If you’re concerned about your family’s financial well-being after you’re gone, life insurance can provide peace of mind. Going a step further and setting up an irrevocable life insurance trust (ILIT) to hold the policy offers additional estate planning benefits. Asset protection If you’re concerned about your heirs’ money [...]
The decision relative to what basis of accounting you should select for tax purposes is an important one. The two primary methods available are the cash basis method or the accrual basis method. The core difference between these two methods of accounting pertains to when revenue and expenses are [...]
Last year you may have made significant gifts to your children, grandchildren or other heirs as part of your estate planning strategy. Or perhaps you just wanted to provide loved ones with some helpful financial support. Regardless of the reason for making a gift, it’s important to know under [...]
2016 charitable deductions: Substantiate them or lose them Sharing your wealth with a favorite charity can benefit those in need and reduce your taxable estate. In addition, your donations can ease your income tax liability. But you must meet IRS substantiation requirements. If you fail to do so, the [...]
Incentive stock options allow you to buy company stock in the future at a fixed price equal to or greater than the stock’s fair market value on the grant date. If the stock appreciates, you can buy shares at a price below what they’re then trading for. However, complex [...]
The Internal Revenue Service has issued a warning to taxpayers, urging them to be wary of an influx of IRS imposter scams which use "robo-calls" and other new strategies to demand payments. Recently there has been an increase in automated phone calls in which scam artists leave messages urging [...]
We want to make you aware that the Massachusetts Department of Revenue may be increasing its efforts in auditing service businesses for sales and use tax filings. Within the state of Massachusetts, service activity is primarily not subject to sales tax. However, if your service business has a component [...]
Are you looking for a way to invest in our economy and help small businesses grow? Well, you are in luck, the IRS likes investors like you and has provided some great benefits for your tax planning. Below we present a brief overview of one benefit of investing in [...]
A BDO summary of their restaurant clients' discussion of key treasury considerations for areas including controls, vendor services and financing. Read More
Newburg & Company, LLP has joined the Brewers Association this year. We are also members of the MA Association of Restaurants which adds to our terrific external network of vendors, CC companies, banks, attorneys, investment advisors, payroll companies, etc. to provide full-service to our hospitality clients. See how we [...]
