Blog - Rose Snyder & Jacobs LLP

Zero-Based Budgeting: The Bold Way to Stop Wasting Money and Start Growing

Picture this: You’re hunched over last year’s budget, crossing out line items you think you can live without. And then what happens? The same stuff makes it…

Unveiling the Hidden Costs: How Non-Compliance in Foreign Asset Reporting Could Lead to Substantial Penalties

In an increasingly globalized world, many U.S. taxpayers find themselves with financial interests or assets located outside the United States. Whether through inheritance, investment, or…

Tax Implications of Downsizing: What Baby Boomers and Gen X Need to Know

Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family…

Discover How Millions Track Their Tax Refunds Online Instantly!

The "Where’s My Refund" tool is accessible via the IRS website and the IRS2Go mobile app. It provides personalized refund information based on the processing of…

Tax Time Has Arrived! Tips for Getting Ready for Your Tax Appointment

You, like most taxpayers, probably dread the task of pulling together your records to prepare for your tax preparation appointment, but the effort usually pays…

Supreme Court Lifts Nationwide Injunction on BOI Reporting

BREAKING NEWS On Thursday January 23, 2025, the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of beneficial…

Navigating the Aftermath: Understanding Disaster Loss Tax Provisions for Homeowners Affected by Disasters

In recent years, wildfires, hurricanes, and other natural disasters have become increasingly frequent and devastating, leaving many individuals and families grappling with the loss of…

Due Dates

INDIVIDUAL DUE DATES March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in…

How to Prepare for Your Year-End Financial Review: A Guide for SMBs

As the year draws to a close, it’s time to take stock of your business’s financial health. A year-end financial review isn't just a box…

Navigating the Tax Complexities of Hiring Household Employees

Household employees play a crucial role in many homes, providing essential services such as childcare, eldercare, housekeeping, and gardening. However, employing household help comes with…

Maximizing Your Retirement Savings: Strategies for Late Starters

As a baby boomer, you may find yourself approaching retirement with less savings than you'd hoped. Whether due to economic fluctuations, personal circumstances, or simply…

Don’t Leave Money on the Table: Essential Tax Credits You Might Be Missing

Tax preparers often encounter clients who are confused about the various tax credits available to them. Understanding these credits can significantly impact your tax liability…

Navigating the Corporate Transparency Act: Essential Insights and Compliance Reminder for SMBs

As the deadline for compliance with the Corporate Transparency Act (CTA) approaches, small and medium-sized businesses (SMBs) must remain vigilant. This legislative milestone, aimed at…

Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA

Taxpayers are limited in the annual amount they can contribute to a Roth IRA. The maximum contribution for 2024 is $7,000 ($8,000 if age 50…

IRS Highlights New Warning Signs for Businesses Regarding the Employee Retention Credit

In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a vital financial lifeline for businesses. However, as the IRS intensifies its scrutiny…

October Due Dates

INDIVIDUAL DUE DATES October 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in…

September Due Dates

INDIVIDUAL DUE DATES September 1 - 2024 Fall and 2025 Tax Planning Tax Planning Contact this office to schedule a consultation appointment. September 10 -…

Unlock Cash Flow and Profits: The Power of Installment Sales when Selling Your Rental

The installment sales method is a significant tool for taxpayers selling a rental property at a gain, offering a way to spread tax liability over…

Education Savings: How a Sec 529 Plan Can Transform Your Family’s Future

Funding a child's education can be a daunting task for many parents and guardians. With the rising costs of post-secondary education, finding a tax-efficient way…

IRS Offers Second Chance to Resolve Employee Retention Credit Claims with New Voluntary Disclosure Program!

The Internal Revenue Service (IRS) has introduced a second Employee Retention Credit (ERC) Voluntary Disclosure Program as outlined in Announcement 2024-30. This initiative is designed to…