Community - Linkenheimer LLP CPAs & Advisors

Wishing All a Happy Thanksgiving

Here at Linkenheimer, we want to say thank you to our clients and community, who have given the opportunity to serve you over the past year. We say that “we want to change lives locally and abroad through the work we do, the relationships we develop and the charities we support” and we couldn’t do that without your help. We are grateful for the trust you’ve placed in us, the friendships that have developed and grown and we consider each of you part of the Linkenheimer team. So from all of us at Linkenheimer, we hope this season is filled with lots of happiness, joy, health, and prosperity. May your home be filled with love on this wonderful occasion. Happy Thanksgiving.

By Linkenheimer LLP|2020-09-03T20:03:26+00:00November 27th, 2019|Community, Happy Holidays from the Partners and Staff at Linkenheimer LLP CPAs and Advisors|0 Comments

Voted Best Place to Work by the North Bay Business Journal for 2018

Once again, we are honored to be recognized as one of the Best Places to Work in the North Bay for 2018. This is the 8th year in a row that Linkenheimer has been voted Best Place to Work in the North Bay and it is truly a testimony to the amazing, hard working team we have here and the community and clients that have supported us all these years. We are grateful to call Sonoma County home and it’s also why we feel the importance of giving back. Over the past year, we’ve volunteered over 1,000 hours as a firm to community projects locally and abroad, including Rotary, Redwood Empire Food Bank, Nicaraguan Eye Care Projects, Elsie Allen High School Foundation and many other incredible organizations focused on making our great community better for everyone.

From the North Bay Business Journal Press Release:

Along with our co-presenters, Nelson Family of Companies, Exchange Bank; Kaiser Permanente and underwriter Trope Group, we are pleased to inform you that Linkenheimer LLP CPAs & Advisors has been selected as one of the Best Places to Work in the North Bay in the thirteenth-annual […]

By Linkenheimer LLP|2020-09-03T20:04:28+00:00October 2nd, 2018|award, best, best place to work, Community|0 Comments

Charitable Contribution Deduction Limitation Increased

The deduction for an individual’s charitable contribution is limited to prescribed percentages of the taxpayer’s “contribution base.” Under pre-Act law, the applicable percentages were 50%, 30%, or 20%, and depended on the type of organization to which the contribution was made, whether the contribution was made “to” or merely “for the use of” the donee organization, and whether the contribution consisted of capital gain property. The 50% limitation applied to public charities and certain private foundations.

No charitable deduction is allowed for contributions of $250 or more unless the donor substantiates the contribution by a contemporaneous written acknowledgment (CWA) from the donee organization. Under Code Sec. 170(f)(8)(D), IRS is authorized to issue regs that exempt donors from this substantiation requirement if the donee organization files a return that contains the same required information; however, IRS has decided not to issue such donee reporting regs.

New law. For contributions made in tax years beginning after Dec. 31, 2017 and before Jan. 1, 2026, the 50% limitation under Code Sec. 170(b) for cash contributions to public charities and certain private foundations is increased to 60%. (Code Sec. 170(b)(1)(G), as added by Act Sec. 11023) Contributions exceeding the 60% limitation are generally allowed to be carried forward and […]

By Linkenheimer LLP|2020-09-03T20:04:46+00:00January 12th, 2018|charity, Community, contributions, deduction, deductions, New Tax Laws|0 Comments

IRS FAQ on Casualty Tree Loss

We’ve had a number of clients ask us questions since the wildfires on tree loss and what that means in terms of determining a casualty loss on property. Below is an FAQ from the IRS which should hopefully provide some good information. If you have any questions, feel free to ask your Linkenheimer CPA.

Q: How does a taxpayer determine a casualty loss from damaged trees and other landscaping on personal-use residential property when that loss is attributable to a disaster?

A: In determining the amount of a casualty loss from damage to personal-use residential property, trees and other landscaping are considered part of the entire residential property, and are not valued separately or assigned a separate basis, even if purchased separately.

To compute your casualty loss:

Determine your adjusted basis in the entire residential property before the casualty. Your basis is generally the cost of the property, adjusted for improvements and certain other events. For more information on determining your adjusted basis, see Publication 530, Tax information for First-Time Homeowners, and Publication 551, Basis of Assets

Determine the decrease in fair market value of the entire residential property as a result of the casualty.

From the smaller of these […]

By Linkenheimer LLP|2020-09-03T20:04:48+00:00December 7th, 2017|casualty loss, Community, irs|0 Comments

FAQs Related to Disaster Recovery and the Fires

Our CPA’s have compiled a list of 25 frequently asked questions related to fire victims and the recovery process. This document will continue to be updated over time as new questions roll in. If you have any additional questions in the meantime that aren’t answered below, please feel free to contact us at Linkenheimer LLP. We’ll continue to work side by side with all of you during this rebuilding process as we put our great community back together.

Frequently asked questions related to disaster relief for this affected by the fires:

Can an employer make a payment to an employee for missed time as a result of the fire and have that payment excluded from the employees gross income? No, the payments would be considered taxable wages.

What information is needed to substantiate a casualty loss? To substantiate your loss, you’ll need the following, the type of casualty and date it occurred, proof that you were the owner of the property, or if you were a lessee, that you were contractually liable for the damage, whether a claim for reimbursement exists for which there is a reasonable expectation of recovery and documented […]

By Linkenheimer LLP|2020-09-03T20:04:49+00:00November 8th, 2017|Community, disaster, question, relief|0 Comments