R&A CPAs blog
Intra-Family Loans: Transferring Wealth to Finance Future Generations
Over the past couple of years, the economy has been pulled in all directions. The effects have been seen through record-high home prices, higher interest rates, and inflation. While federal…
Cybersecurity & Remote Work: 6 Steps to Protect Your Business
In 2020, the FBI reported 1.4 million cybercrime complaints, mostly identity theft, up from 651,000 in 2019. The Federal Trade Commission received 4.8 million cybercrime complaints in 2020, up from…
August 2022 Newsletter
Portability is often an effective, go-to estate planning strategy that could make a considerable difference for taxes owed on larger estates, especially with today’s generous exemption amounts.
Depositing and Reporting Employment Taxes
As an employer, you are required to uphold the responsibility of payroll taxes. As such, you must also ensure that you understand what the rules are, especially due to how…
I’ll Get Back to You
When I started my career as a CPA, I was surprised to discover how fluid the tax law is. I had always thought that tax laws were black and white…
Employer Responsibilities Regarding 401(k) Plans
Offering a variety of competitive benefit plans (EBPs) has become a necessity for employers to attract and retain talent. Because of the cost and complexities of traditional pension plans, the…
IRS Offers More Time to Make Portability Election
Portability is often an effective, go-to estate planning strategy that could make a considerable difference for taxes owed on larger estates, especially with today’s generous exemption amounts. In a recent…
July 2022 Newsletter
Current Bear Market Creates Opportunities for Roth Conversions, IRS Makes Rare Midyear Mileage Rate Adjustment, All About Quarterly Tax Returns, 529 Plans: Good for Parents and Grandparents
529 Plans: Good for Parents and Grandparents
For families trying to save for their children’s college education, 529 college savings plans, named for a section of the tax code, have always been hailed as a great option—perhaps…
IRS Makes Rare Midyear Mileage Rate Adjustment
The IRS has announced an increase in the optional standard mileage rate for the final six months of 2022. Taxpayers may use the optional standard mileage rates to calculate the…
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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…
IRS First-Time Abatement Program Policy Change
Did you know that if you file a tax return late, pay taxes late, or make mistakes in making tax deposits, the IRS imposes a penalty? For your sake, we hope you don’t know that from experience. The good news is that there are ways to negotiate with the IRS that allow you to reduce…
What to Know About Social Security Now and in Retirement
Social Security provides nearly 97% of older adults with a foundation of retirement protection in their later years. For many, it serves as a major source of income, supplementing 40% of their pre-retirement earnings or providing disability or survivor benefits for eligible individuals. For others, it’s a spoke in a broader retirement strategy, one of…
Preparing for an Audit
The word ‘audit’ can invoke images of piles of paperwork, discovery of horrible mistakes, and endless email chains in our mind’s eye. For auditees, exhaustion can creep in before the audit even begins. Prior experience with external audit can provide some relief in terms of familiarity, but for a first-time auditee, the process can be…