For many of our clients, the only conversations that are more personal are the ones with their own doctors. We understand that while there are obvious financial aspects to our tax consulting and compliance, the difference we can make is fostering a relationship with our client that is proactive, service driven, and results focused.
We are told our unique approach to the personal side of business is what makes the difference. Many of our clients have been with the firm for 30 years—some over multiple generations.
Our firm offers a variety of planning and compliance services that help our client protect assets, pay their fair share of taxes, and preserve wealth for their progeny.
On Aug. 23, 2018, the Internal Revenue Service issued proposed regulations governing the availability of charitable contribution deductions when a taxpayer expects to receive a corresponding state or local tax credit.
The Internal Revenue Service is encouraging taxpayers to use its Withholding Calculator to perform a "paycheck checkup". While they recommend reviewing your withholding amounts annually, changes from the Tax Cuts and Jobs Act of 2017 have made this a vital step for taxpayers. Taxpayers that do not verify that they are withholding the appropriate amount of tax from their paychecks risk an unexpected tax bill or penalty during tax time.
For publicly traded companies the Tax Cuts and Jobs Act eliminates the exceptions for performance- based compensation and commissions. Prior to the Tax Cuts and Jobs Act, performance- based compensation and commissions that exceeded $1 million were deductible under the exceptions available for these types of compensation to a covered employee. Previously, if a covered employee had a base salary of $500K and received performance- based bonuses of $4.5M the full $5M of compensation was deductible.
The Internal Revenue Service recently announced that the agency will waive certain late payment penalties pertaining to Section 965 of the Internal Revenue Code.
The Tax cuts and Jobs Act held many changes to tax planning and required documentation for business owners in 2018. One of those changes is meals and entertainment deductibility. Prior to 2018, meals and entertainment have been mostly considered 50 percent deductible for tax purposes as long as the taxpayer could show that the meal and/or entertainment had a business purpose or relation.