David Reape CPA

Posted in: Articles, Tax

New rules will soon require employers to annually disclose retirement income to employees

As you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers that sponsor tax-favored defined contribution retirement plans that are subject to ERISA. Specifically, the law will require that the […]

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David Reape CPA

Posted in: Articles, Tax

New law provides a variety of tax breaks to businesses and employers

While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code, including an extension […]

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George Timoteo CPA

Posted in: Articles, Tax

Wayfair revisited — It’s time to review your sales tax obligations

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it’s a […]

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David Reape CPA

Posted in: Articles, Nonprofit, Nonprofit, Tax

The Disaster Act Repeals “parking tax” for Tax Exempt Organizations

Senate passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (commonly referred to as the Disaster Act,) on Thursday, December 19th. The Disaster Act: Repeals the requirement of “unrelated business taxation income (UBTI) of tax exempt organizations to be increased by expenses related to qualified transportation fringe benefits,” commonly known as the “parking […]

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David Reape CPA

Posted in: Articles, Tax

Small Businesses: It may not be not too late to cut your 2019 taxes

Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: Buying assets.Thinking about purchasing new or used heavy vehicles, heavy equipment, machinery or office equipment in the new year? Buy it and place it in service by […]

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