Sep 19 2023

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

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

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 [...]

Sep 12 2023

To File or Not to File a Gift Tax Return, That is the Question

2023-09-12T15:36:33-04:00September 12, 2023|

If you made gifts during 2023, you may be wondering if you need to file a gift tax return during the upcoming filing season. The short answer: There are many situations when it’s necessary (or desirable) to file Form 709 — “United States Gift (and Generation-Skipping Transfer) Tax Return” [...]

Sep 5 2023

Reminder – 2023 3rd Quarter Estimates

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

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 [...]

Aug 22 2023

DOL Enforcement to Increase Activity Expected in 2023

2023-08-22T11:44:38-04:00August 22, 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 [...]

Aug 15 2023

A Guide to Key Changes to the 2023 Form 5500

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

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 [...]

Aug 8 2023

Pocket a Tax Break for Making Energy-Efficient Home Improvements

2023-08-08T14:46:03-04:00August 8, 2023|

According to the National Weather Service, an estimated 190 million Americans have recently been under heat advisory alerts. Maybe the extreme heat has prompted you to consider making your home more energy efficient. If so, there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act [...]

Aug 2 2023

Summer Fun at Newburg CPA

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

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!  

Aug 1 2023

Joint Ownership Isn’t Right for All Estate Plans

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

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 [...]

Jul 25 2023

Is Your Revocable Trust Fully Funded?

2023-08-03T11:43:35-04:00July 25, 2023|

A revocable trust — sometimes known as a “living trust” — can provide significant benefits. They include the ability to avoid probate of the assets the trust holds and facilitating management of your assets in the event you become incapacitated. To obtain these benefits, however, you must fund the [...]

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