Accounting & Tax News
The CARES Act and Your Business
As the coronavirus (COVID-19) continues to affect local communities and global economies, we would like to address your concerns about your company’s financial well-being as well as the welfare of your employees. You may also be wondering about how recently passed...
Update about the CARES Act
In response to the COVID-19 (coronavirus) pandemic and its impact on the economy, the federal government enacted the Coronavirus Aid, Relief, and Economic Relief (CARES) Act (P.L. 116-136). The $2.2 trillion price tag makes this the most expensive act of legislation...
To Shred or Not to Shred?
As we launch into another tax season, clients often ask us about how long specific documentation should be retained. Disposing of records prematurely can create potential tax and legal headaches that could be avoided easily. On the other hand, keeping records too long...
New Year, New Tax Laws: How Key Changes May Affect You
As 2019 drew to a close, Congress enacted a slate of new tax laws that will impact you in 2020 and beyond. Below is a summary detailing a few of these key changes that may have lasting implications on your tax situation. While this is not an exhaustive list, we hope...
What You Need to Know for 2019 Year-End Tax Planning
Looking Forward while Reflecting on 2018: What You Need to Know for 2019 Year-End Tax Planning 2019 is rapidly drawing to a close. With 2020 just around the corner, we are working hard to implement tax strategies that will benefit our clients for the 2019 tax...
Business Tax Deductions: Are You Missing Out?
Many self-employed business owners fail to deduct certain qualifying business expenses. As a result, small business owners unnecessarily pay millions of dollars in taxes every year. We have compiled a list of frequently missed deductions and/or deductions you may not...
Recent Tax Developments You Should Know About
Recent Tax Developments You Should Know About Various important tax developments occurred in Q1 2019 that may affect you financially. Please review the following summary of changes. Estimated Tax Penalty Relief For 2018, the IRS is waiving the estimated tax penalty...
A Tax Saving Strategy for Family Businesses
Have you ever considered employing your children? You and your children could benefit from hiring within the family. Paying your children for services performed in your family business can reduce your overall family tax bill, while shifting assets to your children...
2018 Year-End Tax Planning
With 2018 quickly nearing its conclusion, we are considering tax strategies to benefit clients in 2018 and beyond. This year-end has been especially busy due to the Tax Cuts and Jobs Act (TCJA), which was enacted in December of 2017. The tax planning landscape has...