The Internal Revenue Code Section 25C credit, also known as the Energy Efficient Home Improvement Credit, is a valuable tax incentive for homeowners who make qualifying energy-saving improvements to their existing homes. This credit has undergone several modifications since its inception in 2006, with significant changes introduced by the [...]
As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it's about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning [...]
Natural disasters can strike with little warning, leaving a lasting impact on both personal and business finances. Whether it's a hurricane, wildfire, or flood, the financial toll can be substantial. However, by taking a proactive approach, small and medium-sized businesses (SMBs) and individuals can minimize disruptions and recover more [...]
The Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is a critical document in estate planning and tax management. One of its significant features is the portability election, which allows a surviving spouse to utilize their deceased spouse's unused estate tax exclusion amount. [...]
In 2021, QuickBooks introduced a set of reminder options designed to tackle one of the most pressing challenges for many businesses: getting customers to pay on time. If you haven't fully utilized these features yet, it's time to revisit them and streamline your collections process. Here’s an updated guide [...]
We would like to remind you of the new Corporate Transparency Act (CTA) reporting requirements that your company (ies) may be required to file by January 1, 2025. Corporate Transparency Act (CTA) Please be advised that your entity may have a filing obligation with the Federal Government. You may [...]
The intricacies of tax law, particularly around rental real estate, can be both a boon and a bane for investors. Among these complexities, the $25,000 rental passive loss limitation stands out as a critical rule for taxpayers who own rental properties. This provision, coupled with the concept of unlimited [...]
In the realm of taxes, understanding who is required to pay self-employment tax and who is exempt is crucial for individuals navigating their financial responsibilities. Whereas employees have Social Security and Medicare taxes withheld from wages–often referred to as FICA taxes– individuals who work for themselves are subject to [...]
Every profession has its own best practices but proper accounting and bookkeeping techniques are crucial across the board. Whether you’re a hospital administrator trying to write off equipment costs or a small online retail business with complicated multistate sales tax issues, knowing where you stand financially can help with [...]
At Newburg, we pride ourselves on celebrating the achievements and contributions of those who excel in our industry. It is with great pleasure that we highlight Sarah Irons, CPA, MPAC, MST who has recently been featured on the cover of the September 2024 issue of Sum News: The Pulse, [...]
