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R&A CPAs’ Client Advisory Services team helps our clients to prepare and file timely 1099 forms each year. If we are not already working with you on your monthly and annual accounting, please call us to see how we can assist you. Following, please find relevant information for you as you begin to prepare and…
Read MoreAs we approach the end of 2020, we hope the attached year-end tax planning information will prove helpful. As always, R&A is here to assist you. From all of us at R&A, thank you for your business and your loyalty, and wishing you and your family a good holiday and New Year. With a new…
Read MoreImportant Changes to IRS Form 1099
R&A CPAs’ Client Advisory Services team helps our clients to prepare and file timely 1099 forms each year. If we are not already working with you on your monthly and annual accounting, please call us to see how we can assist you. Following, please find relevant information for you as you begin to prepare and…
Year-End Tax Planning for Individuals
As we approach the end of 2020, we hope the attached year-end tax planning information will prove helpful. As always, R&A is here to assist you. From all of us at R&A, thank you for your business and your loyalty, and wishing you and your family a good holiday and New Year. With a new…
Year-End Tax Planning for Businesses
Many businesses remain steeped in financial and operational challenges related to the COVID-19 crisis, but businesses cannot afford to overlook proper tax planning this year. With only a few weeks left in 2020, now is the time to evaluate your tax position, find valuable tax breaks and implement strategies to effectively manage your financial situation.…
Capital Gains and Schedule D
When you sell a capital asset—property owned and used for personal or investment purposes, let’s say—the sale will result in either a capital gain or a capital loss. You report that gain or loss on Schedule D of Form 1040. The capital assets you’ll most likely report on Schedule D are stocks, bonds, and homes…
5 Business Tax Deductions to Consider
What can business owners do to reduce their taxes? Some taxpayers need to make themselves aware of the various breaks applicable due to changes in the tax code. This year’s income tax credits will make filing anything but a simple tax return. Some of the benefits and tax write-offs available to businesses for 2020 are…
2020 Estate Planning and Tax Considerations: COVID-19
The impacts of COVID-19 continue to reverberate, and businesses adversely affected by those impacts can expect to struggle, operationally and financially, for months, if not years, to come. Estate planning becomes ever more crucial as lost current and future earnings translate into decreased valuations. From a tax perspective—including changes presented by the Tax Cuts and…
Hobby or Business: The IRS Takes a Stand
From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act (TCJA) kept the itemized deductions for allocable mortgage interest and property taxes. However, by eliminating virtually all miscellaneous itemized deductions for tax years 2018-2025, the 2017 TCJA made it…
Payroll Tax Holiday and Unemployment Boost Are in Flux
On August 8, the White House issued a series of memorandums and executive orders to provide relief while Congress continued to debate legislative action. There are limits, however, regarding what can be done in the absence of congressional approval, and that has led to confusion about what exactly is being provided. The most significant and controversial provision…
