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Form 1099 Filing Requirements and New Changes for 2021

Newburg | CPA Tax Brief (12/29/2021) As the year-end approaches, we wanted to provide you with some reminders regarding Form 1099 filing requirements for 2021. Form 1099 Reporting Requirements It is important to prepare and issue 1099s to the recipients, and file them to the IRS by the deadline. [...]

2021-12-30T07:00:09-05:00December 30, 2021|

Have you named contingent beneficiaries?

Newburg | CPA Tax Brief (12/29/2021) Although your will or revocable trust governs the distribution of many or most of your assets, certain assets — such as retirement plans, insurance policies, and bank or brokerage accounts — require you to name a beneficiary (or beneficiaries). This can be an [...]

2021-12-29T12:00:50-05:00December 29, 2021|

Providing a company car? Here’s how taxes are handled

Newburg | CPA Tax Brief (11/22/2021) The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they [...]

2021-12-22T14:33:00-05:00December 22, 2021|

Are You Ready for 2021 Year-End Tax Planning for Your Business?

Newburg | CPA Tax Brief (11/23/2021) As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social [...]

2021-12-09T14:11:07-05:00November 24, 2021|

Why a gifting strategy still matters

Newburg | CPA Tax Brief (11/20/2021) The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to $16,000 [...]

2021-12-17T11:11:45-05:00November 23, 2021|

2021 Individual Year-End Tax Planning

Newburg | CPA Tax Brief (11/19/2021) As the year-end approaches and we look forward to 2022, individuals should be reviewing their situations to identify any opportunities for reducing, deferring, or accelerating tax obligations. Specifically, taxpayers should be considering the tax reform provisions that remain and that are expiring from [...]

2021-12-09T12:20:17-05:00November 19, 2021|

Do you have a will?

Newburg | CPA Tax Brief (11/12/2021) The need for a will as a key component of your estate plan may seem obvious, but you’d be surprised by the number of people — even affluent individuals — who don’t have one. A reason for this may be a common misconception [...]

2021-12-09T12:54:04-05:00November 12, 2021|
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