Finally, a New W-4

Finally, a New W-4

The Tax Cuts and Jobs Act (TCJA) made significant changes in the way an individual’s tax liability would be computed, from changing the tax rates to eliminating the deduction for dependents. Many taxpayers were surprised at the disconnect between their withholding for 2018 and their tax liabilities since Form W-4, the instructions to employers on how much to withhold from an employee’s pay for federal income taxes, hadn’t been revised to reflect those changes.
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Can an SOC Report Help your Service Organization?

Can an SOC Report Help your Service Organization?

System and Organization Controls (SOC) are actually a suite of different service offerings CPAs provide in connection with either system-level controls of a service organization or entity-level controls of other organizations. SOC reports are designed to help Service Organizations build trust and confidence in their capabilities with a report by an independent CPA. 
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Planning for Medicare Taxes, Premiums and Surcharges

Planning for Medicare Taxes, Premiums and Surcharges

Recently, Francis C. Thomas, CPA, PFS published an article on Medicare Planning in the Journal of Accountancy, published by the American Institute of Certified Public Accountants. We are happy to share the link to that article with you here.

In this article, Frank shares an overview of the different plans available, as well as how taxes are assessed, premiums, surcharges, and some smart Medicare planning strategies.

https://www.journalofaccountancy.com/issues/2019/nov/medicare-taxes-premiums-surcharges.html

 

 

Private Equity Investors in Medical/Dental Practices

Private Equity Investors in Medical/Dental Practices

For over a decade, private equity groups have been investing capital in dental practices. Many national dentistry groups have expanded or evolved from some of the largest investments of private equity funds. Often there are a series of such investments and, because there does not yet appear to be market saturation, these types of transactions with dental practices are expected to continue for some time.
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Don’t be the victim of a tax scam

Don’t be the victim of a tax scam

Earlier this month the best bit of tax scamming I’ve seen in my career crossed my desk. While there are many red flags on the document below, at first blush it’s the real deal, a balance due notice from the IRS. And not an outrageous bill; something you might consider paying without consulting your tax preparer. Don’t do it. Whenever you receive a notice, your preparer should be copied for an opinion on how to deal with it.
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This is not a scam!

This is not a scam!

The IRS has announced that it will conduct special “compliance efforts” for businesses and individuals in various communities. The purpose is to meet face-to-face with taxpayers with ongoing tax issues. These meetings will take place in areas where the Service’s resources have not been adequate to address these issues.
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Celebrating Anniversaries

In recent months, we at Capaldi Reynolds & Pelosi, P.A., welcomed new staff, Brian Dziobak, Chris Hill, Janice Swank, Craig Mortensen, Joanna Muller and Patrice Girard to our team.  We pride ourselves on providing an enriching, balanced work life for our staff to thrive.  The best example of our success, our shining moment, is to acknowledge staff who are celebrating anniversaries with our firm.

Capaldi Reynolds & Pelosi staff we are celebrating this year:

Lois Fried, Partner, celebrating 35 years; John Moller, Partner, 25 years; Michael Reynolds, Partner, 20 years; Denise Burcaw, Admin Supervisor, 15 years; Szu-Lun (Allen) Hsu, Principal, 15 years; Viktoryia Olunina, Principal, 10 years; Marta Criales, Senior Accountant, 5 years; Frederick Crum, Senior Accountant, 5 years; Quinn Do, Senior Accountant, 5 years; Clayton Himstedt, Principal, 5 years; Gabriela Lara, Senior Accountant, 5 years; Anna Marie Donohue, Senior Admin Assistant, 5 years; Richard Pollard, Senior Principal, 5 Years; Larry Horowitz, Senior Principal, 5 years.

Our sister firm, CRA Financial Services, LLC is celebrating the anniversaries of Donna Savastani, Chief Compliance Officer, 10 years and Patricia Sandland, Client Services Personnel, 10 years.

We wish you all continued success!

New Jersey Adopts Market-Based Sourcing For Corporate Taxpayers

New Jersey sealOne of the latest trends in state and local corporate income tax has been the adoption of market-based sourcing for the sales of services.  In 2018, new state legislation made significant changes to the New Jersey Corporation Business Tax Act, including the implementation of market-based sourcing for services beginning in 2019.

The New Jersey Corporation Business Tax Act imposes tax on domestic and foreign corporations having a taxable status in New Jersey based on the portion of net income allocable to New Jersey.  In order to properly determine the net income allocable to New Jersey, corporate taxpayers doing business both within and outside New Jersey must source their revenue to the appropriate state.
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IRA Rollover to make HSA Contribution

IRA rollover to HSA is a tax-free contributionHealth Savings Accounts (HSAs) are one of the best retirement and investment tools for various reasons.  A HSA is a savings account set up for the sole purpose of paying the qualified medical expenses of the account’s beneficiary or the beneficiary’s dependents or spouse. The HSA can be funded with before-tax employer contributions and/or employee contributions.  Employee contributions are tax deductible.  The contributions may be invested and grow-tax free in the account.  Qualified distributions from the HSA to pay medical expenses are not taxable income.
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