by The MDTAXES Network | Apr 3, 2023 | 2023 April news, Uncategorized
Don’t forget – these are the upcoming tax deadlines for 2022 Individual (1040) tax returns:
Saturday, April 15
- Deadline to file FinCEN Form 114 for Foreign Bank and Financial Accounts (FBAR)
Tuesday, April 18
- Deadline to file personal (1040) tax returns for taxpayers
- Deadline to pay Estimated Tax Payments for 1st Quarter 2023
- Deadline to make any IRA contributions for 2022
Why is the deadline Tuesday, April 18?
That’s because April 15 is on a Saturday and the next weekday, April 17, is recognized as Emancipation Day in Washington, DC. According to the IRS, “by law, Washington, DC, holidays impact tax deadlines for everyone in the same way federal holidays do.”
- TIP – Avoid the Crush! IRS and State Dept. of Revenues’ servers experience extremely high volumes close to efiling deadlines. This can cause processing delays (or worse, temporary outages). Don’t wait until April 18 to send in your efile forms.
by The MDTAXES Network | Jun 8, 2020 | Uncategorized
he CARES Act included a provision allowing employers to repay up to $5,250 of their employee?s student loans as a tax-free benefit. That?s a great benefit for any staff member burdened with student loan debt. Practice owners benefit too since they can write off the full amount paid without owing any payroll taxes on the loan repayments made.
Only loan repayments made prior to December 31, 2020 qualify for this valuable benefit, so you need to act quickly. Another requirement is for the student loan to be in the employee?s name, which means that loans taken by their parents don?t count.
Please note that your practice will also need to have a written document drafted for this ?Section 127 Plan? to take advantage of this tax-advantaged employee benefit. Please email our payroll team firstname.lastname@example.org?so we can refer you to an H.R. Specialist to prepare this document for you if you are interested in providing this valuable and tax-advantaged employee benefit.
by The MDTAXES Network | Jun 1, 2020 | Uncategorized
Beware.? We?ve now heard from multiple clients that fraudulent unemployment claims were filed under their name and SSN. Scary stuff. Here is the advice we?re giving to those clients:
- Visit your state’s Dept. of Unemployment Assistance and search for “how to report a fraudulent claim”
- It probably makes sense to freeze your credit too.
by The MDTAXES Network | Sep 3, 2019 | 2019 September newsletter, Uncategorized
Thursday, Sept. 26, 2019
11:00 am ? 12:00 pm (Pacific
In a profession where many CPAs and accountants operate as generalists, specializing within a niche can provide a huge competitive advantage.??Many firms have realized that the more focused their practices become, the more their practices grow.? Plus, clients and prospects will travel further, wait longer, and?also pay higher fees to work with a specialist.
In this course, Andrew Schwartz CPA shares how he generates meaningful industry specific benchmarking information to help clients and prospects within his niche better understand how their businesses are doing. Many viewers will leave the course with a new excitement to?commit to a niche?and will realize how easy it is to turbocharge their specialty by benchmarking.
After attending this event you will be able to:
- Recognize how specializing within a niche is preferable in today?s competitive business environment
- Discover easy and efficient ways to benchmark
- Identify four categories of benchmarking data
- Learn from real-life benchmarking examples created by Andrew for his niche client base
by The MDTAXES Network | Dec 26, 2017 | Uncategorized
I’m pleased to announce that my CPA firm Schwartz & Schwartz PC?and First National Corp.?are teaming up to coach you and your family members on how to improve your financial well-being and knowledge.
Please register for the topics and sessions you’d like to attend online as a live webinar or in person at Schwartz & Schwartz’s office in Woburn, MA.
Sessions through April include:
- The Quick & Dirty Personal Financial Checkup (Live 2/13 @ 7 pm, Webinar 2/14 @ Noon.)
- The Game of Loans: The Stark Truth About Student Loan Refinancing (Live 2/28 @ 7 pm, Webinar 2/27 @ Noon.)
- Estate Planning: Intro to the Essentials (Live 3/13 @ 7 pm, Webinar 3/14 @ Noon.)
- Preparing for the Rising Cost of College (Live 3/28 @ 7 pm, Webinar 3/27 @ Noon.)
We encourage you to attend as many of these sessions as you like – they’re free! Topics are offered online a a live webinar and also in the Schwartz & Schwartz offices (8 Cedar Street Suite 54 Woburn).