Weinstein Spira’s blog, The Balancing Act, provides helpful information on technical accounting and CPA firm culture.
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The U.S. tax filing season is a critical time of year; whether you are a salaried employee, freelancer, small business owner, or corporation, you need to review your financial records carefully, comply with complex tax laws, and submit your tax return to the Internal...
As we approach the November 2024 election, one thing is certain - the incumbent President will not seek re-election. This guarantees that a new, yet familiar figure will lead the nation, with former President Trump or Vice President Harris to be inaugurated in...
In this blog, we will dive into tips to effectively tackle your taxes if you are self-employed. We will investigate who qualifies as self-employed, the tax implications and what applicable deductions can help you save during tax time. Who Is Considered Self-Employed?...
For many Americans, saving money for retirement can be challenging. While some employees prefer to take home a few extra dollars rather than participate in their company’s 401(k) plan, many simply do not understand how these plans work or the many benefits that come...
While saving for the future may not always be a priority in conversations with family and friends, it holds significant importance for various reasons. Although some may view saving ahead as a necessary burden, the best advice is to simply start this financial...
At Weinstein Spira, like many accounting firms, we face periods of significant amounts of work due to compression near tax filing deadlines. To address this, our firm has invested valuable time and effort to identify a solution: the Tax Preparation Coordinator (TPC)...
Every year the Internal Revenue Service (IRS) publishes a list of taxpayer scams and tax avoidance schemes they call the “Dirty Dozen.” These fraudulent practices pose serious risks such as the loss of personal data, money and more. Although these scams peak during...
Donating to charities offers a wealth of benefits that extend far beyond the act of giving. It empowers individuals to make a positive impact on causes they deeply care about. Through charitable contributions, critical resources are given to people in need,...
Today, higher education comes with a large price tag, but it also comes with great rewards. The addition of a college degree to your resume can provide higher earning potential, access to more jobs and more networking and learning opportunities overall. Even with its...
Accounting also personally referred to me once as “the necessary evil”, has a rough reputation. Pocket protectors, ten keys, panty hose, and even maybe an abacus is what people imagine when they think of my profession. Although, not entirely inaccurate, I believe the...
Whether you are just out of school or nearing retirement, a periodic review and update of all aspects of your short-term and long-term financial health is important. When my mother was turning 90, her doctor noticed in an X-ray, a spot on her lungs. The cancer doctor...
The Inflation Reduction Act (IRA) became law on August 16, 2022. There are wide-ranging provisions that are intended to reduce the budget deficit, address climate change and clean energy, lower the cost of health insurance and prescription drugs and reform parts of...
Do you have debt or other agreements that utilize the London Interbank Offered Rate (LIBOR) as the benchmark reference rate? If so, are you prepared for reference rate reform? Over the past years, there has been an effort to move away from the LIBOR and other...
If you are one of the many businesses that have taken advantage of the Employee Retention Credit (ERC) or plan to, you may be wondering about the impact the ERC refund has on your income tax return. In this blog post, we review the ERC and discuss the income tax...
When you invest in financial instruments, such as stocks, mutual funds, IRAs/401ks, commodities, and even cryptocurrency, the main goal is to grow your wealth. In many cases, once that initial investment decision is made, people tend to leave it there and go about...
U.S. Internal Revenue Code Section 1031 allows real estate investors to swap one property for another and defer recognizing some or all the gain and the related tax liability from the sale of the first property—assuming some very specific rules are met. Over the...
It is important for a restaurant to have successful accounting records, especially in the beginning, start-up phase and when making critical decisions that will drive growth. A key contributor to a restaurant’s ultimate success is an accurate, complete set of...
Despite current challenges regarding the pandemic, whether offering carry-out or dine-in options, restaurants remain a mainstay in many communities around the country. Owning or operating a restaurant comes with a unique set of requirements for reporting and paying...
Need a Cost Segregation Study? If you own a restaurant or hotel establishment, the answer most certainly could be “YES!” As a tax accountant with clients in this space, I urge you to consider conducting a cost segregation study to maximize your tax deductions. In this...
The American Rescue Plan Act (ARPA) of 2021 is a $1.9 trillion economic stimulus bill signed into law on March 11, 2021. Some of the highlights of the business provisions include: Employee retention credit – Extended for quarters through December 31, 2021 The...
Updated in March 2022 The Employee Retention Credit (ERC), established by the CARES Act, provides a dollar-for-dollar credit against employment taxes to qualifying companies impacted. The credit availability extends through September 30, 2021 for most taxpayers (the...
The Consolidated Appropriations Act, 2021 (the Act) is now law. The Act provides $900 billion for COVID-19 related relief, including $285 billion for the Payroll Protection Program (PPP). In summary, the Act makes multiple modifications to existing laws, including...
The more wealth you accumulate over your lifetime, the more important it is to think about legacy and estate planning. For married individuals, all assets normally go to the surviving spouse, unless otherwise specified. However, singles need to be more actively (and...
Think Before You Invest There are many things to consider before investing in commercial real estate. Realizing that every deal is different and each investor has his/her own perspective, I will share what I have learned from working on 100+ investment deals to help...