Funding College Without Sacrificing Retirement

Paying for your child’s college education is a dream for many parents, but it shouldn’t turn into a retirement nightmare. In this article, we’ll explore how you can secure your child’s future while still safeguarding your retirement funds. By understanding the various options and pitfalls, you can make informed choices that benefit both you and […]
Navigating the Sunset: Tax Deductions and Rates to Change in 2026

When the sun sets on the year 2025, it may also mark the impending sunset of several key tax provisions introduced by the Tax Cuts and Jobs Act (TCJA). These changes will have a significant impact on taxpayers, and it’s crucial to be well-informed and proactive in your financial planning. Â Below are some of the […]
Business Travel Expenses: 2023 Per Diem Rate Changes

As a business owner, you are aware of the challenges that come with managing employee business travel expenses. The process of documenting and reimbursing these costs can be a time-consuming and frustrating task. However, there is a solution that can simplify the entire procedure. The IRS, in its recent Notice 2023-68, introduced the fiscal 2024 […]
Year-round Form 1099 & W-9 Compliance: Your Guide to Staying IRS-Compliant

Year-round Form 1099 & W-9 Compliance: Your Guide to Staying IRS-Compliant As a business owner, staying compliant with IRS regulations is crucial to avoid penalties and maintain smooth operations. One critical aspect of tax compliance is handling Form 1099-NEC and Form W-9 for independent contractors. In this article, we’ll walk you through the year-round process […]
7 Tips for Overwhelmed Business Owners: Why Hiring a Bookkeeper is Essential for Business Organization

Running a business is no small feat, and one of the major challenges many business owners face is managing the overwhelming amount of paperwork, software, and apps that come with the territory. As your business grows, so does the volume of financial transactions and administrative tasks. If you find yourself drowning in paperwork and struggling […]
You moved out of New York, but you left your Trust behind: Tax and Administrative Implications of New York Resident and Non-Resident Trusts

Trusts in General Trusts are utilized by individuals to efficiently transfer their assets to their loved ones, while minimizing estate tax implications. Establishing a properly drafted trust can shield the trust’s property from being included in the settlor’s gross estate for estate tax purposes, ensuring the assets are distributed as per the settlor’s wishes and […]
Converting a Section 529 Plan Balance to a Roth IRA

In December 2022, Congress passed the SECURE 2.0 Act, bringing exciting changes to Section 529 plans that can make you rethink how you save for your child’s education. If you’ve been wondering about the best way to prepare for educational expenses while ensuring flexibility and tax advantages, the new 529-to-Roth IRA conversion rule might be […]
IRS Suspends New Employee Retention Credit Processing Amid Concerns Over Questionable Claims

IRS Suspends New Employee Retention Credit Processing Amid Concerns Over Questionable Claims On September 14, 2023, the Internal Revenue Service (IRS) took action to halt the processing of new Employee Retention Credit (ERC) claims due to a surge in questionable submissions. This measure, which will remain in effect until the end of the year, aims […]
Mastering Construction-Based Bookkeeping and Project-Based Accounting

In the world of finance and accounting, the construction industry stands as a unique and challenging sector. Unlike traditional accounting, which deals with routine business transactions, construction accounting revolves around individual projects, demanding careful financial management from inception to completion. Accurate Job Costing: The Foundation of Success For construction firms, ensuring the profitability of each […]
Proper Trust Administration: Key Steps and Considerations

Trust administration is a multifaceted process that demands careful attention to detail, compliance with legal requirements, and effective communication with all stakeholders. To ensure that trusts are administered efficiently and in line with the grantor’s intentions, trustees must adhere to a series of essential steps and practices. INITIAL STEPS: The Trust Agreement: The trust agreement […]