by ABIP | Oct 1, 2021 | Accounting, Business, Individuals, News, Newsletter, Taxes
Use These Strategies To Pass on Wealth to Heirs Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes....
by ABIP | Sep 7, 2021 | Accounting, Fraud, Newsletter
Reminder: Protect Yourself From Scammers Understanding how the IRS communicates can help taxpayers protect themselves from scammers who pretend to be from the IRS with the goal of stealing personal information. For example, the IRS typically does not call a taxpayer,...
by ABIP | Sep 3, 2021 | Accounting, Business, COVID-19, Individuals, Newsletter
Safe harbor is now available that allows employers to exclude certain items from their gross receipts solely for determining eligibility for the Employee Retention Credit (ERC). These amounts are: The amount of the forgiveness of a Paycheck Protection Program (PPP)...
by ABIP | Sep 2, 2021 | Accounting, COVID-19, Newsletter
Extension Deadline Looming for 2020 Tax Returns Time is running short for taxpayers who requested an extra six months to file their 2020 tax return. As a reminder, Friday, October 15, 2021, is the extension deadline for most taxpayers. Taxpayers who owe tax – even...
by ABIP | Feb 4, 2021 | Accounting, Individuals, News, Newsletter, Taxes
Who Qualifies for the Earned Income Credit The earned income tax credit can give qualifying workers with low-to-moderate income a substantial financial boost. The credit not only reduces the amount of tax someone owes but may give them a refund even if they don’t owe...
by ABIP | May 22, 2014 | Accounting
The IRS has announced the new limitations for pension plans and other retirement plans for 2014. Overall, the limits remain largely unchanged because the IRS stated the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment....
