R&A CPAs blog
September 2022 Newsletter
Intra-family loans may be beneficial to you and your family. Click through for the details. | It’s one of the most sweeping and most controversial bills passed in recent years.…
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…
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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…