CPAs have long relied on emails to communicate through all stages of a client relationship. And with CPAs and clients unable to meet in person during the COVID-19 pandemic, emails are more important than ever, and in your business too. Here are nine tips from CPAs...
Charitable remainder unitrusts allow a donor to have a steady income stream while sidestepping capital gains tax. Let's discuss CRUT's in more detail. Basic Setup of a Charitable Remainder Unitrust A charitable remainder unitrust (also called a CRUT) is an estate planning tool that provides income to...
With a home office, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners of a partnership interest. For...
Change isn’t a state that companies and individuals can just weather and wait out for a season. These days, it’s the constant. But if you can learn to embrace it—and learn to lead through it—you’ll have a huge advantage in the workplace and in leading...
The CARES Act payroll loan program went into effect this week, through the SBA. Our team has been asked to provide a few clients with the information needed to apply. Here are the general basics of the program: You can obtain a loan for up to...
Most Millennials have fairly straightforward finances now, but that's poised to change. As Baby Boomers retire at the rate of 10,000 per day, members of younger generations are stepping forward to succeed them. More than one-third of the U.S. labor force is composed of Millennials,...
When starting a small business, taking the time to set up your recordkeeping system properly, right from the beginning, will save you time and money down the road — and could make the difference between success and failure. Certified public accountants (CPAs) are experts in...
What are general record retention guidelines for business taxpayers? While a business’s recordkeeping system will be unique to its situation, below are some general guidelines regarding tax-related records. Canceled checks for tax payments – Permanent Correspondence from IRS/taxing authorities – Permanent Depreciation schedules – Permanent FUTA/FICA/SUTA/income...
For the 2019 tax year, the IRS has introduced the new Form 1040-SR (U.S. Tax Return for Seniors). Congress required the IRS to develop a new form that was simpler and easier for senior taxpayers. The IRS responded with a new Form 1040-SR. What you need...
Tax diversification is the practice of saving for retirement through a variety of retirement vehicles with different tax treatments. Instead of putting all your eggs in one basket, you spread your savings out among types of accounts to minimize your tax bill as much as...