by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 11, 2024 | Financial Services, Tax Advisory, Tax Deadline
We are reaching out with an URGENT UPDATE that affects your business if you have employees in California and New York. For 2023, The Federal Unemployment Tax Act (FUTA) has announced a retroactive increase in the credit reduction for employers in these states. This...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 9, 2024 | Tax Advisory, Tax Assessment, Tax Planning, Tax Strategy
We’re excited to inform you that the Internal Revenue Service (IRS) has officially set Monday, January 29, 2024, as the kick-off for the 2024 tax season, which is the day when they will start accepting and processing tax returns for 2023. With an estimated 128.7...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 6, 2024 | Accounting Services, Bookkeeping, Business Planning, Business Protection, Consulting Services
Was your company created before 2024? As part of the new Corporate Transparency Act (CTA), companies like yours are required to submit a Beneficial Ownership Information report (BOI) by the extended deadline of January 1, 2025 (equivalent to December 31, 2024). Here...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Jan 4, 2024 | Accounting Services, Business Planning, Consulting Services, Financial Services
Effective January 1, 2024, the Corporate Transparency Act (CTA) brings new filing requirements for US businesses. Who needs to file? Most corporations, LLCs, and other business entities (called “reporting companies”) are formed or registered in the US....
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 30, 2023 | Tax Assessment, Tax Advisory, Tax Strategy
With the dawn of 2024, let’s harness the power of the new tax year. It’s not just about numbers on a form; it’s about empowering yourself, securing your future, and increasing your savings. 1. The Power of Your Adjusted Gross Income Your Adjusted...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 29, 2023 | Tax Advisory, Tax Assessment, Tax Planning, Tax Strategy
The IRS introduced the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) to support businesses, providing a unique opportunity to amend past ERC claims. This program especially benefits those who may have inadvertently overstated their ERC claims. Why...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 28, 2023 | Tax Assessment, Tax Planning, Tax Strategy
As an independent worker, consultant, or freelancer, you’re responsible for paying your taxes throughout the year, not just in April. And with the recent increase in the IRS penalty for underpayment, even a small miscalculation could cost you big. Here’s...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 27, 2023 | Tax Strategy, Tax Assessment, Tax Planning
Get ready for some jingle-all-the-way news, taxpayers! The IRS, that lovable Grinch we all know and tolerate, is gifting $1 billion in penalty relief to 4.7 million lucky folks this holiday season. That’s right, folks, a Scrooge-sized chunk of change straight...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 22, 2023 | Tax Assessment, Tax Deductions, Tax Strategy
Remember those 5 strategies we promised to share to help you keep more hard-earned cash? Buckle up because we’re diving into the last three right now! Stay Single to Increase Mortgage Deductions: Single life, big savings: Did you know two single homeowners can...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 21, 2023 | Tax Assessment, Tax Deductions, Tax Planning
Guess what !? 2023’s about to wave goodbye, and with it, a bunch of tax deadlines. But before we say hello to 2024, we’ll uncover 5 strategies to help you keep more of your hard-earned cash. Think of it as your personal training guide for getting ahead in...