A Message Regarding COVID-19
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...
Scheduling and Paying Taxes Electronically
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...
What You Need to Know About the SECURE Act
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...
The Age Old Question – To Share or Not To Share
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...
Yes, We Do Yoga Here
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...
Parking Tax Repealed for Non-Profits
On December 20, 2019, Congress repealed Section 512(a)(7), commonly referred to as the “parking tax”, imposed on fringe benefits of non-profit organizations pursuant to the 2017 Tax Act.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...
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...
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...
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...
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...
The Tax Cuts & Jobs Act: What you need to know for 2019 taxes
The Tax Cuts and Jobs Act was the most significant set of changes to the U.S. tax code in several decades. Most changes went into effect with the 2018 tax year. Here is what you need to know for the 2019 tax year filing: Standard deduction is as follows: Single...
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...