Purchasing equipment before year-end can provide significant tax benefits due to depreciation rules. Depreciation allows businesses to deduct the cost of equipment over its useful life, but special provisions may allow for accelerated deductions. The main points to consider are: Eligibility for Deduction: To qualify, the equipment must be purchased and placed in service (ready
If you are a reader of our posts, you are aware that the IRS has increased significantly its funding (billions of dollars). As part of this inflow of money, the IRS has focused on two fundamental areas: 1) Customer services and 2) Enforcement. The IRS keeps publishing the data in an example of transparency and
Two days ago, the Committee on the Authorized Practice of Law appointed by the Supreme Court of New Jersey issued an opinion which settles the debate if helping or filing a BOI report by a CPA Certified Public Accountant or EA Enrolled Agent constitutes unauthorized practice of law in NJ. Note that we expect other
The Managing partner Victor Garrido has been recognized as one of the Top 200 CPAs in America in its first edition. As mentioned in Forbes, "CPAs are often called upon to fill the role of separating financial fact from fiction. A reliable CPA is a bodyguard for your accounting. And as with a bodyguard, the
The IRS in their Tax Tip 2020-14 communication provided some tips to choose a reputable tax preparer. Check the preparer's qualifications. People can use the IRS Directory of Federal Tax Return Preparers with Credentials and Select Qualifications. This tool helps taxpayers find a tax return preparer with specific qualifications. The directory is a searchable and sortable listing
Our partners and team members review daily articles, posts, etc. from different sources (this is not a comprehensive list) and communications from other CPAs, EAs, accountants, and tax professionals. We have noted a faster pace of changes in the tax and accounting professional industry, with many examples in the recent years. Example 1 - Tax
