For small business owners, planning for succession of the business is often overlooked. Whether it’s simply an oversight or being too busy to seriously consider how the business will continue upon your retirement or a more unexpected life experience, planning for who will take over will help ensure that people you choose will assume ownership[…]
If you’ve reached age 70 ½ and you’re looking for ways to save money on your tax return, making charitable donations from your IRA may be a good tax strategy for you. There are a wide range of IRS-approved charities that can accept cash donations and these qualified charitable donations (QCD) can satisfy all or[…]
It’s no surprise that most people don’t enjoy filing their tax returns, yet, it’s a fact of life. As the saying goes, “two things are certain – death and taxes.” For entrepreneurs, taxes can seem even more imposing, but that doesn’t have to be the case, say financial experts. In fact, the sooner you accept[…]
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[…]
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[…]