In an increasingly globalized world, many U.S. taxpayers find themselves with financial interests or assets located outside the United States. Whether through inheritance, investment, or business ventures, these foreign assets come with specific reporting requirements mandated by the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN). [...]
As a reminder, the second quarter estimated tax payment for 2025 is due on June 16, 2025. Your 2025 quarterly estimated tax payment vouchers and instructions would have been included with your completed 2024 tax return, if applicable. The 2nd Quarter estimate payments can be made online or mailed [...]
Running a small business is a round-the-clock hustle. You juggle employees, invoices, marketing, and a million other tasks that always demand your attention. The last thing you want is to overlook a perfectly legal tax deduction that could save you thousands—or worse, get stuck paying more than your fair [...]
A gift is any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. The donor is generally responsible for reporting these gifts via an annual gift tax return, along with paying any tax should it apply. [...]
Congratulations! You've successfully completed your internship and are now on the cusp of transitioning into a full-time role. This shift from intern to full-time employee is an exciting yet challenging phase, requiring you to adapt and grow in various ways. Here are some valuable tips to help you navigate [...]
Remember when Bench closed its doors on December 27—practically overnight—and everyone collectively gasped at their screens? If you’re a small or medium-sized business owner who used the platform, you probably felt that wave of panic: Wait, who’s got my books? How do I trust these online platforms? Then came [...]
In today’s competitive job market, standing out requires a combination of skills, experience, and credentials. For accounting professionals, the Certified Public Accountant (CPA) license is one of the most valuable assets you can obtain. Not only does it demonstrate your expertise and dedication to the field, but it also [...]
Individual Retirement Accounts (IRAs) are essential tools for retirement planning, offering tax advantages that can help you grow your savings over time. Two of the most popular types of IRAs are the Traditional IRA and the Roth IRA. While both serve the purpose of retirement savings, they have distinct [...]
Individual Retirement Accounts (IRAs) are a nice way to save for retirement. You may be eligible to contribute to an IRA if you have ‘taxable compensation’. If you file a joint return, you and your spouse can each contribute to an IRA even if only one of you has [...]
Mentorship is a powerful tool for career development, offering both personal and professional benefits for those involved. Whether you're looking to advance in your career or give back by supporting others, mentorship plays a vital role in shaping the next generation of leaders. At Newburg CPA, we recognize the [...]
