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Advising Business Owners During Volatile Economic Times

November 6, 2022 by David Moseman CPA

worried businessman

The landscape of accounting and taxation has been very dynamic over the past several years. Tax reform, the adoption of digital currency, pandemic-induced debt, supply chain disruptions and workforce changes are layered upon an already complex and regulated industry.

The purpose of tax planning before you are in the throes of tax season is to minimize your tax liability. At CironeFriedberg, our experienced CPAs take a holistic view of the impact of new and existing tax programs and regulations that can be implemented to optimize your tax situation.

CironeFriedberg clients are C corporations, S corporations, Limited Liability Companies (LLCs), partnerships, and sole proprietors across various industries. We assist business clients to structure transactions in the most advantageous tax manner to help minimize the tax impact and take advantage of tax benefits.

Tony Cirone CPA
Tony Cirone, CPA

“Our business clients in all industries are working to improve product and service delivery while controlling costs in a very challenging economic environment. We listen to them and approach each client as a having a unique set of needs and challenges. Our team collaborates in ways to find and implement creative approaches to deliver the best solutions possible.”

– Tony Cirone, CPA

Business Mergers, Acquisitions, Sales, and Expansion

Business owners and family businesses rely on us to advise them on business structure, acquisitions, sale of a business, and compensation plans for management and owners. When faced with growing through acquisition or transferring a business to family members, they seek our advice. They know CironeFriedberg has their back.

At CironeFriedberg our Certified Valuation Analysts offer specialized knowledge and expertise in valuations as required for purchase, sale, merger, gifting or tax election requirements. Our valuation professionals are trained in current professional standards and hold Certified Valuation Analyst (CVA) and Accredited in Business Valuation (ABV®) certifications.

Our unique expertise in Litigation involving shareholder and partner disputes, dissenting shareholder actions, and related expert testimony is also in high demand.

Continually Changing and Evolving Tax Laws

Our experienced tax CPAs stay up-to-date and informed on complex and constantly changing tax regulations. David Moseman, CPA, is one of the partners in charge of tax services at CironeFriedberg and oversees a team of experienced accounting professionals with excellent critical thinking skills.

Tax laws are complex and continually changing. Our CPAs specialize in Federal and state tax laws and regulations and are committed to delivering accurate and timely tax filings. At CironeFriedberg, we put our clients’ needs front and center. We listen. Our team has the technical expertise and experience required to ensure efficient tax compliance and effective tax planning for each client.

David Moseman CPA
David Moseman, CPA

“We are constantly expanding our knowledge to proactively meet our clients’ needs. There are new IRS regulations affecting many areas such as cryptocurrency and digital currency taxation. We stay on top of these changes and are continually expanding our expertise and capabilities to serve the needs of new clients including those stepping into the Cannabis industry.”

– David Moseman, CPA

Careful tax planning is critical for business success in today’s volatile economy. In a complex regulatory environment with global pressures and challenges beyond our control, strategic tax planning is necessary to achieve business success and preserve and grow wealth.

Filed Under: Business Taxes Tagged With: ABV, cannabis, compensation plans, cryptocurrency, CVA, digital currency, family business, tax planning, valuation

Year-End Tax Planning for Individuals

November 20, 2021 by Mike Jodon CPA CVA

clock with tax planning sticky note

In a time where many Americans have been coping with the overwhelming anxiety surrounded by the COVID-19 pandemic, adding year-end tax planning to the mix can seem downright unfair.  While the below items only begin to scratch the surface of the 2021-2022 tax picture, it will hopefully serve as a checklist of items to keep in mind as we approach the New Year.

Charitable Deductions – For the 2020 tax year, a new above-the-line deduction was allowed for up to $300 of charitable cash contributions, even if you claimed the standard deduction on your tax return. The deduction has been extended through 2021, and increased to a $600 limit on a married filing joint (MFJ) return (still $300 for single and married separate filers). In 2020, a cash contribution made by an individual to a qualifying public charity was generally limited to 60% of the individual’s adjusted gross income (AGI) with excess contributions being carried forward up to five tax years. The AGI limit for cash contributions made to qualified charities has been increased to 100% through 2021.

Required Minimum Distributions (RMD) – Seniors were allowed to skip their RMD in 2020 without penalty. However, there is no waiver for the RMD in 2021.  Anyone at least 72 years old by the end of 2021 must take an RMD to avoid the 50% penalty (if you turned 72 during 2021, you have until April 2022 to take your first RMD). Taxpayers at least 70 1/2 years old should consider making qualified charitable distributions (QCD) of up to $100,000 per year directly from a non-Roth IRA to a qualified charity to reduce AGI. QCDs count toward RMDs. We suggest that you review your federal and state tax withholdings that are set up with your financial institution. If you have historically not had taxes withheld from your distribution, you may want to consider having taxes withheld or making additional estimated payments by January 15, 2022 depending on your 2021 estimated taxable income. We are prepared to assist you with your year-end tax planning.

Child Tax Credit (CTC) – For eligible taxpayers in 2021, the CTC was increased and became fully refundable. Previously, taxpayers could only claim $2,000 per child under 17, and the credit was reduced as AGI went over $200,000 ($400,000 for MFJ). Only $1,400 of the credit was refundable. The American Rescue Plan Act (ARPA) increased the credit to $3,000 per child and $3,600 per child under 6. The credit is now fully refundable for all children 17 and under. The enhanced credit under ARPA phases out for those with AGI over $75,000 ($150,000 MFJ), and for taxpayers over those limits, the old CTC of $2,000 per child applies. The ARPA also called for 50% of the credit to be paid in advance for the expected 2021 CTC, based on 2020 income tax filings. These payments are spread evenly from July through December 2021. When providing your 2021 tax information, please confirm the amount of your advanced CTC.

Recovery Rebate Credit (3rd Stimulus Payment) – Earlier in 2021, the federal government issued the third round of stimulus checks for up to $1,400 ($2,800 MFJ) plus $1,400 for each qualifying dependent. When filing your 2021 return, you will need to provide the amount of your third stimulus check to determine how much of the recovery rebate is available. Similar to your 2020 return, a “true-up” calculation will be done with your 2021 return if you were eligible for more than you actually received.

Social Security Tax – Self-employed individuals and household employers who deferred half of their Social Security taxes for the 2020 year must repay half by December 31, 2021. The remainder is due by December 31, 2022. The repayment should be made with a separate tax payment and noted that is for “deferred Social Security tax” to be correctly applied. The Social Security Administration has also recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 in 2021). Wages and self-employment income above this threshold are not subject to Social Security tax.

Cryptocurrency Transactions – The evolution of virtual currency continues on a daily basis, and the IRS is continuing to monitor these virtual assets. As virtual currency grows in popularity, the IRS is expanding its examination of these assets and transactions.  If investing in these virtual assets is something you are involved in, the emphasis continues to be on record-keeping to ensure you are meeting any reporting requirements.  

 

If you need assistance or have any questions on the information in this article, please call your CironeFriedberg professional. You can reach us by phone at (203) 798-2721 (Bethel), (203) 366-5876 (Shelton), or (203) 359-1100 (Stamford) or email us at info@cironefriedberg.com.

 

Filed Under: Tax Deductions Tagged With: Charitable Deductions, Child Tax Credit, cryptocurrency, Social Security, tax planning

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