Category: Uncategorized

Uncategorized

Partnerships Must Adapt to New IRS Audit Rules, Liabilities at the Entity Level – UPDATED Under Tax Reform


Posted on January 08, 2018 by Joseph Saka

For more than three decades, IRS partnership audits have operated under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), which required individual partners to pay their share of a partnership’s tax underpayments identified in an IRS audit, unless the partnership elected to be taxed at the entity level. Since TEFRA’s enactment, partnerships have […]

Outsourcing CFO Services Yields Significant Benefits for Small and Mid-Size Businesses by Anya Stasenko, CPA


Posted on January 02, 2018

Operating a small business in the U.S. comes with a wealth of opportunities and an equally abundant set of complexities, including tax reporting, regulatory compliance and meticulous financial recordkeeping. For many entrepreneurs, hiring full-time professionals to oversee these functions in-house is simply unaffordable. Instead, many are turning to outsourced CFO services to receive on-demand assistance with […]

Tax Reform Exempts More High-Net-Worth Families from the Dreaded Estate Tax by Rick Bazzani, CPA


Posted on January 01, 2018 by Rick Bazzani

While the Tax Cuts and Jobs Act (TCJA) signed into law in December of 2017 did not make many adjustments to the existing gift, estate and generation-skipping transfer tax regimes, what it does do beginning on Jan. 1, 2018, is significant. Doubles the Estate and Generation-Skipping Transfer Tax Exemption Under the new law, the federal estate tax exemption for […]

Understanding the Adoption Tax Credit by Joanie B. Stein, CPA


Posted on December 26, 2017 by Joanie Stein

With all of the political wrangling over tax reform, it appears that Republicans in the House and Senate have agreed to preserve the Child Adoption Tax Credit, which in 2017 can be as high as $13,570 per qualifying child. The Federal Adoption Tax Credit has helped countless families afford the high cost of adoption, while […]

Businesses Must Prepare Now for January Payroll Filing Deadline by Flor Escudero, CPA


Posted on December 19, 2017

Businesses have until Jan. 31, 2018, to file employee wage statements and non-employee compensation forms with the government. More specifically, employers must provide their employees with Forms W-2, Wage and Tax Statement, and furnish copies along with Forms W-3, Transmittal of Income and Tax Statements, to the Social Security Administration (SSA) by the required deadline. In addition, businesses that […]

What about Tax Reform?


Posted on December 12, 2017 by Joseph Saka

The Republicans in the House and Senate expect to deliver to the president’s desk a unified package of tax reform provisions by Christmas Eve. However, the actual contents of that final package are still unknown as is how it may ultimately affect you, your family, and your business. We’ve been down this road of tax […]

International Giving to Specific Foreign-Based Charities by Lewis Kevelson, CPA


Posted on December 11, 2017 by Lewis Kevelson

Many foreign-born Americans would like to make charitable donations to organizations in their home countries where they continue to have strong ties. In some cases, these individuals may simply donate to a U.S.-based charity with a broad international reach.  However, if the donor has in mind a specific foreign charity that is not directly supported […]