Newburg | CPA Tax Brief (10/29/21) Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the value of many [...]
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 (10/18/21) As previously mentioned in our prior newsletter, 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 [...]
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 [...]
