News
Our take on all things financial.
2023 Adjusted Penalties for Health Benefits and Other Employer Plans
The U.S. Department of Labor (DOL) recently announced the 2023 annual adjustments to civil monetary penalties for a wide range of benefits-related violations. Legislation enacted...
Michael C. Allen & Co. Has Merged with Reid CPAs, LLP
Press Release: Woodbury, New York (January 3, 2023) – Reid CPAs, LLP and Michael C. Allen & Co. of Lake Success, New York announced a definitive merger effective January 1,...
Stay Informed on the Ever-Changing Unclaimed Property Rules and Regulations
Robert L. Tobey, CPA, Partner If you are owed money by a business, a government, or a not-for-profit entity and you do not collect it, it’s considered unclaimed property....
Business Owners: Now’s the Time to Revisit Buy-Sell Agreements
If you own an interest in a closely held business, a buy-sell agreement should be a critical component of your estate and succession planning. These agreements provide for the...
3 Ways Your Business Can Uncover Cost Cuts
Uncovering business cost cuts - every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses,...
Forms W-2 and 1099-NEC Are Due to Be Filed Soon
With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer. By January 31, 2023,...
What’s “Quiet Quitting” and Why is Everyone Talking About It?
They say it came from TikTok. If you’ve heard or read the term “quiet quitting” recently, you might have wondered what it means and why everyone seems to be talking about it....
Deciding Whether to Make Lifetime Gifts or Bequests at Death Can Be a Deceptively Complex Question
One of your primary estate planning goals may be to pass as much of your wealth to your family as possible. That means sheltering your estate from gift and estate taxes. One way...
Cryptocurrency Donations Valued Greater Than $5,000 Require Appraisal
Robert L. Tobey, CPA, Partner SUMMARY On January 13, 2023, the IRS issued Chief Counsel Memorandum (CCM) 202302012 stating the following: If a taxpayer donates...