The IRS announced on August 9, 2024, that tax relief is available for individuals and businesses in specific counties in North Carolina, South Carolina, Georgia and Florida affected by Hurricane Debby. The IRS updates eligible disaster relief locations on its “Tax relief in disaster situations” web page. Full information about this IRS relief may be […]
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In this “Webinar Rewind,” Anthony Pezzino, CPA, Principal, discusses the pivotal role a not-for-profit organization or foundation’s Board of Directors plays in navigating the complexity of the organization, fostering innovation, and addressing any crises that may arise, all while remaining aligned with the organization’s mission and values. A strong Board is the bedrock of any […]
When most people hear the words “estate planning,” they typically tune out the information that follows, assuming this process applies only to the ultra-wealthy. Contrary to common thinking, the benefits of estate planning are not at all exclusive to this group. Most, if not all individuals and married couples should consider estate planning in a […]
Several years ago, New York State enacted a law to make the Secure Choice Savings Plan (SCSP) mandatory for certain employers. Secure Choice is a retirement savings plan for private-sector employees who are not offered a retirement plan through their workplace, which will encourage more people to save for retirement. The law provides that an […]
Small steps can lead to big improvements in monetary habits. In this article we will share best practices regarding your finances that can be beneficial for both businesses and individuals. Pay Yourself First Financial advisors suggest that people should begin funding their retirement accounts as soon as they start working. The compounding effect will allow […]
Introducing a new cost-effective solution that was designed for accountants by accountants for clients to use! QuickBooks Ledger is an ideal solution for small businesses, particularly those transitioning from the desktop version to cloud-based accounting. Key features and benefits Affordability: Priced at $10 per month, QuickBooks Ledger is cost-effective for small business-es, removing the barrier […]
For nearly a decade, taxpayers have been able to claim enhanced bonus depreciation deductions under the Tax Cuts and Jobs Act. For 2024, the bonus depreciation allowance is reduced to 60 percent and unless the tax law changes, will continue to decrease by 20 percent each subsequent year until completely phased-out after 2026. Depreciation is […]
As featured in our previous newsletter: “Understanding and Evaluating your Personal Financial Statements,” we learned that personal financial statements refer to a document or spreadsheet that highlights an individual’s financial position at a given point in time. The statements include information about the individual, such as a name or address, along with a personal balance […]
By Lisa A. Mrkall, CPA, MBA, Partner We have the distinct privilege of touching clients’ lives each year when we provide tax preparation services for them. Our client’s tax returns serve as a roadmap to begin to understand their personal financial situations. We often see situations during the preparation of the tax return that lend […]