Our Blog & News
This Month’s Posts:
Are you a Locum Tenens physician?
Are you wondering how to navigate tax season as an independent contractor? It’s important to understand the specifics of handling your unique tax situation. Our Andrew Schwartz, CPA, recently presented a webinar for Barton Associates that covers many great tips to...
SECURE Act Deadline Reminder
By Alex E. Oliver, Wealth Manager, First National Corporation The SECURE Act changed the deadline for establishing a profit sharing plan or cash balance plan in order for employer contributions to be made for the 2021 tax year. Previously, this would have been...
Reminders For the Upcoming Tax Season
The tax rules continue to evolve at a record pace. Below are some reminders for you as we enter the 2022 tax filing season. Advance Child Tax Credit Payments. For qualified taxpayers that will receive advance Child Tax Credit payments from July - December 2021, the...
IRS Issues Standard Mileage Rates for 2022
IR-2021-251, December 17, 2021 WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January...
RE: 2022
Personal financial planning is an ongoing process. Financially speaking, 2021 was another good year for most of us even as the Covid-19 pandemic continues to affect all our lives. The stock markets set new all-time highs. Real estate prices around the country continue...
Last Month’s Posts:
Record keeping rules for charitable donations of cash (and check and credit card payments) and marketable securities
In order to claim a cash charitable deduction, taxpayers must keep records in the form of bank records or written acknowledgement from the charitable organization. Donations less than $250 in any one day – taxpayer must keep a...
IRS Letters for Advanced Child Tax Credit and Third Economic Impact Payments
Advance Child Tax Credit Payments For qualified taxpayers that will receive advance Child Tax Credit payments from July - December 2021, the IRS plans to send taxpayers Letter 6419 in January 2022. This IRS form letter will provide taxpayers the total amount of...
Charity deduction for taxpayers that do not itemize their tax returns
For the 2021 tax year, the IRS is again allowing taxpayers that file their tax return using the standard deduction to claim a charity deduction on their tax return. The maximum allowed charity deduction for non-itemizers is $300 for single, head of household and...
Record keeping rules for charitable donations of cash (and check and credit card payments) and marketable securities
In order to claim a cash charitable deduction, taxpayers must keep records in the form of bank records or written acknowledgement from the charitable organization. Donations less than $250 in any one day – taxpayer must keep a copy of a bank record such as a cancelled...
Identity Protection Personal Identification Number (IP PIN) reminder
For taxpayers who receive an IRS IP PIN annually, be on the lookout in January 2022 for a letter from the IRS with your 2021 IP PIN number. These letters, IRS Notice CP01A, are sent out annually to taxpayers via the US mail. Be sure to retain this notice with your...
Working multiple jobs in a year may result in overpaid social security taxes
Switching employers mid-year often results in a overpaying withheld social security taxes. For tax year 2021, once an employee earns $142,800 from an employer, social security taxes are no longer withheld. This results in a max social security tax withheld from pay...
12/31/21 Deadline For Targeted EIDL Advance and Supplemental Targeted Advance
The deadline to apply for the Targeted EIDL Advance and Supplemental Targeted Advance is December 31, 2021. The Targeted EIDL Advance is a maximum credit of $10,000 with any formerly received EIDL Advance funds subtracted from this amount. The Supplemental Targeted...
3/31/22 Deadline Set For Most Provider Relief Fund Recipients To Self-Report
If your practice received a Provider Relief Fund Grant of more than $10k from HRSA, you are required to self-report that you utilized those funds properly. On 6/11/21, the Health Resources and Services Administration (HRSA) issued guidance available at:...
IRS Announces Increases To Retirement Savings Limits For 2022
Earlier this month, the IRS announced the cost of living adjustments applicable to the various retirement plan limitations for 2022. It appears many of these tax advantaged savings opportunities have increased from 2021. Most working professionals have access to a...
Ten Tips to Cut Your 2021 Taxes
As the year winds down, now is the time to take steps to cut your 2021 tax bill while also not pushing too much taxable income into 2022 in anticipation of higher tax rates. Practice owners should begin by finalizing their plans to replenish their supplies and pay...