Blog - Rose Snyder & Jacobs LLP

5 Steps You Should Take Every Time You Open QuickBooks

When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting…

Proving Noncash Charitable Contributions

Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax…

Is It Better to Have a Tax Credit or a Deduction?

People often say that an expense is “a tax write-off”; most everyone interprets this to mean that the expense will have a tax benefit. Generally,…

Estimated Tax Payments Are Not Just for the Self-Employed

Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax…

Biden’s Tax Agenda

As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file a…

The Tax-Filing Deadline Is Drawing Near

As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file a…

EMPLOYERS BEWARE: ERC VOLUNTARY DISCLOSURE PROGRAM ENDS SOON

The Employee Retention Credit (ERC) was a government-sponsored program to keep workers employed during the Covid-19 pandemic. It provided qualifying employers with a refundable credit…

DEATH OF A LOVED ONE

The death of a loved one is one of life’s most difficult times and a time for reflection and grieving. However, it also triggers unique…

THE IMPORTANCE OF SEPARATING PERSONAL AND BUSINESS FINANCES

One fundamental financial practice that often gets overlooked, yet holds immense importance, is the separation of personal and business finances. By maintaining distinct bank accounts…

NEW EMPLOYEE VS INDEPENDENT CONTRACTOR RULE EFFECTIVE MARCH 11

The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent…

NEW EMPLOYEE VS INDEPENDENT CONTRACTOR RULE EFFECTIVE MARCH 11

The U.S. Department of Labor (DOL) announced on Jan. 9, 2024, the issuance of its final rule regarding whether a worker is an employee or an independent…

May Due Dates

Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in…

Common IRS Audit Triggers for Small Businesses: How to Avoid Them

As a small business owner, the word 'audit' can be a source of anxiety. However, understanding the common triggers for an IRS audit and taking…

Qualified Small Business Stock: Do You Qualify for Its Taxable Gain Exclusion?

IRC Sec 1202, Qualified Small Business Stock (QSBS) gain exclusion, provides a significant tax planning strategy.Sec 1202 was enacted in 1993 to encourage investment in…

Major Tax Sunset on the Horizon

Back in late 2017 Congress passed the Tax Cuts & Jobs Act of 2017 (TCJA) that made enormous changes to income tax laws as outlined…

January 2024 Due Dates

Individual Due Dates January 2 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not…

IRS Disallowing 20,000 Employee Retention Credit (ERC) Claims

In its ongoing effort to combat questionable Employee Retention Credit (ERC) claims, the IRS has sent more than 20,000 letters advising taxpayers that the agency…

Coming Soon – Business Beneficial Ownership Reporting

In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part of the National Defense Authorization Act for Fiscal Year 2021,…

Clean Vehicle Credit Can Be Transferred to Dealer to Offset Purchase Price

Beginning in 2024, a special election allows a taxpayer purchasing a new clean vehicle or previously owned clean vehicle, to transfer the entirety of the…

December Due Dates

INDIVIDUAL DUE DATES: December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result…