Monthly News Letters

Can You Prove Your Charitable Deduction? Comply with strict recordkeeping rules   Despite recent tax law restrictions on certain itemized deductions, you can still generally deduct the full amount of your contributions made to charity last year on your 2022...

 Dear Clients and Friends:   This year has been unlike any other in recent memory. Front and center, the COVID-19 pandemic has touched virtually every aspect of daily living and business activity in 2020. In addition to other financial consequences, the...

January 2023   Introduction to Secure Act 2.0 Key provisions in new law   First, Congress approved the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, affecting qualified retirement plans and IRAs. Now the president has signed...

Should You Convert to a Roth? Key questions to answer   Is this the year you finally convert to a Roth IRA? It could be if it makes sense for your situation, but there are numerous factors that come into play. Do not make any rash decisions.  ...

January 2022   Five Steps for a New Business Plan Practical suggestions for upcoming year   Have you written a business plan for 2022? If not, you should get to work.   Developing a business plan for the upcoming year is a laborious task, but it...

  Seven Business New Year’s Resolutions Vowing to improve in 2022    New Year’s resolutions are not just for individuals. Now is a good time for small business owners to take stock of their situation and vow to “do better”...

  Seven Year-End Tax Moves for You Tax-saving ideas for individuals    As another turbulent year winds down, individuals still have time to reduce their tax liability for 2021. Taking key federal tax legislation enacted over the last two years into...

August 2021   Big Boost for Dependent Care Credit New law enhances tax benefits   Do you pay someone to watch your young kids while you (and your spouse, if you are married) work during the day? You may be entitled to a dependent care credit that can...

  Max Out Mortgage Interest Deductions How to cope with revised rules    Housing prices have been skyrocketing in many parts of the country. If you buy a home, at least you may qualify for generous mortgage interest deductions, as can many existing...

  Busting Up Seven Business Myths Don’t Fall Into Common Traps   Much of what is typically said about running a business is true, but not all of it. Upon closer inspection, several long-standing “words of wisdom” may be debunked. Case in...

  ARPA Authorizes COBRA Subsidies Temporary relief in new law   The new American Rescue Plan Act (ARPA) includes relief for both individuals and businesses. Case in point: A key provision in the new law provides tax-free COBRA subsidies to ex-employees...

 Ten Top Above-the-Line Deductions Tax-savers on 2020 returns  Frequently, taxpayers pay close attention to itemized deductions, but forget about “above-the-line” deductions that could be even more valuable. These deductions reduce your adjusted...

  Please be aware of tax return due dates:   Return Type 2021 Comments Partnership (calendar year) Form 1065 March 15 Extended: September 15 For fiscal year partnerships, returns will be due on the 15th day of the 3rd...

Please be aware of tax return due dates:   Return Type 2021 Comments Partnership (calendar year) Form 1065 March 15 Extended: September 15 For fiscal year partnerships, returns will be due on the 15th day of the 3rd month...

 Be Prepared for a Ransomware Attack Adopt measures to combat infiltration   Cybersecurity remains a prominent concern in the business community. Add this to the growing list: Ransomware. According to recent statistics, ransomware attacks increased 41% in...

 Dear Clients and Friends:   This year has been unlike any other in recent memory. Front and center, the COVID-19 pandemic has touched virtually every aspect of daily living and business activity in 2020. In addition to other financial consequences, the...

  Seven Timely Tax Tips for Individuals Tax-saving opportunities in 2020   As this turbulent year draws to a close, individuals may be able to reduce their federal income tax liability by making some timely moves. Taking the new Coronavirus Aid, Relief,...

  Flying Solo With a 401(k) Plan Retirement savings for small businesses   For decades, the retirement plan options for small businesses were more limited than those for big corporate entities, but not anymore. Prime example: In the past, S corporation...

  Four Big Back-to-School Tax Breaks Learn tax ABCs for college students   Do you have a child attending college this fall? Whether the school has remote learning or classroom instruction—or a hybrid—you may be entitled to various tax breaks...

  Seek Tax Shelter in Your Home Five tax breaks for homeowners   Despite recent tax law changes, there still is no place like home from a tax perspective. Following are five key tax breaks associated with home ownership.   1. Sale of principal...

  IRS Opens Doors to RMD Rollovers New ruling provides more flexibility   The IRS has just enhanced the rules for tax rules for retirement plan and IRA participants who received required minimum distributions (RMDs) earlier in the year. In effect, a new...

Congress Revises Payroll Protection Program New law eases requirements for borrowers   Bowing to pressure from various industry groups, Congress has just passed the Paycheck Protection Program Flexibility Act (PPPFA), easing many of the rules under the Paycheck...

  Four New Tax Breaks for Charitable Donors CARES creates tax incentives in 2020   The new Coronavirus Aid, Relief and Economic Security (CARES) Act encourages taxpayers to contribute to worthy charitable causes during this unprecedented health crisis....

  Four New Retirement Tax Breaks Key benefits under the CARES Act   Some good news: The new stimulus law signed on March 27—the Coronavirus Aid, Relief, and Economic Security (CARES) Act—provides substantial benefits for participants in...

    To our loyal clients: As most of you know, the deadline to file and pay your federal and state tax returns and any liability has been extended until Wednesday, July 15. In order to prepare your returns by that deadline, we must receive all information...

  New CARES Act Provides Tax Relief Key tax breaks in COVID-19 law   In response to the COVID-19 outbreak, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27. This new federal legislation includes...

    New Law Plays With the Kiddie Tax  Computation reverts to previous rules   The new retirement planning law passed by Congress late last year—the Setting Every Community Up for Retirement Enhancement (SECURE) Act—includes a tax...

  Ten Top Provisions in the SECURE Act New law creates retirement tax breaks   Late in 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act, the biggest retirement law in more than a decade. Most...

EES Newsletter January 2020   Key Extenders in the New Tax Law Congress renews expiring tax breaks   In the waning days of 2019, Congress passed the “Taxpayer Certainty and Disaster Tax Relief Act” as part of a spending measure. The new...