IRS Penalties – When are they assessed and how to avoid them
Tax season is stressful for many, especially if you’re worried about penalties. Either as an individual or a small business owner, IRS penalties can be significant, turning a simple oversight into a costly mistake. When are penalties assessed and how are they calculated? The IRS imposes a variety of penalties including not withholding enough income […]
Why CPAs’ Fees Have Increased
In recent years, major tax legislation—like the TCJA, CARES Act, and SECURE Act 2.0—has introduced new rules and credits, adding layers of complexity to tax planning. Alongside these changes, rising talent costs and the need for specialized expertise have led to an increase in CPA fees. This post dives into the reasons behind the cost increase, including the ongoing education required to keep up with shifting regulations, enhanced compliance measures, and the added value skilled tax professionals bring to clients navigating this evolving landscape.
Tax Relief for Hurricane Victims: Key Deadlines You Need to Know
If you’ve been impacted by a hurricane, like Hurricane Debby or the more recent Hurricane Helene, I want to make sure you’re aware of the tax relief that’s available to help ease some of the burden during this difficult time.
The Silver Tsunami: A Golden Opportunity for Younger Generations to #Acquire Businesses
s Baby Boomers approach retirement, many small business owners are beginning to plan their exits, creating what’s being called the “silver tsunami.” For Millennials and Gen Z, this presents a “golden opportunity” to acquire established businesses.
Roth IRA Contributions in 2024: Strategies for Maximizing Tax-Free Retirement Savings Amid Rising Taxes
In today’s economic environment, considering a Roth IRA conversion is more important than ever. With the government deficit at historic highs, it’s reasonable to expect that tax rates may rise in the future
Suspended Losses in the Final Year of Your #S-Corporation
Suspended losses in an #S-corporation arise when a shareholder’s losses exceed their basis in the corporation. These are the losses you couldn’t deduct in previous years because they exceeded your basis and the loses were carried forward. Now that you’re winding the operations down, it’s important to know how to handle them.
Past, Current and Future #R&D Tax Legislation
The failure of the Tax Relief for American Workers and Families Act to pass in the Senate adds to the uncertainty surrounding the tax treatment of R&D expenses.
TCJA Changes Sunsetting in 2025
With the potential sunsetting of TCJA provisions in 2025, we want our clients to consider some planning tips.
Tax Extensions: Debunking the Myths and Understanding the Benefits
Let’s debunk the myths surrounding tax extensions and understand the benefits they offer.
Understanding the Kiddie Tax and Strategies for Maximizing Your Child’s Tax Benefits
The kiddie tax applies to unearned income (investment income) exceeding a certain threshold. For 2024, if your child’s investment income surpasses $2,600, it will be taxed at your highest marginal tax rate.
