Simone Velasquez Hoover, P.A.

12/20/2025

10/06/2025

You don't have to have all the answers, if you know who to call.

We work as a team of subject matter experts, let us help you build a Board of Advisors so you can reach your goals.

Focus on these domains:
Health
Brand
Audience
Strategy
Systems
Wealth and Finances

09/30/2025

Substantiating your Deductions in 2025

By now you must have noticed the growing trend towards remote deposit of checks. Owing to the increasing sophistication of smartphones, you can now photograph a check written out to you and digitally send it to your bank for deposit. All this and more became possible after the Check Clearing for the 21st Century Act (Check 21) became effective several years ago. What it meant for most consumers then is that most banks discontinued the practice of retaining a paper version or copy of your checks. Check 21 allowed banks to truncate each of your checks, create a new electronic negotiable instrument called a substitute check, and then destroy the originals.

This industry change has important tax consequences for taxpayers who previously used checks to substantiate their expenses or charitable contributions. But the bottom line is that Check 21 allows you to use a substitute check as proof of payment because it is legally the same as the original check. The IRS, therefore, must accept your substitute check as proof of payment.

Banking online

Many of you may have switched to online banking. If so the IRS will accept image statements of substitute checks as proof of payment. If, however, an IRS auditor is suspicious that the image statement is not genuine, you may still be requested to order the actual substitute check from your bank. This will be a rare instance, however, and will likely occur only if you are audited. As an additional precaution, we suggest that you download and print out your bank statements at the end of the year. That way, even if you are audited several years from now, you'll have a record that's easy to access.

If you still rely on paper bank statements and paper copies of your checks, keep them in good order. The IRS will still accept bank statements that contain images of cancelled checks and/or substitute checks. To be used as proof, an account statement must show check number, amount, payee's name, and the date the check was posted. In order to keep track of your payments more easily for tax purposes, you should also continue to or begin to maintain a careful check register. That way, you'll know on which bank statement to look if you are ever audited.

Please do not hesitate to call this office if you have any further concerns about Check 21.

09/27/2025

If you are due for a decluttering here are some tested methods.

From serial procrastinators to slow-living enthusiasts, there is a decluttering method to fit us all

09/27/2025

The tidal wave of IRS notice has begun. We can help and are launching a new proactive service in October. Stay tuned.

07/29/2025

Corporate tax specialists should take a closer look at what does and doesn’t qualify as research & development expenditures under Sect. 174.

02/11/2025

Tax season is just around the corner, we are available for video calls to see if you are ready for tax return preparation. We are here to help if needed.

You can reserve a time for us to talk, and will send you a link to set up a time on my calendar where you can choose a day and time that works for both of us.

This offer is available for current clients. If you are a new client and want us to give you a proposal send us a message via email.

I look forward to seeing you.

Simone

Simone Velasquez Hoover, PA
Simone Velasquez Hoover CPA, CVA

Tax Compliance and Planning
Dispute Resolution
Exit and Succession Planning
Business Valuation
Forensic Accounting
Insurance

E:[email protected]
T:561-790-0014
F:561-584-5881

05/03/2023

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05/03/2023

05/02/2023

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02/13/2023

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