Monthly News Letters
EES Newsletter February 2025 Don’t Miss These Five Tax Deductions Tax breaks for itemizers on ’24 returns When you file your 2024 federal income tax return, you claim the higher of your itemized deductions, subject to certain special...
EES Newsletter January 2025 Five Financial Resolutions for 2025 Planning today for the future What is your financial status as 2025 gets underway? This is a good time to make “New Year’s resolutions” that may improve your...
EES Newsletter December 2024 A Dozen Tax Eggs About to Crack Key TCJA provisions set to expire The massive Tax Cuts and Jobs Act (TCJA) passed during the first Trump administration includes numerous provisions scheduled to expire after 2025. When...
EES Newsletter November 2024 Year-End Tax Ideas for Individuals Common strategies for reducing tax As this presidential election year draws to a close, individual taxpayers may implement tax planning strategies that can reduce their 2024 tax...
EES Newsletter July 2024 Supreme Court Rules on Business Valuation COLI included in taxable estate The U.S. Supreme Court has just handed down its decision on the estate tax consequences of a business valuation involving corporate-owned life...
EES Newsletter June 2024 FTC Bans Noncompetes Nationwide New final rule affects most agreements The Federal Trade Commission (FTC) has issued a new final rule—570 pages long—that bans most past and future noncompete agreements. But we...
EES Newsletter April 2024 Plug In New Electric Vehicle Credits Changes taking effect over two years The popularity of electric vehicles (EVs) continues to grow. According to the Energy Information Administration, it is estimated that EVs...
Five Prime Elections on 2023 Returns Important tax decisions to make In this presidential election year, you may also be casting some important “votes” on your 2023 federal income tax return. Here are five common elections that can...
EES Newsletter January 2024 Seven Steps for Tax Return Season How to prepare for tax filing Now that New Year’s Day has passed, another event that is looming on the horizon may not be a cause for celebration: Filing your 2023 tax...
EES Newsletter November 2023 Seven Year-End Tax Moves for You Tax-saving ideas for individuals What a year it has been! Despite the uncertainty of these times, you can still have some peace of mind by taking advantage of tax-saving strategies at the...
October 2023 Cope With New Corporate Reporting Rules Requirements relating to beneficial owners Under new reporting rules taking effect January 1, 2024, certain companies are required to provide information about their “beneficial...
EES Newsletter September 2023 Meet Your Estimated Tax Obligations How to avoid underpayment penalties Do you receive income other than regular wages during the year? Notably, you may be required to pay quarterly installments of “estimated...
EES Newsletter August 2023 Five Tax Breaks for Families Tax-saving opportunities in 2023 The current tax law is relatively family-friendly. Just consider the following five tax breaks that are on the books right now. 1. Child Tax Credit:...
Elite Editorial Services newsletter June 2023 How to Cope With the NIIT Figuring out the tax liability What is the NIIT? It sounds like some sort of federal agency or maybe a new form of artificial intelligence. But actually NIIT stands for...
Dividing up Interest Expenses When you can claim deductions Interest rates have gone up over the last few years. Saving grace: You may be able to deduct interest expenses depending on the type of expense incurred. Notably, there are four main categories for...
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...
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...