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Author: Joe Romano

Accountant Near Me

There’s a new threshold for electronically filing information returns!

Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023…
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Accountant Near Me

Free Application for Federal Student Aid (FAFSA)

The window of opportunity for filling out the Free Application for Federal Student Aid (FAFSA) is open. In the recent past, the FAFSA was available on October 1 for the upcoming school year. But the start…
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Accountant Near Me, Accounting News

Important federal tax information for 2024

The following chart provides some important federal tax information for 2024, as compared with 2023. Social Security/ Medicare 2024 2023 Social Security Tax Wage Base $168,600 $160,200 Medicare Tax Wage Base No limit No limit Employee…
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Accountant Near Me, Accounting News, Emerging Articles, General

Partnerships – Tax Considerations When Adding a New Partner

Are you considering inviting an employee or an outsider to participate in your existing partnership? Before making any commitments, it’s important for you and the prospective partner to understand the potential federal tax implications. Important:…
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Accountant Near Me, Accounting News, Emerging Articles, General

IRS suspends processing of ERTC claims

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023 on processing new claims for…
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Accountant Near Me, Accounting News, General

IRS issues guidance on new retirement catch-up contribution rules

In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers…
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Accountant Near Me, Accounting News, Emerging Articles, General

Take action now to reduce your 2023 income tax bill

A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high-interest rates, and significant changes to the rules regarding retirement planning. While much…
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Tax Accountants Near Me
Accountant Near Me, Emerging Articles

5 Ideas to Help Small Business Owners Reduce Taxes for 2023

As year end approaches, small business owners should review their tax situations to determine ways to lower federal income taxes for the current tax year — and beyond. Fortunately, no significant unfavorable federal tax law changes…
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Accountant Near Me, Accounting News

Advantages of Group Term Life Insurance as an Employee Benefit

Tax-favored fringe benefits can help your business attract and retain skilled workers. One benefit that’s been around for decades and is typically popular with employees is group term life insurance. With these plans, part or all…
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Accountant Near Me, Accounting News

2024 Cost-of-living Adjustments and Tax Planning

The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning? Dear Kent, The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating…
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