Employee Retention Credit Paused Amid Growing Fraud Concerns

The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit).  The pause on new claims goes into effect immediately and will last until at least 2024. The IRS is currently working through [...]

2023-09-27T10:25:43-04:00September 27, 2023|

Selling Your Home for a Big Profit? Here are the Tax Rules

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home [...]

2023-09-19T13:41:01-04:00September 19, 2023|

Reminder – 2023 3rd Quarter Estimates

As a reminder, 2023 2nd quarter estimates are due September 15th, 2023. Your 2023 quarterly estimated coupons and instructions would have been included with your completed 2022 tax return if applicable. The 3rd quarter estimate payments can be made on-line or mailed via check and should be postmarked no later [...]

2023-09-05T13:26:55-04:00September 5, 2023|

DOL Enforcement to Increase Activity Expected in 2023

Employee benefit plan sponsors are advised to expect an increase in enforcement activity by the Employee Benefits Security Administration (EBSA) in 2023. The ESBSA has seen a major decrease in enforcement actions for two consecutive years, resulting in a decrease of nearly 50% in the amount of funds recovered [...]

2023-08-22T11:44:38-04:00August 22, 2023|

A Guide to Key Changes to the 2023 Form 5500

The Department of Labor (DOL) released the final changes to Form 5500 relating to the September 2021 notice of proposed form revisions (NPFR) to amend Form 5500.  These changes are effective for plan years beginning on or after January 1, 2023, and will be incorporated into the 2023 Form [...]

2023-08-15T13:34:22-04:00August 15, 2023|

Summer Fun at Newburg CPA

Last week, the Newburg CPA team and their families spent the afternoon at Kimball Farms. We had a blast playing mini golf, driving bumper boats, eating burgers, and spending time together!  

2023-08-03T11:47:26-04:00August 2, 2023|

Joint Ownership Isn’t Right for All Estate Plans

Typically, joint ownership of property is beneficial to an estate plan. In fact, there are several advantages to joint ownership for surviving family members. There are exceptions, however, and joint ownership may not be the ideal solution for all estate plans.   Two types of joint ownership for spouses  As [...]

2023-08-03T11:45:45-04:00August 1, 2023|
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