R&A CPAs blog
What Is a SEP IRA?
A SEP IRA offers employers and their employees a tax-friendly way to save for retirement. As it currently stands, with a traditional IRA you can contribute $6,500. This is a…
How Your Home Affects Your Taxes: Energy Credits
Just a few years ago, the Tax Cuts and Jobs Act (TCJA) of 2017 greatly changed existing tax laws that affect homeowners. How your personal tax bill has been affected…
IRS Clean Vehicle Tax Credit FAQs
The Inflation Reduction Act of 2022 has altered the requirements for the clean vehicle tax credit, particularly for electric vehicles, including fuel cell vehicles. The credit is available for eligible…
October 2023 Newsletter
The IRS is providing relief to heirs of inherited IRAs who are subject to the 10-year rule, allowing them to skip required minimum distributions (RMDs) in 2023. Click for the…
Prepare for the TCJA Sunset — If You Can
The Tax Cuts and Jobs Act (TCJA) largely winds down at the end of 2025. Maybe. Many of its provisions are political, so much depends on who’s in the White…
September 2023 Newsletter
The IRS has announced it will extend a new provision stemming from SECURE Act 2.0 that requires employees with annual income exceeding $145,000 to divert their 401(k) catch-up contributions into…
How To Handle Intangible Assets – Part I: Business Sellers Beware
If you are a business owner and are either currently considering selling your business or may sell it later on, you will want to carefully consider intangible assets in your…
New Accounting for Credit Losses
If your entity has trade receivables, contract assets, loans, or held-to-maturity debt securities, among other types of financial assets, then the new current expected credit loss (“CECL”) model will affect…
New Tax Law Incentivizes Retirees to Make an IRA-Funded Gift That Pays Annual Income
Giving back just got easier-and more rewarding. If you’re looking for ways to lighten your income tax liability while supporting your favorite cause, retirees can now receive fixed income payments…
Deadline Extended for Catch-Up Contribution Changes: Here’s What High Earners and Employers Need to Know
The IRS recently announced that it will extend the new provision stemming from SECURE Act 2.0 that requires employees with annual income exceeding $145,000 to divert their 401(k) catch-up contributions…
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Is Your Business Healthy?
Many leaders see sales and assume all is well, but hidden issues can linger under the surface. Discover the four essential financial tests. From liquidity to profitability, that determine the true health of your company.
The ABCs of RMDs and QCDs
The federal government encourages individuals to save for retirement by providing tax incentives for those who make contributions to personal retirement accounts. The goal is to help people achieve financial independence in retirement and lessen the burden on public assistance programs for older Americans. The government offers these tax incentives as a trade-off, foregoing tax…
Five Reasons to File Your Taxes Early
It has begun! The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the 2026 filing season. Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. (Filing a six-month extension will give taxpayers until October 15, 2026, to file their tax returns but…
Could Your Child Owe Taxes? Here’s What To Know
We generally assume that children aren’t required to pay taxes. But if your child has unearned income-such as interest and dividends from investments-the IRS may require them to file a return. There are two main situations to consider. Their unearned income exceeds $2,700 for 2025 Your child will fall under what’s known as the kiddie…
Should I Get an IP PIN?
In recent years, tax-related identity theft has been a growing problem and has evolved into a major enterprise run by well-funded, technically sophisticated national and international criminal syndicates. In the 2024 filing season, the IRS flagged more than 2.1 million tax returns for identity fraud. There are many ways to safeguard your personal tax information,…
New USPS Regulations: Don’t Run Afoul of the Mailbox Rule!
The Internal Revenue Code provides that a mailed tax document or payment is deemed to be filed timely if it is properly addressed, has sufficient postage, and is postmarked by the US Postal Service (USPS) on or before the deadline, even if the IRS receives it later than the due date. In other words, when…
What Documents Do I Need to File My Individual Income Tax Returns?
Seems like I just barely put my holiday decorations away, and now it’s already time to start gathering documents for my 2024 income tax returns. Whether you are super-organized or the type who thinks about taxes only on April 14, this article is meant to help make the document gathering and filing process a little…
The Essentials of Payroll Tax Recordkeeping
Federal agencies such as the IRS and the Department of Labor require employers to maintain detailed information on wages, hours and taxes; state laws often impose additional regulations. Some records, such as payroll tax filings, must be retained for several years for IRS review, while the Fair Labor Standards Act sets separate timelines for payroll…