When does it make sense to prepare your own tax return?

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If your income is less than $66,000 then it is easy to file your tax return on your own. This service is free and available online. See these resources for details. Early indications I’ve read from comments by other tax accountants of the promised ‘post card return’ indicate that this approach would result in a […]

How the new tax law affects NJ commercial fishing and aquaculture

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New Jersey’s seafood producing companies that can generally be classified as growers or harvesters(1). The Tax Cuts and Jobs Act offers an opportunity for tax savings to all pass-through businesses, and we expect that many of our seafood producers will qualify for this 20% income exclusion provision. In addition, the new tax law contains a provision for […]

LIFT (Livable Incomes for Families Today) the Middle Class Act

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California Senator Kamala Harris, ranked as one of the top 2020 possible presidential candidates, proposed repealing the 2017 tax reform law and replacing it with a $6,000 tax credit or direct payment to middle-class and poor individuals and families. After reading the press release from a Harris’ office, I felt that this plan made more sense than […]

HRA for a sole proprietor business

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(This inform is not updated to reflect 2019 proposed regulations so should be presumed to be partially obsolete). This podcast discusses the two main issues controlling a Health Reimbursement Arrangement in a sole proprietorship. Spoiler alert: it is possible but there are no income tax benefits for the business owner so it rarely makes sense […]

Capital gains indexing overview

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The Treasury Department’s current proposal to index cap gains would certainly save a lot of money for some people. News coverage refers to the proposal as “Tax Cuts 2.0”. This single proposal would cut federal income taxes by $102 billion over the next decade. 86% of the savings would go to top 1% wealthiest people. […]

Sample accounting services engagement agreement

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This page is outdated. A more recent version is available: Sample accounting services engagement agreement 2021 Contents: A) Communications B) Work Process C) Fees D) After End of Agreement E) Miscellaneous Provisions Thank you for choosing me to help you with your accounting. My goal is to minimize the time, stress and cost of the accounting […]

NJ nonprofits face new filing challenges

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In New Jersey nonprofit organizations must now file their annual reports online. The new online system is not working currently, according to a report today by a member of the NJCPA. A number of problematic issues were discussed at the Nonprofit Interest Group Meeting of the New Jersey Society of Certified Public Accountants today.