- 1st Quarter 2023 Tax News and Industry Updates Newsletter The following is a summary of IRS extended lookback period for refund claims and clean vehicle credits information. Accountable plan or unreimbursed business expenses, FBAR Penalty, and new industry Tip Reporting Program. Read More
- Business Financing A common problem with single-owner and other closely-held corporations is the intermingling of funds. Read More
- Taking Money Out of a Business A guide for business owners about taking certain transactions from their businesses Read More
- Charitable Contribution Guide Due to the circumstances so far this year, many new organizations have been popping up. To make sure you get the most out of your donation please considering reading our contribution guide. Read More
- COVID Individuals Legislation Newsletter Filing and payment deadlines, Recovery Rebates, Retirements plans, Charitable contributions, HSA, Unemployment and more, Read More
- COVID Businesses Legislation Newsletter Filing and payment deadlines, Paid Sick and Family and Medical Leave, Payroll Credits, Qualified Improvement Property and more, Read More
- Updates Recovery Rebates Updates to the Recovery Rebates, that will begin to be released within the next 3 weeks, Read More
- Secure Act Congress recently passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act). Read More
- IRS Launches New Tax Withholding Estimator Taxpayers can now use the new mobile-friendly Tax Withholding Estimator to make sure they’re paying the right amount of tax as they earn it throughout the year. Read More
- Buy-Sell Agreements Buy-sell agreements are usually part of a succession plan put in place to protect the financial interests of the owners of closely held companies and their heirs and to protect the company’s stability in case of a major event. Read More
- Backdoor Roth IRA Generally, you can only contribute to a Roth IRA if you have taxable compensation and income less than the top of the phaseout range for your filing status. If your income is greater than that threshold amount, you are prohibited from contributing directly to a Roth IRA. A “backdoor Roth IRA” allows a taxpayer to bypass income limitations by first making a nondeductible contribution to a traditional IRA and then converting it into a Roth IRA. Read More
- Vehicles- Business Use Beginning in 2018, employee business expenses are no longer deductible. The Deduction for business auto expenses applies only to self-employed persons. Read More
- Tax Scams- Protect Yourself There are many tax scams out there with the purpose of stealing your identity, stealing your money, or filing a fraudulent tax returns using your private information. Tax Scammers work year-round, not just during tax season, and target virtually everyone. Stay alert to the ways criminals pose as the IRS to trick you out of your money or personal information. Read More
- Business Entity Comparison Chart the following is a comparison chart for different business entities. Read More
- Rental Real Estate QBI Safe Harbor For tax years 2018 through 2025, you may deduct up to 20% of qualified business income (QBI) from each of your qualified trades or business. Income from rental real property held for investment purposes and reported on Schedule E is not eligible for the QBI deduction. However, you may be eligible for the QBI deduction if you are operating the activity as a real estate business. Read More
- Excess Business Loss and Net Operating Loss (NOL) Your overall business losses may be limited as you cannot deduct an excess business loss int he current year. Read More
- Qualified Business Income Deduction The Tax Cuts and Jobs Act is the biggest federal tax law change in over 30 years. The following is a significant change affecting qualified business income from a partnership, S corporation, LLC, or Sole proprietorship. Read More
- Social Security and Medicare Benefits If you were born in 1942 or earlier, you are already eligible for full Social Security benefits. Although the full retirement age is rising, you should still apply for Medicare benefits three months before your 65th birthday. Read More
- Retirement Income A portion of taxpayer’s Social Security benefits may be taxable. Ask your tax preparer for more information. Read More
- Financial Planning Guide There are many steps to take to managing your income and expenses. This guide helps better understand steps that can be taken to help plan for savings. Read More
- Important Tax Developments The following is a summary of important tax developments that have occurred since March that may affect you, your family, your investments, and your taxes. Read More
- Schedule D Capital Gains and Losses Error On May 15, the IRS notified tax software companies that it had discovered an error in the instructions for the Tax Worksheet for the 2018 Schedule D, Capital Gains and Losses. Read More
- Alimony Reform Under the current rules, an individual who pays alimony or separate maintenance may deduct an amount equal to the alimony or separate maintenance payments paid during the year as an “above-the-line” deduction. Read More
