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Although the cost of higher education continues to mount, the tuition and fees deduction for college students and their parents has been eliminated, beginning this year. However, there are other avenues taxpayers can explore to look for deductions and savings. While the tuition deductions are no longer available on your 2019 return (filing for 2018[…]

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The Tax Cuts and Jobs Act of 2018 has a number of important implications for those who are newly divorced, separated or in the process of divorcing. Perhaps the most critical change for those in that situation is that alimony payments are no longer deductible and those receiving alimony no longer have to declare that[…]

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No business owner wants to hear that the Pennsylvania Department of Revenue believes you owe it taxes, interest and/or penalties. And while a tax assessment notice is certainly unpleasant, it may help ease your concern to learn about some of the issues around such assessments.

No business owner wants to hear that the Pennsylvania Department of Revenue believes you owe it taxes, interest and/or penalties. And while a tax assessment notice is certainly unpleasant, it may help ease your concern to learn about some of the issues around such assessments. One such area is industry standards, which is when the[…]

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Ann Mariano was nominated as one of 3 finalists in the 2019 Best of Bucks Readers Contest in the Accountant/CPA category.

We would like to take this opportunity to congratulate our dedicated team member Ann Mariano for being nominated as one of 3 finalists in the 2019 Best of Bucks Readers Contest in the Accountant/CPA category. Ann has been with Diamond & Associates, PC since 2006. Our clients and staff are drawn to her caring manner[…]

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In an effort to delay the implementation date of four key accounting standards financial services experts use for certain groups, the Financial Accounting Standards Board (FASB) said it plans to propose postponing the effective dates.

In an effort to delay the implementation date of four key accounting standards financial services experts use for certain groups, the Financial Accounting Standards Board (FASB) said it plans to propose postponing the effective dates. The new standards would change the way certain items have to be reported on financial statements.  Some of the changes[…]

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How the state of New Jersey and the federal government tax Individual Retirement Accounts can be confusing for many taxpayers. Tax professionals strongly advise people to not only keep track of their personal contributions, but to also keep good records each year, as they receive a statement. For NJ taxpayers, the only amount in your[…]

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