R&A CPAs blog
Business Tax Account Gives Business Taxpayers New Options for Making Payments Easier
The IRS’s Business Tax Account (BTA) is an online self-service tool designed to help business taxpayers manage their tax responsibilities efficiently. BTA, launched last fall, is an important part of…
IRS Issues New FAQs on Educational Assistance Programs
With the new academic year approaching, the IRS recently issued timely guidance on employer-sponsored educational assistance programs under Section 127. The “frequently asked questions” (FAQs) fact sheet provides information on…
New Guidance for Organizations Receiving Federal Assistance Effective October 1, 2024
If your organization receives federal assistance, the Office of Management and Budget (OMB) has released updated regulations you need to be aware of. The 2024 updates to the Uniform Guidance,…
What You Need to Know: Are Political Contributions Tax Deductible?
The short answer is no. Donations made to political organizations or political candidates are not tax-deductible. The IRS makes clear that expenditures for lobbying and political expenditures incurred with “influencing legislations,…
Inheriting Property: Navigating the Maze of Inheritance Tax
Whether it’s a cherished family home, vacation house, or a portfolio of investment properties, inheriting property often precipitates unexpected financial responsibilities. Understanding the nuances of estate and inheritance tax well…
Final Regulations Issued: Reporting Sales and Exchanges of Digital Assets
The US Department of the Treasury and the IRS have issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. These digital asset transactions…
Tax Benefits and Risks to Consider in Real Estate Investments
Real estate investment has long been an attractive option for investors seeking to diversify their portfolios and build long-term wealth. With it brings the potential for steady rental income, property…
Securing Operational Records in Business Emergency Preparedness Plans
Natural and human-caused disasters often occur without much warning and can disrupt even the most well-oiled operations. Being equipped with an emergency preparedness plan for your business can ensure continuity…
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What You Need to Know About Paying Household Employees
When you hire someone to do work in your home, they may be considered a household employee, and you might have some tax withholding responsibility when you pay them. You may have heard of this tax referred to as the “nanny tax.” These taxes are actually employment taxes and include social security, Medicare, and sometimes…
Update on Trump Accounts – Automatic Enrollment
Do you have a child under the age of 18? They most likely have a Trump Account now, whether or not you signed them up for one. The US Department of Treasury recently began automatically enrolling eligible children in the program rather than waiting for parents or guardians to apply. Even though your child may…
Employee or Independent Contractor?
Suppose your business hires an outside person to complete a task. What is your tax withholding responsibility when you pay this person? The answer depends on the business relationship between you and the person doing work for you. Types of workers There are two kinds of workers: employees and independent contractors. (We know this is…
Payroll Security Best Practices for Small Businesses
Payroll systems handle large volumes of sensitive personal data, making them vulnerable to breaches. To safeguard this data, organizations need integrated security measures that minimize the risks of errors, fraud, and operational disruptions. AI can support these efforts by identifying processing issues and suspicious activity, but it is not a standalone solution. Effective payroll security…
Checking Your Federal Tax Withholding – Why, When, and How
If you are an employee, you know that various taxes are withheld from your paychecks. While you generally can’t change the amount of social security and Medicare taxes withheld, you can change the withholding amounts of federal and state income tax. In fact, the IRS encourages taxpayers to review their income tax withholding at least…
R&A Named a 2026 Top 500 US Accounting Firm
R&A is very pleased to share that we have been recognized as a Top 500 Firm in the US for 2026 by INSIDE Public Accounting based on US net revenue. INSIDE Public Accounting is a leader in practice management and CPA firm resources for the public accounting profession. Of this recognition, Phillip C. Dalrymple, CPA, CFE, and R&A Managing Partner said, “We are proud…
Trusts Can be Powerful Estate Planning Tools
You’ve probably had a check-up with your doctor or dentist in the last year as part of your routine practice of self-care. Preventive visits like this can detect and address potential health issues in their earliest and most treatable stages. We think of estate planning as preventive care for your life and loved ones. No…
Promises of Tax Settlements for “Pennies on the Dollar” are Often Too Good to be True
At R&A CPAs, we often find ourselves counselling individuals or businesses that are overwhelmed by large tax liabilities or mired in IRS bureaucracy. Like you, we see ads promising amazing “pennies on the dollar” settlement deals with the IRS touted by “professionals,” backed up by dramatic testimonials of success. These settlements refer to the IRS’s…