Gaining favor among customers by absorbing sales tax

Like the rest of us, state governments want the money that is owed to them. In a growing trend, however, states are caring less about who is paying the money. Forty-five states and D.C. have sales tax requirements. It used to be the law that a seller with nexus must collect the tax from the …

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Gifting your assets: give or keep

When faced with the question of gifting your assets, there are multiple variables to consider. Keeping an asset causes it to be included in the estate of the deceased for estate tax purposes, whereas gifting an asset allows its future appreciation to grow outside of the estate with its intended beneficiary, possibly saving large amounts …

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Is your gift taxable?

If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the tax, but there are exceptions. Here are eight tips provided by the IRS that you can use to figure out whether your gift is taxable. 1. Most gifts are not subject …

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The SECURE Act and its potential impact on your retirement

On May 23rd, the House of Representative passed the SECURE (Setting Every Community Up for Retirement Enhancement) Act. While this bill may or may not pass, it is important to realize the key implications it can have on your future. Some major features of the Act include: Greater opportunity for part-time workers to participate in …

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Reflecting on the past decade of accounting

As we head into a new decade, it is beneficial to reflect on the past years to see the things that we have done and where we are going. Looking back, we are able to take a look at the accounting profession and see how it has changed in the recent years and where those …

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New tax law changes: Taxpayer First Act

The Taxpayer First Act of 2019 was signed by President Trump on July 1, 2019. The purpose of the Act is to ultimately make taxpayers’ experience with the IRS easier and safer by improving customer service and adding safeguards during contact with the IRS. Included below is a list of some of the most interesting …

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Don’t get scammed by fake IRS

The impostors, impersonators and general all-around bad guys are at it again. According to the IRS, notifications to phishing@IRS.gov are up substantially on unsolicited emails, claiming to be from the IRS. It begs the question, would there ever be a solicited email from the IRS? Don’t miss: Call from the SSA? Don’t fall for it. …

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What is ACP & ADP Testing?

When you have a 401(k) plan it can get a little overwhelming at times, especially when you start to worry about passing all the non-discrimination tests. These tests ensure a plan does not favor highly compensated employees (HCE) over non-highly compensated employees (NHCE) and mandates that corrections be made if one of these tests are …

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Checking your withholding just got easier

Easy peasy now takes on a whole new meaning. And stranger yet, it’s happening in the tax world. The IRS just launched a new IRS Tax Withholding Estimator. With efforts to improve services for taxpayers, the new Estimator replaces the old Withholding Calculator. I think we can all agree it was time for a facelift. …

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Only working part-year? Adjust your withholdings

With summer break being in full swing, many high school and college students will pick up summer jobs. More times than not, when we prepare these tax returns, we find that their federal tax withholding far exceeds their actual tax liability. While this isn’t necessarily a bad thing, there are a couple of things that …

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