I have been checking the New York Times Morning Briefing daily as well as my online accounting and business newsletters, the IRS and NYS website, et al, to see what’s going on with our country, our government, our economy, taxes and of course, the Coronavirus. Here’s the link for today’s NYT briefing My team and I have also been researching valuable resources for loans, grants, and best health and business… Read more
The Families First Act (H.R. 6201) – what it means for you and your employees Employers will still be able to claim a new quarterly payroll tax credit intended to fund the paid sick leave if it is used for qualified purposes — that is, for employees who are unable to work or telework because of the Coronavirus. The credit will cover 100% of the sick leave wages paid to… Read more
On Tuesday, March 17, the Treasury Department announced that taxpayers will be able to defer paying their taxes for 90 days past April 15th. BUT…there are some things you need to know: The filing deadline has not changed, it is still April 15, 2020. An extension is required to extend the filing of your 2019 tax return. Income tax payments for returns with a due date of April 15, 2020,… Read more
Even with our “new normal”, life and taxes go on with a slight shift in our process. It’s a rainy Tuesday morning in NYC but I wanted to share yesterday’s sunrise from Rockaway Beach which is right down my block. Take a deep breath as you start your day and try to stay calm as we head into what will probably be another challenging day. Yesterday our firm met the… Read more
There are special deductions and credits which help working parents defray some of the bite from child care costs. Follow the specific rules and receive tax benefits for qualified child care while you are at work and breathe easy knowing your child is in a safe secure environment. Interested in finding out more about this and other employment related benefits and how they can reduce your taxes, contact us,… Read more
It’s tax season and it seems that the rest of the country finally figured out that Tax Simplification is anything but… Now the big question is how do I find the best CPA or Tax Professional for me. The question seems “simple” too. But is it? Today was the second time this article was published in the last few weeks, click through to read it. How to Find the Best… Read more
You and your staff can really benefit from using technology to handle repetitive administrative work; this will help free up staff time to be used for higher level tasks like speaking with customers and analyzing the data. These days, you can use technology to take care of almost any issue facing your business. Artificial Intelligence can be used as an interface with other software so that you and your… Read more
No one really likes talking about their death, which makes updating—or even writing—a will an unpleasant experience. Often, people put off thinking about their will for another day, assuming they have a lot of time to deal with it. Along comes the SECURE Act and we see the importance of proactive planning, not just for your retirement, but for your beneficiaries as well. NEIL D. KATZ, J.D., LL.M., CPA Last… Read more
I offered my top tip for accountants and their clients for an article which was published last week, then I googled communicate and this is what I found: com·mu·ni·cate verb 1. share or exchange information, news, or ideas. Similar: liaise, be in touch, be in contact, be in communication Use it in a sentence “We as effective tax advisers communicate with our clients so we can understand what their needs are… Read more
I was asked to contribute to this online article as posted by Intuit for other tax professionals. My tip: “We find that our business and individual clients are still confused about how the TCJA affects various issues, such as their overall tax liability, entity structure, retirement benefits and deductible expenses. We will continue to encourage strong communication and engagement with our team of professionals. Our clients are comforted when they see that we are there… Read more
You may feel overwhelmed by this new form and the calculations involved with setting up sufficient 2020 tax withholding. We certainly understand as it seems that to do it correctly you need to be a tax professional or have a really good grasp on how your income is earned as well as what deductions and tax credits you are entitled to. Watch this video to see our reaction to the… Read more
The COVID-19 pandemic may have an economic impact far beyond last year and the next two or three. A recent report by the World Bank projects global economic growth to slow to 1.9% per year from 2020-2029. Prior to the pandemic, growth was projected to be 2.1%, down from 2.5% over the previous decade. Investments in infrastructure, diversifying economies and supporting the employment of women may help to mitigate or reverse that… Read more
Showing your employees that you appreciate them by investing in their future will pay big dividends. Hopefully you have been using 90 Day Action Plans for you and your firm/medical practice/business. Now that you are familiar with the process, lets expand to create Professional Development Plans for you and your employees as it relates to your business. It seems that no matter the subject of my presentation, I will usually include… Read more
A great way to start the new year is to implement a 90 Day Action Plan for your company/medical practice/business; you may what to enhance that strategy by creating your own Professional Development Action Plan and by helping your employees create their Professional Development Action Plan as well. I love and recommend using a 90 Day Action Plan for this project! An Employee Professional Development Plan can follow all the… Read more
It’s hard to believe but 2019 is over and it’s time to create or update your business plan. If you’re like us you’re are currently working on your 2020 business plan too (writing 2020 might take a bit of getting used to!) We are recommending that our clients “take stock” at this time of year and think about their business & strategy for the year ahead. If you’re looking to… Read more
I recorded this video over the summer (right, I am not standing on the beach in this gear in December!) A Plan with Small Actionable Steps Will Help Create the Goals we Have in Mind for Our Business and Ourselves and what better time to put this tip to use than now… This message is just perfect for this time of year. We are all hoping to start 2020 with… Read more
It’s been exciting to see how several of our clients were able to save some serious dollars and reduce or eliminate their fourth quarter corporate and individual tax estimates by instituting Year-End Micro Tax Minimization Plans. We will be rolling up our sleeves again in January to start working on full blown plans for the 2020 tax year. Click through to see a blog and video on the process and…… Read more
It’s year end and although it’s been a rough ride with the implementation of the new tax law, the Tax Cuts and Jobs Act, it’s also been a year of growth for me, my family, firm, employees, and many of our clients. Wishing everyone a great time this holiday season and hoping that 2020 will be a time of health, happiness and continued personal and professional growth. Read more
I was asked to write an article for Tax Pro Center for the Intuit ProConnect site, you can click through and read it here: “How to Channel More Positive Energy in Your Tax Firm”. Then watch this video about our firm: Final Thoughts Positive energy resulting from respect, appreciation and support of ideas can bolster most relationships. What works for accounting firms works for other businesses as well. Watch the… Read more
There is “No Time Like the Present” For You to Start Planning for an Amazing 2020 Have you thought about what 2020 holds? Now is the perfect time to book your Business Strategy Session. You’ll get guidance on updating or setting up your Business Plan. It’s hard to believe but the year is almost over! AND…there is “No Time Like the Present” for a Business Strategy Session. We sometimes call… Read more