Victor Dozzi – Page 10 – Crawford Ellenbogen

Nov 23, 2021

When nonprofits should return donations

By Victor Dozzi
Charity, Non-Profit
0 Comments

Return requests generally are rare, but occasionally donors may ask your not-for-profit to return their contribution. Are you required to comply? What if you’ve already spent the money? There’s no federal law that requires nonprofits to return donations. Individual states have enacted various laws that could come into play, but these generally are vague about

Nov 11, 2021

You may owe “nanny tax” even if you don’t have a nanny

By Victor Dozzi
Taxes
0 Comments

Have you heard of the “nanny tax?” Even if you don’t employ a nanny, it may apply to you. Hiring a house cleaner, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a household

Nov 9, 2021

Nonprofits shouldn’t venture abroad without a map

By Victor Dozzi
Non-Profit
0 Comments

If your not-for-profit is considering soliciting donations, recruiting members or selling products in foreign countries, know that such activities can raise tax and legal issues. Be sure to research the country’s relevant laws and regulations. If the country isn’t a party to a free trade agreement with the United States, high tariffs might prove an

Nov 5, 2021

Adirondack chairs looking out over the water

Vacation home: How is your tax bill affected if you rent it out?

By Victor Dozzi
Taxes
0 Comments

If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, your relatives

Nov 3, 2021

A laptop with poker chips and cards stacked ontop

The tax score of winning

By Victor Dozzi
Taxes
0 Comments

Studies have found that more people are engaging in online gambling and sports betting since the pandemic began. And there are still more traditional ways to gamble and play the lottery. If you’re lucky enough to win, be aware that tax consequences go along with your good fortune. Review the tax rules Whether you win

Oct 27, 2021

New per diem business travel rates became effective on October 1

By Victor Dozzi
Business
0 Comments

Are your company’s employees traveling after months of virtual meetings? The IRS announced the fiscal 2022 “per diem” rates that became effective Oct. 1, 2021. You can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling. It’s a simplified alternative to tracking actual business travel expenses. The per

Sep 20, 2021

Tax depreciation rules for business automobiles

By Victor Dozzi
Business, Taxes
0 Comments

If you use an automobile in your trade or business, you may wonder how depreciation tax deductions are determined. The rules are complicated, and special limitations that apply to vehicles classified as passenger autos (which include many pickups and SUVs) can result in it taking longer than expected to fully depreciate a vehicle. Cents-per-mile vs.

Aug 4, 2021

Are you liable for fraudulent credit and debit card charges?

By Victor Dozzi
Fraud
0 Comments

Credit and debit card fraud was already a problem when COVID-19 hit. But new fraud exploded in 2020 and continues to wreak havoc in 2021. If you become a victim of payment card fraud, how much might you lose? The good news is that the law limits liability for unauthorized charges. In most circumstances, your

Jul 28, 2021

IRS audits may be increasing, so be prepared

By Victor Dozzi
Taxes
0 Comments

The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5%