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Our take on all things financial.
ACA Information-Reporting Deadlines Now Permanently Extended
Late in 2022, the IRS released final regulations addressing extended deadlines for certain information-reporting requirements of the Affordable Care Act (ACA). The final regs...
Reading the Tea Leaves: Potential Tax Legislation in the New Congress
The 2022 mid-term election has shifted the scales in Washington, D.C., with the Democrats no longer controlling both houses of Congress. What’s the fate of potential tax...
Starting in 2022 R&D Costs Must Be Capitalized
Robert L. Tobey, CPA, Partner Starting in 2022 taxpayers will no longer be allowed to deduct IRC §174 research and development (R&D) expenses in the year...
Have Employees Who Receive Tips? Here Are the Tax Implications
Many businesses in certain industries employ individuals who receive tips as part of their compensation. These businesses include restaurants, hotels and salons. Here are some...
Can You Claim a Deduction for Decline in Cryptocurrency Value? Check the IRS’s Opinion First
Robert L. Tobey, CPA, Partner SUMMARY On January 13, 2023, the IRS Chief Counsel Memorandum (CCM) 202302011 was issued, stating that: in the case of a taxpayer that owns...
Is Your Revocable Trust Fully Funded?
Is your revocable trust fully funded? A revocable trust — sometimes known as a “living trust” — provides significant benefits. They include the ability to avoid probate of the...
Weber Moses & Co. Has Merged with Reid CPAs, LLP
Press Release: Woodbury, New York (January 3, 2023) – Reid CPAs, LLP and Weber Moses & Co. of New York announced a merger effective January 1, 2023. The merger with Weber...
Retirement Plan Early Withdrawals: Make Sure You Meet the Requirements to Avoid a Penalty
Early withdrawals from retirement plans could result in penalties. Most retirement plan distributions are subject to income tax. However, taking money out of your plan can be...
Many Tax Limits Affecting Businesses Have Increased for 2023
An array of tax-related limits affecting businesses have increased more than usual for 2023. These tax-related limits are indexed annually, and due to high inflation, they are...