The July 15th deadline is coming up, but it’s not too late to make an IRA contribution! Even though tax filing season is well underway, there is still time to make a regular (traditional) IRA contribution for 2019. You have until your tax return due date (not including extensions). For most taxpayers, the contribution deadline is July 15, 2020. Watch the video to see what actions to take now: Making a last-minute… Read more
Check out our weekly Digest for April 29th located in the Latest Updates and News sections our Covid-19 resource center which includes a link to the SBA’s PPP policy guide and the SBA’s PPP FAQ’s (as updated April 28th) among other great resources … Check out our recent blog post & video Will I Ever See the Stimulus Money I was Promised?, which details how to update your banking information for… Read more
Posting this a bit later in the day, I wanted to make sure that I had the most up to date information to share. I have attended 3 webinars today, including a U.S. Chamber of Commerce Town Hall meeting where the discussion was focused on potential additional funding for both the Paycheck Protection Program (PPP) and EIDL, other small business grants. “The PPP is out of money: On Thursday morning,… Read more
Today’s “to do list” started with a walk on the beach at sunrise and a deep breath. It’s time to start planning; the Senate passed the relief package the C.A.R.E.S. Act and expectations are high that the bill will pass in the House and then be presented to President Trump for his signature by Friday. So now the questions start: “What do I have to do to get this money… Read more
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
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
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
What comes to mind when you think about a business conversation? I picture sitting at my computer or surface, starting off my meeting with a wave and a smile. It’s possible that this is the first “in person” meeting we are having, so starting off with a video chat is a great way to fast track a relationship. I hosted a recent video chat meeting with a new contact while… 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
Businesses in all industries deal with similar problems due to the nature of their technology solutions. Many businesses in the financial world use Microsoft Products. If you are one of them, the clock is ticking and you need to do something about upgrading your operating system as your data security could depend on it. Windows 7 support will end January 14, 2020. PCs with Windows 7 will still work, but… 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
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
Ready to retire? Worried that you can’t afford to? Your accountant may be able to help shed some light on your situation. Remember that your tax situation may change drastically after retirement and that change can have a positive effect on your spending dollars! Watch this video to see how understanding your after tax retirement dollars can bring you peace of mind. You CAN afford to retire with after tax… Read more
We have worked with several of our clients to set up tax minimization plans which have saved them thousands of dollars. As the year-end approaches, many strategies are no longer a good option, but there is still time to set up your “MICRO Tax Minimization Plan” which will certainly minimize your taxes and possibly eliminate your fourth quarter tax estimate. This video will help you understand the difference between tax… Read more