Lake, Mendocino, Napa, Nevada, Orange, Sonoma & Yuba

A full Presidential declaration causes the federal disaster tax loss treatment to kick in, along with the filing deadline extensions.  The filing deadline extensions apply to all federal tax returns and tax payments that were due on October 16, 2017; these returns and payments will be extended to January 31, 2018.  Late paying penalties and late filing penalties will not apply to those returns coming from taxpayers who either reside or have a business in the above-listed counties.  The Presidential declaration gives a taxpayer all the major tax breaks, including the ability to deduct a 2017 fire loss on an amended 2016 return along with a lot of other benefits.

For either federal or state tax purposes, a casualty loss becomes a disaster loss when both of the following occur:

• You sustain the loss in an area the President of the United States or the Governor of California declares a state of emergency.
• You sustain the loss because of the declared disaster.

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Solano County (Atlas fire) is a Governor declared disaster, but not yet a Presidential declared disaster.

Property Tax Relief for Those Impacted by Wildfires

Contact your county property tax assessor’s office to learn about filing a claim for deferral of the next property tax installment or for how to handle a claim for the loss of your property, if applicable.

Another tax filing season has passed. Our sincere thanks to all of you who helped make this one of the best and busiest tax seasons we have had. Your timely submission of information and cooperation were extremely helpful in the filing and extension process. Thank you ever so much.

Taxes – Next Year!

The most asked about question this season has been what the president’s tax plan will look like. Well, we know as much as you do at this time. He is trying to trim taxes by lowering and eliminating some of the brackets. The key to any changes will be Congress. Stay tuned for developments.

Private IRS Debt Collection Began in April!

The IRS has begun sending letters to notify a small number of taxpayers that their overdue federal tax accounts are being assigned to a private collection agency (PCA). For the most part, these are unpaid individual tax obligations not currently being worked by IRS collection employees. Taxpayers assigned to a private firm would have had multiple contacts from the IRS in previous years and still have an unpaid tax bill.

How the New Program Works.

The IRS will always notify a taxpayer before transferring their account to a PCA. First, the IRS will send a letter to the taxpayer and their tax representative informing them that their account is being assigned to a PCA and giving the PCA’s name and contact information. This mailing will include a copy of Publication 4518, What Can You Expect When the IRS Assigns Your Account to a Private Collection Agency. Only four private groups are participating in this program:

1. CBE Group of Cedar Falls, IA;

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2. Conserve of Fairport, NY;
3. Performant of Livermore, CA;
4. Pioneer of Horseheads, NY.

The taxpayer’s account will only be assigned to one of these agencies, never to all four. No other private group is authorized to represent the IRS.

Crooks Apprehended!!!!

On April 24, 2017, police in Mumbai, India arrested 24-year-old Sagar “Shaggy” Thakker, who is alleged to be the mastermind behind Mumbai call centers that scammed millions from US taxpayers. Thakker was extradited from Dubai where he was reported to have fled after his call centers were raided by police in October 2016. In the October raids, Indian police arrested some 75 call center employees in the Thane suburb of Mumbai. Charges included conspiracy to commit identity theft, impersonation of an officer of the United States, wire fraud, and money laundering. A Mumbai newspaper reported that Thakker’s call centers were also involved with banking, pharmacy, grant and other scams.

This New Year promises to be full of tax activity with the new administration promising to repeal some major laws and revise others.  So, let’s begin.

Tax Refunds – Starting with 2016 returns filed in 2017, IRS is mandated by law to wait until February 15, 2017 before doling out refunds to taxpayers who claimed the Earned Income Tax Credit or the refundable Child Tax Credit.  Measures to help detect tax identity theft and refund fraud could also result in delays to refunds being issued.

Speaking of Refunds – Remember, you can go to www.irs.gov to track your federal refund.  You will need to know the taxpayer’s social security number, the filing status shown on the return and the exact refund amount.  Then click on the “Where’s My Refund?” button and your question should be answered.

Energy Credit – Many energy credits expired as of 12/31/2016, such as the thermal doors and windows installation.  For home owners, the 30% credit for installing solar energy panels will be in effect through 12/31/2019.  The credit reduces to 26% from 1/1/2020 to 12/31/2020 and finally to 22% from 1/1/2021 to 12/31/2021.  Afterward, the credit is set to expire unless Congress votes to reinstate it.

Standard Mileage Rates – These will drop slightly in 2017.  The business mileage deduction will be 53.5 cents per mile, medical and moving will be 17 cents per mile and charitable mileage remains at 14 cents per mile, per statute.
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Gifts – You will be able to gift up to $14,000 to a donee in 2017 without any reporting requirement.  The gift must be made on or before 12/31/2017 in order to be considered a 2017 gift.  If you miss that date then you will not have made a 2017 excludable gift.

Identity Theft – This is just a reminder that neither the IRS nor the FTB will call you and ask for personal information or tell you that you owe them money.  If you get such a call, hang up immediately and do not answer any questions!

FinCEN filing – For those of you who need to file a Foreign Bank Report (FBAR) with the Financial Crimes Enforcement Network (FinCEN form 114), the filing deadline is no longer June 30th.  This report is due on April 15th and, for the first time, filing can be extended until October 15th.  This is good news for all concerned.

This month we continue with the final 5 Taxpayer Bill of Rights as well as some useful information that can assist you with year-end planning.

