Happy New Year! We have made it through an unbelievable 2020 and are now ready to start planning for 2021. Here are some highlights for the 2021 Tax Year: The standard deduction and tax brackets for individuals have increased: 2021 Standard Deduction 2021 Tax Brackets The following Tax Credits have increased: The Earned Income Tax … Read more
The Internal Revenue Service (IRS) launched the Identity Protection (IP) PIN program nearly a decade ago to protect confirmed identity theft victims against ongoing tax-related fraud. Now, the voluntary program is open to any taxpayer who wants to be proactive in protecting themselves from tax-related identity theft. The IP PIN is a six-digit number … Read more
Nows the time to get your companys books ready for tax time. Your tax preparer may have a checklist to help you get organized. Start by reconciling your accounts as of December 31. If you owe any 1099s to independent contractors, you have until the end of January to get those out and dont forget … Read more
Do you know that it costs five times more to attract a new customer, than it does to retain an existing one?* That is just one reason why companies focus their efforts on customer retention. THE VALUE OF CUSTOMERS According to research conducted by Bain and Company, current customers are 50% more likely to try … Read more
I recently had the honor of being interviewed by Mark Goldman for his podcast Where Accountants Go. It is a weekly national podcast geared toward college students and young accountants to give career advice. I was picked because of my position with ADKF as Director of Tax Controversy, but I was asked to talk about … Read more
Its January! One of my first new year tasks each year is to clean out my files and one of my New Years resolutions every year is to be more organized for the coming year. Easier said than done, right? Inevitably, I find myself needing something Ive shredded already and at the end of the … Read more
A new year and a new start to your goals. Follow these helpful tips to get your year started on a sound foundation. REVIEW YOUR SPENDING PLAN Look back on your spending for 2020 and see which areas you need to adjust for 2021. At the same time review your financial goals and make sure … Read more
Has President Trumps trade war helped or hurt the American economy? What does the Biden administration plan to do about the tariffs imposed during the Trump administration? While we can look back and assess the effects of the trade war, a forward-looking plan is unclear. Biden has not specifically addressed the Trump tariffs, although he … Read more
The pandemic has been front and center most of this year and it may have tax implications for you. If you collected unemployment compensation from either your state or the federal government, it is all taxable as ordinary income. You will receive a Form 1099-G by January 31 that shows you how much compensation you … Read more
OVERTIME UPDATE Earlier this year, the U.S. Department of Labor adjusted their rule on who is eligible for overtime pay. The new rule updates earnings thresholds required to make executive, administrative and professional employees exempt from overtime. These employees will now need to earn at least $684 per week as a salaried employee and a … Read more