R&A CPAs blog
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…
August 2023 Newsletter
Effective January 1, 2024, millions of privately-owned small businesses will be subject to new reporting obligations that seek to uncover concealment of illicit money.
A New Look at SECURE Act 2.0 Issues
The Setting Every Community Up for Retirement Enhancement Act 2.0 (SECURE Act 2.0) has a new provision that speaks to the nature of auto-enrollment for new 401(k) plans. All eligible…
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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…