Insights

A Message Regarding COVID-19

March 16th, 2020 News

Valued Clients and Friends,

Our office is still considered to be open in this uncertain time but, in the event of any office closures mandated by the federal or state government, we would like you to know that we have the technological capabilities to work remotely to continue to meet your tax and accounting needs.

We will continue to monitor the recommended measures from the Center for Disease Control and our state and local governments. We have been working closely with our team members about how to properly practice respiratory etiquette & hand hygiene. Anyone not feeling well is encouraged to stay home. To protect everyone’s health our team members are also trying to limit client interactions within the office during this time.

We encourage you, our clients, to submit your information to us in the following ways, when possible.

Our secure file exchange (tax portal) located on our website. Instructions to register for the portal can be obtained by emailing your accountant.
Our share safe file exchange, now located at the bottom of your accountants email. This link will allow you directly upload files us in a secure setting. We also will be able to send you information / returns / work product back via the same method. If you do not have the link please email your accountant.
US mail, UPS, Fedex, etc.

We feel that it is our obligation to protect the health and welfare of you, our staff and our families. We would like to thank you, in advance, for your cooperation and understanding as we navigate this pandemic together.

CAPALDI REYNOLDS & PELOSI, P.A.

Scheduling and Paying Taxes Electronically

February 14th, 2020 Tax

I just don’t seem to be writing as many checks as I used to. And I don’t want the panic of being on vacation with no checkbook when my estimated taxes are due. The solution that works for me is to schedule my estimated tax payments to come directly from my bank account on the appropriate dates. No more checks getting lost in the mail or visits to the post office if the payment needs to be sent by certified mail. Now I just have to be sure that come the due dates there are sufficient funds in my account. These are not the only way to pay taxes, but they are free and easy ways to schedule payments in advance of the due date.
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What You Need to Know About the SECURE Act

February 14th, 2020 Estate Planning, Retirement, Tax

Late last year, Congress passed bipartisan tax legislation that President Trump promptly signed into law on December 20, 2019. The legislation included the “Setting Every Community Up for Retirement Enhancement (SECURE) Act”, which is mainly intended to expand opportunities for individuals to increase their retirement savings. The awkwardly named Act, which went into effect on January 1, 2020, introduces many significant changes that may affect you, your family, and your estate.
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The Age Old Question – To Share or Not To Share

February 14th, 2020 Business, Healthcare

As professionals, when our clients ask us this question as it relates to helping them design a “Compensation Plan” for their businesses, we recognize the sensitivity of the topic and before we can answer them, we understand there is a fact-finding mission that must be undertaken. During this assignment, we know that the measurement of quantitative metrics will come into play, but we are also keenly aware of the fact that qualitative inputs fit into the equation and those inputs can’t be measured in a traditional manner, similar to the quantitative efforts of employees. Thus, as we go through our consulting engagement, we always have to keep in mind and be cognizant of the human emotions that may ultimately be encountered when helping to formulate this Plan. In the following sections, I would like to outline how we would go about discussing this topic with our clients, and how it can be boiled into a bonus payment plan within a professional business environment.
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Yes, We Do Yoga Here

February 14th, 2020 Capaldi Reynolds & Pelosi

Ah…. Check out the post-yoga glow on those happy faces!!!! You could never tell that this picture was taken in the middle of a crazy busy tax season with all the stress and drama that comes with it. Yes, we do yoga here: 45 minutes twice a week, actually.

We meditate too. Every day for 15 minutes! If you hear the sound of a gong while at our office, it signals meditation time. This is a perfect opportunity for us to reset, reduce stress, and be present. We enjoy having the opportunity to take good care of our mental and physical health without leaving the office building! Here is to a happy and healthy tax season. Namaste.

Parking Tax Repealed for Non-Profits

February 14th, 2020 Non-Profit, Tax

On December 20, 2019, Congress repealed Section 512(a)(7), commonly referred to as the “parking tax”,
imposed on fringe benefits of non-profit organizations pursuant to the 2017 Tax Act. The provision required tax-exempt employers to increase their unrelated business taxable income (“UBTI”) by amounts paid for qualified transportation fringe benefits provided to employees, including the provision of parking and public transportation benefits. Read more

Finally, a New W-4

December 23rd, 2019 Business, Tax

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?

December 23rd, 2019 Business

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

December 23rd, 2019 Healthcare

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

December 23rd, 2019 Business, Healthcare

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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