We would like to remind you of the new Corporate Transparency Act (CTA) reporting requirements that your company (ies) may be required to file by January 1, 2025. Corporate Transparency Act (CTA) Please be advised that your entity may have a filing obligation with the Federal Government. You may [...]
The intricacies of tax law, particularly around rental real estate, can be both a boon and a bane for investors. Among these complexities, the $25,000 rental passive loss limitation stands out as a critical rule for taxpayers who own rental properties. This provision, coupled with the concept of unlimited [...]
In the realm of taxes, understanding who is required to pay self-employment tax and who is exempt is crucial for individuals navigating their financial responsibilities. Whereas employees have Social Security and Medicare taxes withheld from wages–often referred to as FICA taxes– individuals who work for themselves are subject to [...]
Every profession has its own best practices but proper accounting and bookkeeping techniques are crucial across the board. Whether you’re a hospital administrator trying to write off equipment costs or a small online retail business with complicated multistate sales tax issues, knowing where you stand financially can help with [...]
At Newburg, we pride ourselves on celebrating the achievements and contributions of those who excel in our industry. It is with great pleasure that we highlight Sarah Irons, CPA, MPAC, MST who has recently been featured on the cover of the September 2024 issue of Sum News: The Pulse, [...]
As Boomers and Gen Xers approach retirement, effective financial planning becomes crucial to ensure a comfortable and secure future. This article outlines essential tax and financial planning strategies tailored to the unique needs of individuals nearing retirement. By understanding and implementing these strategies, you can navigate the complexities of [...]
The IRS has been diligently working to identify and address these improper claims. A recent review has revealed that a substantial portion of the claims submitted show a high risk of being improper. As a result, the IRS has announced new measures to ensure compliance and protect taxpayers. IRS's [...]
Failing to address any foreign assets you possess in your estate plan can cause unexpected outcomes. The good news is that with the help of an experienced estate planning advisor, you can structure the ownership of your foreign assets according to the laws of the U.S. and the country where they’re located. [...]
One of the goals in creating a comprehensive estate plan is to maintain family harmony after your death. Typically, with an estate plan in place, you have the peace of mind that your declarations will be carried out, as required by law. However, if someone is found to have exerted “undue influence” [...]
Savings bonds are purchased by many Americans, often as a way to help fund college or show their patriotism. Series EE bonds, which replaced Series E bonds, were first issued in 1980. From 2001 to 2011, they were designated as “Patriot Bonds” as a way for Americans “to express [...]
