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Tax Reform 2.0 Universal Savings Account
2018- 9/7 The House Ways and Means Committee has provided additional details on what to expect in its “Tax Reform 2.0” proposed legislation. In addition to making permanent individual and small business tax cuts, the proposals would create a savings tool called a Universal Savings Account; allow the money in Section 529 education accounts to…

6 Tried and True Strategies for Improving Collections
Most business owners would probably agree that collections can be among the most frustrating and challenging aspects of running a company. Here are six time-honored ideas for getting paid.

Divorcing business owners need to pay attention to tax implications
If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it. Transferring property tax-free You can generally divide most…

Child Tax Credit Begins July 15th
2021 – 07/09 The IRS is providing more information about the advance payments of the Child Tax Credit (CTC) that will begin being made on July 15 to eligible families. On its website, the IRS explained that it will send “Letter 6417” to recipients before it disburses advance payments to them. The letter will inform…

Taking the opposite approach: Ways your business can accelerate taxable income and defer deductions
2022 – 03/21 Typically, businesses want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it prudent to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. There have been discussions in Washington about raising…

Are My Charitable Contributions Still Deductible?
2019 – 02/15 I have been practicing as a CPA for more than 30 years and for as long as I can remember taxpayers have been able to deduct their donations to charity and other non-profit organizations. Is this still true under the new federal tax law? Well, the answer to that question is a…