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[…]
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[…]
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[…]
The IRS recently released a draft version of a new tax return for senior citizens. Designed to be easier to read and navigate, the new form was mandated by the Bipartisan Budget Act of 2018. While based off the regular 1040, the 1040-SR, has a larger font size and the shading in boxes has been[…]
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[…]
In today’s rapidly changing world it’s important to remember that while one’s technical skills matter greatly, one’s so-called “human intelligence” skills are equally important when seeking a new job, or a move up the ladder. Many people often don’t realize that while their skill set in the financial and accounting field may be a perfect[…]
Seniors and those with disabilities who receive rebates through the Property Tax/Rent Rebate Program should be aware of a scam that is specifically targeting them, says the Pennsylvania Department of Revenue. While the Department of Revenue says it does send automated calls to confirm that information from an application has been received and approved, it[…]
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[…]
Business owners who are moving their businesses can claim a number of deductions, although the IRS has certain requirements that must be met. It is always recommended that you check with a tax professional and the IRS to confirm your individual situation. The cost of moving business equipment, including all computers and peripheral equipment, supplies,[…]
Since the passing of the Tax Cuts and Job Act in 2017 the consequences of how a business structures itself is more important than ever. Tax considerations play a key role in determining whether your business is better suited to be a C Corporation or an S Corporation (pass-through entity), say tax advisors. The new[…]