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Four Things to Remember for Year-End Charitable Donations

Posted by Admin Posted on Jan 28 2015
  • Ensure that your donation is going to a qualified charity. Only donations made to eligible organizations are tax-deductible. SELECT CHECK is a searchable online tool provided by the IRS which lists most organizations that are eligible to receive deductible contributions.
  • Contributions are deductible in the year made. This means that donations made by credit card before the end of 2014 are deductible in 2014, even if the credit card bill was not paid until 2015. The same is true for checks that are mailed before the end of 2014, even if they are not received until 2015.
  • For individuals, only taxpayers who itemize deductions on Form 1040 Schedule A can claim deductions for qualified charitable contributions! Deductions for charitable contributions are not available to individuals who choose the standard deduction on their tax return. Be sure to use Form 1040 Schedule A to determine whether itemizing your deductions or taking the standard deduction provides a greater tax benefit to you.
  • Keep a record of all noncash contributions and donations of property. This includes items such as clothing and household goods. Request a receipt from the charity which includes the name of the charity, date of the contribution, and a reasonably-detailed description of the donated items and fair market value of the property at the date the donation is made. In addition, the taxpayer will also need to report the original cost of the item donated. If you are unable to obtain a receipt, please keep your own records of this information. Keep in mind that additional rules may apply based on the dollar valuation of certain noncash contributions.

Don Farmer's Federal, Individual, and Corporate Tax Updates

Posted by Admin Posted on Jan 28 2015

On December 1, 2, and 3, 2014, many of the tax professionals of Andrews, Barwick, & Lee attended Don Farmer's Federal, Individual, and Corporate Tax Updates. These seminars, hosted by the Virginia Society of Certified Public Accountants (VSCPA), are some of the most popular in the state and are attended by hundreds of CPAs each year. Providing our professionals with a thorough and engaging review of current-year developments, recurring problems, and planning ideas affecting federal, individual, and corporate taxation, these tax updates are just another way that our tax professionals stay informed in order to more effectively serve our clients.

44th Annual Virginia Accounting & Auditing Conference

Posted by Admin Posted on Jan 28 2015

A number of our accounting and tax professionals attended the 44th Annual Virginia Accounting & Auditing Conference held in Virginia Beach, Virginia, on Thursday, November 20 and Friday, November 21, 2014. Co-sponsored by the Virginia Society of Certified Public Accountants (VSCPA) and Virginia Tech, this conference provides our professionals with valuable information allowing us to better serve our clients, as well as allows our professionals to meet annual continuing professional education requirements.

Our professionals attended courses including:

  • The Power & Peril of Predictive Analytics
  • Evolving Accounting Standards - FASB Perspectives
  • Excelling in Efficiency
  • Ethics 2014 - Your License Depends on It!
  • Tax Update

Attending were:

  • Francis Andrews, CPA
  • Donna Barwick, CPA
  • Toni Lee-Andrews, CPA
  • Teresa McFarlane, CPA
  • Thomas Wood, CPA
  • Thomas McCue

ABL Celebrates 15th Anniversary

Posted by Admin Posted on Jan 28 2015

Two thousand fourteen marks the 15th anniversary of Andrews, Barwick, & Lee. Thank you to all of the clients who have been with us during that time - we look forward to working with you for many years to come.

ABL Opens New Location

Posted by Admin Posted on Jan 28 2015

Andrews, Barwick, & Lee is pleased to announce the opening of a second location in Chester. New and existing clients are welcome to use either location by appointment. Drop-offs are welcomed at any time.

ABL offers QuickBooks Classes

Posted by Admin Posted on Jan 28 2015

If you missed our last introductory QuickBooks class for beginners and are interested in an upcoming class, call (804.520.1384) or email (mycpa@ablcpas.com) with your interest, and we'll contact you with details once the next class is scheduled.

Monthly Bills/Statements are Now Available via Email

Posted by Posted on Jan 28 2015

If you would like to receive your monthly bill/statement via email, call (804.520.1384), email (mycpa@ablcpas.com), or include a note with your next payment. Be sure to provide your name, client ID # (from bill/statement), and preferred email address when contacting us.