Sleep is as close to a panacea as we are likely to get in our lifetimes: it helps us recover from injuries and illness, plays a vital role in memory formation, and helps keep us healthy. Disrupting our sleep has an adverse impact on nearly every system in our bodies. So it’s perhaps not surprising that a recent study by the National Bureau of Economic Research found that unemployment disrupts… Read more
“I got an Offer for an SBA Loan Now What Should I Do?” A few weeks ago I clicked on the email from disastercustomerservice@sba.gov and was a bit surprised that they were inviting me to set up my portal so I could continue my SBA Economic Injury Disaster Loan Application. I said to myself “I got an Offer for an SBA Loan Now What Should I Do?” Then I said… Read more
It’s the morning of July 15, 2020 and as I post this the clock is ticking on the last day of “Tax Season 2020”. With the countdown to the end of Tax Season 2020 on the opportunity will pass for a few time sensitive actions on your part: Today is the last day you can timely pay your 2019 tax liability with either your tax return or extension and the… Read more
Resources to Help You Survive – and Thrive – During the COVID-19 Pandemic When the COVID-19 pandemic was just beginning to spread, many of us were hopeful that by mid-summer, things would return to normal. However, most people are realizing that the coronavirus will be with us for some time to come. That’s one of the conclusions from a series of short articles at the New York Times aptly titled… Read more
Think your taxes went up because of the new tax law, think again. It may be time to hire an expert! Caution! Don’t have breakfast at my house. Those who know us, know that even though the coffee is amazing, our refrigerator is usually bare. Of course if we know you will be visiting we will pick up bagels and cream cheese and you are in luck if we are… Read more
It’s called DISCOVERY because that’s when we get to ask the questions…. WHO – are we focusing on your personal or business goals or challenges or all of the above WHAT – are those goals or challenges, let’s not focus on a solution “I need to set up a retirement plan”. Let’s focus on the goal “I would like to be able to retire in XX years and be able… Read more
The Tax Cuts & Jobs Act has created new limits on the business meals and entertainment deduction. This limits the employee meals deduction to 50% and eliminates entertainment deduction entirely. Understandably a hot topic, getting value out of the meals is the subject of this morning’s article published the Journal of Accountancy: 8 Tips For Making the Most of Business Meals https://www.journalofaccountancy.com/newsletters/2019/sep/business-meals.html Their tips for getting the most out of… Read more
Funny how 6 months after this NPR interview with me and several other accountants we are still requesting clarification from the IRS on the business provisions included in the Tax Cuts & Jobs Act. So much for tax simplification… Read more
Top Issues Related to Tax Year 2018 Extensions. Although my staff and I worked hard to learn the new law and to inform our clients of the changes, we still had many returns either filed at the last minute or placed on extension. Our software providers worked hard to incorporate the tax law changes and revenue rulings but were challenged by release dates so late in the filing season. Here… Read more
The form 1040 is the form most taxpayers use to file their annual tax returns. In addition to supplying basic information about the taxpayer and his/her family, it acts as an overview or listing of various types of income, deductions, and exemptions. It also acts as an index to other necessary schedules which support the items on each line. Of course we CPA’s, other tax professionals and the general public… Read more
As I walked the monument trail on the last evening during my recent trip to DC, the puddles and sudden downpours did not dampen my sprits or thoughts about the great meetings I had participated in and would continue to have. As I passed the Washington, Jefferson, FDR and Lincoln monuments, I marveled at the foresight of these great leaders. Our tax system is voluntary and we do have representation… Read more
US Congress Conference Report which has not been voted on or passed yet, refers to the final version of the bill – does not allow a deduction for prepayment of 2018 state income taxes. https://rules.house.gov/conference-report/hr-1 In addition, prior revenue rulings 71-190 and 82-208 also preclude taking a 2017 deduction for payments made in 2017 to be applied to a tax liability in 2018 — notably, a year that has not… Read more
I have returned from an amazing 3 day tax and accounting symposium on Long Island sponsored by my professional group. Bad news – there were so many great sessions, it was hard to choose. Good news – most of the sessions were taped, giving me a chance to listen to those I may have missed during some down time in my office. No one believes that their education ends when… Read more