Newburg | CPA Tax Brief (11/09/2021) The Massachusetts legislature has created an option for business owners to sidestep the $10,000 itemized deduction limitation on State and Local Tax (SALT) and property taxes originally issued in the 2017 Tax Cuts & Jobs Act. Effective for the tax year beginning January [...]
Newburg | CPA Tax Brief (10/27/21) Employers offer 401(k) plans for many reasons, including to attract and retain talent. These plans help an employee accumulate a retirement nest egg on a tax-advantaged basis. If you’re thinking about participating in a plan at work, here are some of the features. [...]
Newburg | CPA Tax Brief (10/27/21) If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting [...]
Newburg | CPA Tax Brief (10/18/21) Too often, people planning their estates focus on tax and asset-protection issues and overlook long-term health care needs. But the high cost of long-term care (LTC) can quickly devour resources you need to maintain your lifestyle during retirement and provide for your children [...]
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 (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 (9/7/21) 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 [...]
