Rohm & Rohm CPAs

If you own IP, include it in your estate plan: http://bit.ly/2uoL6wo

If you own IP, include it in your estate plan: http://bit.ly/2uoL6wo

4 new law changes that may affect your retirement plan: If you save for retirement with an IRA or other plan, you'll be interested to know that Congress recently passed a law that makes significant modifications to these accounts. The SECURE Act, which was signed into law on December 20, 2019, made these four changes. Change #1: The maximum age for making traditional IRA contributions Continue reading "4 new law changes that may affect your retirement plan" http://bit.ly/2H0pV6M

Congress gives a holiday gift in the form of favorable tax provisions: As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement Continue reading "Congress gives a holiday gift in the form of favorable tax provisions" http://bit.ly/31x5GqD

New law helps businesses make their employees' retirement secure: A significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees or if you're thinking about adding one, you should familiarize yourself with the new rules. The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed Continue reading "New law helps businesses make their employees' retirement secure" http://bit.ly/2RYvcSF

Nondeductible IRA contributions require careful tracking: If, like many people, your traditional IRA holds a mixture of deductible (after-tax) and nondeductible (pretax) contributions, it's important to track your contributions carefully to avoid double taxation of distributions. Why? Because the IRS treats distributions as a blend of pretax and after-tax dollars. If you treat distributions as fully taxable, you'll end up overpaying. Continue reading "Nondeductible IRA contributions require careful tracking" http://bit.ly/2GL7QJG

Qualified Opportunity Funds: A new weapon in the estate planning arsenal: The Tax Cuts and Jobs Act created a new program to encourage investment in economically distressed areas through generous tax incentives. The Qualified Opportunity Zone (QOZ) program relies on investments in Qualified Opportunity Funds (QOFs) funds that can provide wealthy taxpayers with some new avenues for estate planning. 3 big tax benefits Investors in Continue reading "Qualified Opportunity Funds: A new weapon in the estate planning arsenal" http://bit.ly/2tjqHIE

New law provides a variety of tax breaks to businesses and employers: While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The Further Consolidated Appropriations Act, 2020 was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension Continue reading "New law provides a variety of tax breaks to businesses and employers" http://bit.ly/2UpTBCj

Wayfair revisited It's time to review your sales tax obligations: In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota's economic nexus statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it's a Continue reading "Wayfair revisited It's time to review your sales tax obligations" http://bit.ly/3b0ElSe

Is it time to change employee performance reviews?: http://bit.ly/2Rmf8K3

Your home office expenses may be tax deductible: Technology has made it easier to work from home so lots of people now commute each morning to an office down the hall. However, just because you have a home office space doesn't mean you can deduct expenses associated with it. Regularly and exclusively In order to be deductible for 2019 and 2020, you must Continue reading "Your home office expenses may be tax deductible" http://bit.ly/2sVsNhQ

3 last-minute tips that may help trim your tax bill: If you're starting to fret about your 2019 tax bill, there's good news you may still have time to reduce your liability. Three strategies are available that may help you cut your taxes before year-end, including: 1. Accelerate deductions/defer income. Certain tax deductions are claimed for the year of payment, such as the mortgage Continue reading "3 last-minute tips that may help trim your tax bill" http://bit.ly/2R8wqc8

This is no time to procrastinate! If you have young children and haven’t named a guardian for them, putting off this decision is risky. http://bit.ly/2MGFe7M

Adopting a child? Bring home tax savings with your bundle of joy: If you're adopting a child, or you adopted one this year, there may be significant tax benefits available to offset the expenses. For 2019, adoptive parents may be able to claim a nonrefundable credit against their federal tax for up to $14,080 of qualified adoption expenses for each adopted child. (This amount is increasing to Continue reading "Adopting a child? Bring home tax savings with your bundle of joy" http://bit.ly/36AbFfT