The tax rules for donating artwork to charity
- ByPolk & Associates
- Apr, 05, 2023
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If you’re an art collector, you may wonder about the tax breaks available for donating a work of art to charity. Several different tax rules may come into play. Your deduction for a charitable contribution of art is subject to be reduced if the charity’s use of it is unrelated to the purpose or function that’s the basis for its qualification as a tax-exempt organization. The reduction equals the amount of capital gain you would have realized had you sold the property instead of giving it to charity. There are also substantiation rules that depend on the amount of a deduction and other rules may apply. Contact us for guidance on large charitable gifts. We can help ensure the best tax outcome.
It’s happening: Using social media for customer service
- ByPolk & Associates
- Apr, 05, 2023
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Whether many businesses realize it or not, customer service happens on social media. And perhaps the worst thing you can do is leave it to chance. You and your leadership team should make a conscious decision about whether to offer customer service on social media. If you do, you’ll need to determine what level of service to provide and on which platform (Facebook, Twitter, etc.) to provide it. Establish a social media policy that covers items such as appropriate tone and language, standard responses to FAQs and when to escalate issues to private interactions. You may even want to set up a dedicated account for customer service. Contact us for help evaluating the costs involved.
Beware of Scammers
- ByPolk & Associates
- Apr, 03, 2023
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The IRS urges taxpayers and tax professionals to remain vigilant in the face of emails and text scams aimed at tricking people about refunds or tax issues in the second of the 2023 Dirty Dozen tax scams. These messages arrive in the form of unsolicited texts or emails which try to lure unsuspecting victims into […]
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