The ABCs of Cryptocurrency Accounting Bitcoin Cryptocurrency We expect there to be major changes this year in how the IRS will enforce cryptocurrency gains. In this blog post we explore the definition of cryptocurrency and what you need to know about accounting for cryptocurrency transactions and reporting cryptocurrency gains on your 2018 tax return. What[…]
The Tax Cuts and Jobs Act (TCJA) took effect on January 1, 2018, for most provisions, and for many businesses it provides benefits such as reduced corporate tax rates, the end of the corporate alternative minimum tax, and a new pass-through business income deduction. As 2018 winds down, we would like to share some planning[…]
If you are considering divorce, the timing, from a tax perspective, can be crucial. Many new tax laws that have been enacted have a tremendous impact on divorcing couples, especially couples with a high net worth. And though taxes may be the last thing on your mind during this difficult and tumultuous time in your[…]
A new provision of the Tax Cuts and Jobs Act of December 2017, titled Section 199A, stipulates that owners of sole proprietorships, S corps. or partnerships can deduct up to 20% of the income earned by the business. The idea behind Section 199A is to afford the owners of these types of businesses their own[…]
As we have shared before, the IRS changed the withholding tables earlier this year after the passage of the Tax Cuts and Jobs Act of 2017. As a result, a recent poll of members of the Pennsylvania Institute of Certified Public Accountants (PICPA) revealed that a large majority of their clients needed to adjust their[…]
We are pleased to announce that Diamond & Associates is making an exciting move forward in 2018. We have formed a strategic alliance with Klatzkin & Company LLP, Certified Public Accountants. Klatzkin is based in Hamilton, NJ and has opened an office adjacent to our Newtown location. This is an exciting time for both Diamond[…]
It is always a good idea to examine your tax exposure once per year as you complete your taxes. Changes to the tax law for 2018 have prompted many taxpayers to ask, “Am I having enough money taken out of my paycheck?” Now is the time to examine your tax withholding. In February of this[…]
Whether or not your pension is taxed depends on the type of pension—years of service or disability—and the type of tax—federal, state, or social security. The Federal Government and Military Retirement Pay If you’ve spent twenty or more years in military service, you’re entitled to a military pension upon retirement. The federal government considers this[…]
How can you gift money to your children or grandchildren without paying taxes? You’ve helped your children all your life. You’ve raised them, taught them right from wrong, and put them on the path to being good, responsible people. You’ve encouraged them to make their way in the world and helped them find their wings. […]
“Audit” is a scary word for most people, because they think it automatically means they’ve done something wrong on their taxes and are going to get penalized. True, sometimes the IRS notices a problem, whether it was intentional misreporting or an inadvertent error. But this is not always the case. The IRS sometimes uses random[…]