As we wrap up 2022, it’s important to take a closer look at your tax and financial plans and discuss steps that can be taken to reduce taxes and help you save for your future. Though there has been a lot of attention to tax law changes, inflation and environmental sustainability, there has been smaller […] Read more »

As we wrap up 2021, it’s important to take a closer look at your tax and financial plans. This year likely brought challenges and disruptions that significantly impacted your personal and financial situation –– a continued global pandemic, several significant natural disasters, new tax laws and political shifts. Now is the time to take a […] Read more »

2020 Year-End Tax Planning for Individuals As the end of 2020 approaches, we can all agree that this year is unlike any other. The coronavirus pandemic and natural disasters have had a significant impact on the tax situation for many taxpayers. In response to the health and economic impact of the coronavirus pandemic, Congress passed […] Read more »

INDIVIDUALS: As the end of 2019 approaches, more and more information and guidance is released by the IRS relating to the Tax Cuts and Jobs Act, as well as guidance relating to a number of different areas not impacted by the landmark tax reform act. While one of the claimed benefits of tax reform was […] Read more »

Most nonprofits know that proper internal controls are essential to protect their organizations against fraud, embezzlement and inaccurate financial reporting. The difficulty with implementing a plan to safeguard an organization often lies with limitations on budget and staff to properly set effective financial controls and separation of duties. So where do you start? No matter […] Read more »

One of the advantages of someone running their own business is hiring family members. But when including family members in business operations, certain tax treatments and employment tax rules apply. Here are some facts to know when working with a spouse, parent or child. Both spouses carrying on the trade or business If spouses carry […] Read more »

The Internal Revenue Service has announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The Internal Revenue Service has announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, […] Read more »

The IRS has released the 2019-2020 special per diem rates. Taxpayers use the per diem rates to substantiate certain business expenses incurred while traveling away from home for the period October 1, 2019, to September 30, 2020. Notice 2018-77, I.R.B. 2018-42, 601, is superseded. Transportation Industry M&IE RatesThe special meal and incidental expenses (M&IE) rates […] Read more »

  INDIVIDUALS: Year-end 2018 sees the end of the first year of the Tax Cuts and Jobs Act (TCJA), the most significant tax legislation in the Unites States in more than 30 years. While one of the claimed benefits of tax reform was the simplification of filing and the lowering if income tax rates, there […] Read more »

The H.R. 1, known as the Tax Cuts and Jobs Act, which makes widespread changes to the Internal Revenue Code, has been signed into law on December 22nd, 2017. Most of its provisions, including a lower corporate tax rate of 21% and lower individual income tax rates, go into effect January 1, 2018. As we […] Read more »