2019
IRS Confirms Making Large Gifts Won’t Harm Estates After 2025
The United States saw some of the most sweeping changes in December 2017 with the passing of the Tax Cuts and Jobs Act (TCJA). Many of the amendments to the…
Hamilton Tharp Named a 2019 Great Place to Work
Hamilton Tharp was recently announced as a 2019 winner of CPAsNET’s A Great Place to Work Award! Recognized for their standard of excellence as an employer of choice, Hamilton Tharp…
IRS Finalizes Rental Real Estate Section 199A Safe Harbor
On September 24, 2019, the IRS issued Revenue Procedure 2019-38 finalizing safe harbor allowance of rental real estate for the purpose of Section 199A deduction. If all the safe harbor…
Final Ruling Issued on Employer-Funded Health Accounts
The Internal Revenue Service (IRS), Department of the Treasury (DOT), Employee Benefits Security Administration (ESA), and Department of Health and Human Services (DHS) recently issued a final ruling on the…
Year-End Tax Planning: The Most Popular Tax Credits for 2019
Whether you are an individual taxpayer or a small business owner, understanding your eligibility for tax credits is an essential facet of income tax planning. Unlike deductions, which only reduce…
How Will the Taxpayer First Act Impact Payroll Compliance?
The Taxpayer First Act (the Act) of 2019 was signed into law on July 1, 2019. The bill, having gone through a few changes on its way to the president’s…
Misleading Financial Statements or Statement Misunderstanding?
Have you ever thought, I know we made more money than our statement shows, or I know we don’t owe that much in taxes; we never have any money! These…
The IRS Issues Advice on Employer Provided Meals and Snacks
For a chart which shows which meals and entertainment are deductible, please click here. In a Technical Advice Memorandum, the IRS evaluated whether meals and snacks that the taxpayer provided…
How to Make Your Virtual Accounting Office Efficient and Successful
Outsourced accounting services are a cocktail experience – a carefully chosen mix of professionals, curated to leverage their expertise to grow your business. Each firm does things a little differently,…
Vacation & Residential Home Rental Tips
Summertime is a time of year when people rent out their property. In addition to the standard clean up and maintenance, owners need to be aware of the tax implications…
IRS Updates Vehicle Depreciation Limits for Automobiles
The Internal Revenue Service recently revised the depreciation limits for business-use passenger vehicles first placed in service during calendar year 2019 and the amounts of income inclusion for lessees of…
How will the draft version of new W-4 Form impact you?
The Internal Revenue Service recently unveiled a draft version of Form W-4, Employee’s Withholding Allowance Certificate. The revised form is in response to changes made by the Tax Cuts and…
IRS Issues Further Opportunity Zone Regulations Guidance
The Qualified Opportunity Zone Program has kept many investors paralyzed in uncertainty due to regulatory confusion. In the update below, we provide an overview of the highly sought-after guidance, which…
SECURE Act: 8 Changes that may impact your retirement strategies
Americans share at least one dilemma when it comes to retirement planning. From the worker to the employer to the policymaker, everyone is living longer. On May 23, 2019, the…
Four Strategies That Prevent and Detect Payroll Fraud
Payroll fraud can put a huge dent in your bottom line – costing companies billions of dollars annually. Unfortunately, companies are often unaware that a corrupt employee is in their…
Is it time to consider outsourcing?
Have you ever stopped to think about whether outsourcing financial management functions of your business would benefit your organization? You will probably be surprised how many activities they encompass and…
Accounts Payable Best Practices for a Competitive Advantage
There are many reasons why revenue can slip through the cracks of an organization. Common culprits include outdated technology, lack of training, employee turnover and complacency. Accounts Payable tends to…
What You Can Learn from Your Tax Return
What does your tax return say about your financial situation? The fact is, the paperwork you file each year offers excellent information about how you are managing your money—and highlights…
Defining and Guiding Qualified Opportunity Zones
Opportunity Zones allow Americans to combine their patriotism with their love of tax breaks. The Opportunity Zone Provision gives taxpayers who have invested in the sale or exchange of a…
When Extending Your Return is a Good Strategy
As April 15th approaches, taxpayers may rush to try and complete their returns, missing out on key opportunities for planning and strategy. While it’s ideal to file your return by…
New tax law considerations and working with one firm that can handle your tax, financial planning and investing needs
Catch Kim Spinardi, CPA, Michael Frost, and Ralph Nelson, JD, CPA discussing the new tax laws and how working with one firm that can handle your tax, financial planning and…
IRS Issues Final Regulation, Clarifying the New Qualified Business Income Deduction
The Treasury Department and the Internal Revenue Service recently issued final regulations and guidance addressing implementation of the new qualified business income (QBI) deduction (section 199A deduction). The guidance is…
Important Changes to State Sales and Use Tax
In July, the U.S. Supreme Court issued one of the biggest tax cases in decades, which dramatically expands when states can require out-of-state businesses selling to customers in their state…
Christina Tharp Named European Chairman of CPAsNET International Executive Committee
The Board of Directors has named Christina Tharp, CFO of Hamilton Tharp; Chairman of the Europe, the Middle East and Africa (EMEA) International Executive Committee. Tina is the Managing Partner…
How to Avoid Being Targeted for an Audit
Tax audit. These two simple words are enough to strike fear and loathing into the hearts of many business owners. But, in reality, the Internal Revenue Service (IRS) won’t arbitrarily…
Deterring, Detecting, and Reacting to Internal Fraud
Surprising but true, small and mid-sized businesses are more susceptible to and crippled by fraud when compared to larger organizations that have more resources to invest in anti-fraud initiatives. The…
W-2 or 1099 Employee VS. Independent Contractor Status
Today’s workforce is a gig economy. According to a study by intuit, by 2020 40% of American workers will be independent contractors. Independent contracts can save businesses from the cost…
2019 Standard Mileage Rates
The Internal Revenue Service recently issued the 2019 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving…
