Is Your Pension Plan Fully Funded? Plan Your 2021 Retirement Contributions

Posted on January 26, 2021February 2, 2021 by Liz Prehn Tax Planning & Compliance,

Is Your Pension Plan Fully Funded? Plan Your 2021 Retirement Contributions Did you know that there are over twenty-four (24) types of pension plans? Part one of this post will discuss the 2021funding contributions for the most common plans: SIMPLE IRA, 401Ks, and IRAs. Part two of this post will...

What Are the Key Income Tax Filing Dates for 2021

Posted on January 20, 2021January 27, 2021 by Liz Prehn Tax Planning & Compliance,

Few challenges can seem more daunting than trying to make sense of your tax obligations. But understanding IRS filing deadlines can help you or your business stay on track while avoiding potentially costly fees and penalties. With 2020 coming to a close and the new year quickly approaching, this is...

What to Do If You Receive Notice Of A Tax Audit

Posted on January 12, 2021January 20, 2021 by Liz Prehn Tax Planning & Compliance,

It’s every taxpayer’s nightmare—receiving a tax audit notice from the IRS. If you’re among the less than 1% of filers who receive a tax audit letter each year, don’t panic. An audit notice doesn’t mean you’re being accused of a crime or that you owe additional tax. There are many...

I Missed the Tax Filing Deadline – Now What?

Posted on December 17, 2020January 5, 2021 by Liz Prehn Estate Planning & Taxation, Tax Planning & Compliance,

This year has been incredibly uncertain in many personal and financial aspects, and many people missed the tax filing deadline and payments. The most important thing to do is to have your tax return(s) prepared and filed as soon as possible. This is because not only is it unlawful not...

Amend or Not to Amend Your Tax Return?

Posted on December 8, 2020December 17, 2020 by Liz Prehn Tax Planning & Compliance, Tax Services,

Is it always a good idea to amend your tax return if you find an error? There's usually an element of relief after your annual tax return has been filed. But what do you do if you find an error on your tax return? Should you always file an amended...

Please Join Us for a Free Retirement Planning Webinar

Posted on December 2, 2020December 17, 2020 by Liz Prehn Webinar, Tax Planning & Compliance, Tax Services,

We’re writing to invite you to a free Zoom webinar about pension and benefit planning for business owners. Steve Moskowitz and Stephen Dobrow will discuss the tax incentives of the 24 available retirement plans, new legislation governing those plans, and creative reward programs. Stick around for a Q&A session after...

6 End of Year Tax Accounting & Planning Considerations for Businesses

Posted on November 30, 2020January 7, 2021 by Liz Prehn Tax Planning & Compliance,

Businesses have unique opportunities to lower tax burdens for themselves and their owners/shareholders. The end of the calendar year is the perfect time to look forward and to make plans to meet your business goals. 6 End of Year Tax Planning Considerations for Businesses: Did You Place Qualified Improvement Property...

California’s “Exit Tax” Explained

Posted on November 24, 2020January 13, 2021 by Liz Prehn State & Local Taxation, Tax Planning & Compliance,

California is in the midst of a significant overhaul of its tax code, and there’s one bill in particular that has lots of people talking. Assembly Bill 2088 (AB 2088), which was introduced in Sacramento in August of 2020, would impose the state’s first wealth tax. And more controversially, it...

November 2017 Tax Planning News From Moskowitz LLP

Posted on November 17, 2020June 2, 2021 by moskowitz Tax Planning & Compliance,

Section 1: Tax Planning Section 2: PPP Loans for $50,000 or less Section 3: Donating Stock to Charities Section 4: Retirement Savings for Small Business Owners Tax Planning ‘Failing to Plan is Planning to Fail’ ~ Benjamin Franklin Franklin also wrote that “nothing is certain but death and taxes.” He...

Common Types of Business Structures: Why They Matter

Posted on November 17, 2020November 24, 2020 by Liz Prehn Business Law, Tax Planning & Compliance,

If you’re considering purchasing an existing business or starting a new one from scratch, you’re going to need to consider what form of structure your business will take. There are several different types of business entities commonly used in the U.S., and each has its specific applications and advantages. The...

End of Year Tax Planning 101 – It Pays to be Prepared

Posted on November 10, 2020November 17, 2020 by Liz Prehn Tax Planning & Compliance,

Although everyone’s financial and life situation is unique, the following are examples of tax opportunities and strategies that may be helpful to lower your overall tax burden. Individual taxpayers, please consider: No. 1 Tip: Have You Prepaid Enough Tax for 2020? One of the reasons for doing year-end tax planning...

End-Of-Year Tax Planning Strategies for Individuals, Families and Businesses

Posted on October 23, 2020November 10, 2020 by Liz Prehn State & Local Taxation, Tax Planning & Compliance,

October isn’t traditionally the time most of us think about our taxes. But a little planning and forethought now can help to reduce your tax burden next April. Here are a few handy tips for individuals, families and businesses to help you stay a step ahead on your taxes—and save...

July 15 Tax Deadlines: Deadlines to File, Deadlines to Pay

Posted on July 7, 2020October 27, 2020 by Liz Prehn Distressed Business/COVID-19, Estate Planning & Taxation, State & Local Taxation, Tax Planning & Compliance, Tax Services,

Tax Returns and Tax Payments are Due on or Before July 15, 2020. So, with July 15th fast approaching, it is important to understand that the day is more than just the deadline for filing your 2019 tax return. It is also the deadline for payment of your 2019 taxes,...

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