6. The Right to Finality.  You have the right to know the maximum amount of time you have to challenge an IRS position and the maximum amount of time the IRS has to audit a particular tax year or collect a tax debt.  You have the right to know when the IRS concludes an audit.
7. The Right to Privacy.  You have the right to expect that any IRS inquiry, examination or enforcement action will comply with the law and be no more intrusive than necessary.  You should expect such proceedings to respect all due process rights, including search and seizure protections.  The IRS will provide, where allocable, a collection due process hearing.
8. The Right to Confidentiality.  You have the right to expect that your tax information will remain confidential.  The IRS will not disclose information unless authorized by you or by law.  You should expect the IRS to take appropriate action against employees, return preparers and others who wrongfully use or disclose your return information.
9. The Right to Retain Representation.  You have the right to retain an authorized representative of your choice to represent you in your dealings with the IRS.  You have the right to seek assistance from a Low Income Taxpayer Clinic if you cannot afford representation.
10. The Right to a Fair and Just Tax System.  You have the right to expect fairness from the tax system.  This includes considering all facts and circumstances that might affect your underlying liabilities, ability to pay or ability to provide information timely.  You have the right to receive assistance from the Taxpayer Advocate Service if you are experiencing financial difficulty or if the IRS has not resolved your tax issues properly and timely through its normal channels.

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YEAR-END PLANNING

We include another reminder about taking your Required Minimum Distribution.  Avoid the 50% penalty by scheduling the distribution before the end of the year.

As another year passes, you may want to remove old files from storage.  We encourage you to keep tax returns forever and supporting documents for the returns for 6 years.  Keep all important documents such as house purchase and sale documents, major improvements or purchases and refinance documents forever.

As we approach the end of another calendar year, we want to wish you and your family a Happy Holiday season and a happy and prosperous New Year.

Our January newsletter will contain updates on tax news for 2017 and the future.

Every taxpayer has a set of fundamental rights known as the “Taxpayer Bill of Rights.”  These rights are in the tax code.  Here we will group them into 10 categories in hopes that you will better understand your rights as a taxpayer.  The first five rights will be listed this month and the second five rights will be listed in next month’s newsletter.

1. The Right to be Informed.  Your have the right to know what is required to comply with the tax laws.  You are entitled to clear explanations of the laws and IRS procedures on all tax forms, instructions, publications, notices and correspondence.  You have the right to know about IRS decisions affecting your accounts and clear explanations of the outcomes.
2. The Right to Quality Service.  You have the right to receive prompt, courteous and professional assistance in your dealings with the IRS and the freedom to speak to a supervisor about inadequate service.  Communications from IRS should be clear and easy to understand.
3. The Right to Pay No More Than the Correct Amount of Tax.  You have the right to pay only the amount of tax legally due, including interest and penalties.  You should also expect the IRS to apply all tax payments properly.
4. The Right to Challenge the IRS’s Position and Be Heard.  You have the right to object to formal IRS actions or proposed actions and provide justification with additional documentation.  You should expect that the IRS will consider your timely objections and documentation promptly and fairly.  If the IRS does not agree with your position, you should expect a response.

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5. The Right to Appeal an IRS Decision in an Independent Forum.  You are entitled to a fair and impartial administrative appeal of most IRS decisions, including certain penalties.  You have the right to receive a written response regarding a decision from the Office of Appeals.  You generally have the right to take your case to court.

YEAR-END PLANNING

Required Minimum Distribution for those over 70.5 – if you have IRAs or 401Ks, you must take a distribution from your account no later than 12/31/2016.  Failure to do so could result in a fine equal to 50% of your RMD amount.  Most of you can opt to designate all or part of your RMD to a U.S. recognized charitable institution.  This will remove the distribution from your taxable income yet still meet the requirement of taking a distribution.  Allow sufficient time for the paper work to be processed and the distribution made to the charity.  This MUST be done BEFORE 12/31/2016.

We wish all of you a Happy Thanksgiving, 2016!

IRS REPORTS MAJOR INCREASE IN PHONE & E-MAIL SCAMS

During the past year, there has been an astronomical rise in the number of scams that threaten arrest, deportation, license revocation, demands for immediate payment, or updates to your tax information.  If you receive such a phone message, hang up.  If you wish to report the incident, here is what you should do:

• Contact TIGTA (Treasury Inspector General for Tax Administration) to report the call.  Use their “IRS Impersonation Scam Reporting” web page.  You can also call 800-366-4484.
• Report it to the Federal Trade Commission.  Use the “FTC Complaint Assistant” on www.FTC.gov.  Please add “IRS Telephone Scam” in the notes.

If you have an IRS issue, or think you may owe tax, call our office.

Here is an example of a fraudulent e-mail.

Initially, it looks legitimate.  However, notice the incorrect grammar and syntax in the mesage.  Also, the IRS will NEVER send an e-mail asking you to update any of your information.  Delete it immediately and do not click on any links/downloads or contact any phone number that may appear.

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Here is a short list of what the IRS will never do:

• Call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a bill.
• Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
• Require you to use a specific payment method for your taxes, such as a prepaid debit card.
• Ask for credit or debit card numbers over the phone.
• Threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.

Finally, be aware that any initial communication from IRS about a balance due or a change in your tax return will come through the U.S. mail service and not through e-mail or by telephone.

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