#IRS

Mike Brandly, Auctioneer

Jun 15, 20222 min read

Are Auctioneers Third-Party Settlement Organizations?

With recent changes to 26 U.S. Code § 6050W lowering the threshold for transaction reporting requirements from $20,000 to $600 for...

Mike Brandly, Auctioneer

Feb 27, 20202 min read

Auctioneers & IRS Form 8300 reporting

The law requires that trades and businesses (such as auctioneers) report cash payments of more than $10,000 to the federal government by...

Mike Brandly, Auctioneer

Feb 25, 20203 min read

It is not worth what it won’t sell for

Terry Mangum said something similar and he’s exactly right: It is not worth what it won’t sell for. In other words, a piano listed...

Mike Brandly, Auctioneer

Aug 20, 20181 min read

Auctioneers donating their time to 501(c)(3)

As can be seen in IRS Publication 526: https://www.irs.gov/pub/irs-pdf/p526.pdf, the “value of your time or services” is not deductible....

Mike Brandly, Auctioneer

Sep 5, 20163 min read

Tax issues at a benefit auction

The questions/issues we’ve received/addressed involve basically two areas — those pertinent to: Contributors to the 501(c)(3)...

Mike Brandly, Auctioneer

Jun 14, 20113 min read

Auctioneers & 1099’s

As I frequently teach auctioneer continuing education, I am often asked about this particular issue, as well as more general 1099...