Be Careful of Scams When Donating to Charities

The world is full of good Samaritans, those people who see other people suffering, and want to help or who get involved in a good cause. Donating time, talent and money to charities and other good causes is a noble endeavor. However, as with most things in life, there are always those on the other side of the equation that are looking to take advantage of any situation, even of those who want to help the less fortunate.

Recently, the IRS warned Americans about one such catastrophic event that could lead to scammers trying to take advantage of would-be good Samaritans. South Carolina is still reeling from the horrible and widespread damage from the massive flooding the state sustained from the record-setting rain that recently blasted the area. In the midst of all the terrible destruction, many people were already reaching out to donate money for relief efforts. The bad news, scammers are out in full-force as well.

That led the IRS to issue a warning against these scammers who are standing by to take advantage of the good-hearted people who donate. The IRS says that these kinds of events often bring out many people who are looking to profit from others’ misfortune. To that end, the IRS recommends checking the IRS website to make sure that your donation is actually going to a qualified charitable organization and not into a scam artist’s pocket.

Also, remember to avoid giving out personal information, only use legitimate websites and be sure to get receipts for tax deduction purposes. Do not send or give cash and be careful of any unsolicited emails or phone calls. As always, trust your gut and use your best judgment in order to avoid being scammed.

Posted in

Does Your Company Need a Fairness Opinion?

Does Your Company Need a Fairness Opinion? Although not required by statute or regulation, fairness opinions have become an important component of the board of directors and executives deliberation process as they seek to satisfy their fiduciary duties to shareholders and act with due care in an informed manner. Fairness opinions are prepared for and…

Tax Record Retention Guide

Storing tax records: How long is long enough? Tax Record Retention April 15 has come and gone and another year of tax forms and shoeboxes full of receipts is behind us. But what should be done with those documents after your check or refund request is in the mail? Federal law requires you to maintain…

OWNING A-COMMERCIAL-PROPERTY-MAKE-YOU-MORE-MONEY-IN-REAL-ESTATE-INVESTMENT-groco-cpa-firm

3 Reasons Why Owning a Commercial Property May Make You More Money in Real Estate Investment

Making a Commercial Property Investment If you ever have been a landlord for residential property, I am sure that you get complaints from tenants about leaking roofs in the middle of the night. But what keeps most people back from investing in commercial real estate is the fear of the unknown since not many of…

section 1045 rollover; business

Sec 1045: Small Business Stock Rollover of Gain

The Beauty of Section 1045 Enacted as part of the Taxpayer Relief Act of 1997 (effective for sales after August 5, 1997), a taxpayer other than a corporation may elect to roll over capital gains from the sale of qualified small business stock held for more than six months if another small business stock is…