Newburg | CPA Tax Brief (10/14/21) Haste makes waste. Or, in the case of estate planning, it can lead to other problems and, possibly, financial loss. Notably, if you don’t take enough time to choose the best executor for your estate, this “wrong call” can cost your family. Many [...]
Newburg | CPA Tax Brief (10/15/21) If you’re fortunate enough to own a vacation home, you may want to rent it out for part of the year. What are the tax consequences? The tax treatment can be complex. It depends on how many days it’s rented and your level [...]
Newburg | CPA Tax Brief (9/29/21) As your company grows, you may be on the cusp of a required retirement plan audit. The Employee Retirement Income Security Act of 1974 (ERISA) requires annual audits of retirement plans by an independent qualified public accounting firm subject to the provisions of [...]
Newburg | CPA Tax Brief (9/27/21) The Financial Accounting Standards Board (FASB) issued accounting standards update 2016-02 for leases in February of 2016 and subsequently issued ASUs 2018-01, 2018-10, and 2018-11 that provide practical expedients for transition and other codification and targeted improvements to the original ASU 2016-02. This [...]
Newburg | CPA Tax Brief (9/14/21) Many homeowners across the country have seen their home values increase recently. According to the National Association of Realtors, the median price of homes sold in July of 2021 rose 17.8% over July of 2020. The median home price was $411,200 in the [...]
Newburg | CPA Tax Brief (9/9/21) With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals. 1. Use an ILIT [...]
Newburg | CPA Tax Brief (9/10/21) Press Release Number 21-81 issued by the Small Business Administration (SBA) on September 9, 2021 announced updates to the Economic Injury Disaster Loan (EIDL) Program. The Program has been expanded to add more funds in response to challenges from the COVID-19 Delta Variant. [...]
Newburg | CPA (9/9/21) The City of Boston launched two Small Business grants for small businesses in the City of Boston to aid and support business owners and workers in their reopening and recovery from COVID-19. The Small Business grants include the following: Small Business Relief Fund 2.0 The [...]
Newburg | CPA Tax Brief (9/7/21) As we approach the holidays and the end of the year, many people may want to make gifts of cash or stock to their loved ones. By properly using the annual exclusion, gifts to family members and loved ones can reduce the size [...]
Newburg | CPA Tax Brief (8/30/21) Notice 2021-49 issued by the IRS on August 4, 2021 addresses changes made by the American Rescue Plan Act of 2021 (ARPA) to the Employee Retention Tax Credit (ERTC). The Notice confirms the extended eligibility of the credit for employers that pay qualified [...]
