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Tax Alerts

Making your financial statements gleam with success in the eyes of lenders or other stakeholders may require cutting back on poor-selling, unprofitable inventory or services.


A $100 donation may not provide a $100 charitable deduction. What you give and how the charity uses the gift are just two of the factors that may also affect your deduction. Here’s what you need to know.


Considering a home mortgage restructuring or foreclosure? You may be surprised to learn that such debt relief can increase your taxable income. But if you act soon, you may be eligible for a tax break.


Productivity and, indeed, profitability are both tied to highly engaged employees. When looking to promote employee engagement, lessons lie in Maslow’s “hierarchy of needs.”


Being classified as a trader rather than an investor has certain tax advantages if you make short-term investments. But qualifying as a trader isn’t easy.


Would you drive a car without a functional dashboard? Perhaps once a month someone could tell you how fast you were going and how much fuel you had left. Sound good? Probably not. Yet this is how many business owners run their companies.


If you recently redeemed frequent flyer miles to treat the family to a fun summer vacation or to take your spouse on a romantic getaway, you might assume that there are no tax implications involved. And you’re probably right — but there is a chance your miles could be taxable.


Succession planning raises some tough questions. When should you hand over the reins? And how and when should you reveal your successor’s identity to employees? We offer some helpful advice.


If you’ve paid investment advisory fees, retained certain legal services or not been reimbursed for employee business expenses, you might benefit from “bunching” miscellaneous deductions into 2016.


It’s the goal of many Americans to pass wealth to the next generation. To maximize what goes to your loved ones vs. Uncle Sam, you need to carefully plan your gifts.


Today’s companies can be undermined by many things. Savvy leaders must lay a solid foundation and continue to elevate their success. Here are the four pillars on which you should build your business.


You want employees to show up for work. But a worker who’s ill or distracted can actually inhibit productivity — otherwise known as “presenteeism.” Learn more about this common problem.


If you win a bet, do you have to report the income? Are wagering losses deductible? If you’ve gambled this year and can’t answer these questions, here’s what you need to know.


Nearly every business is vulnerable to fraud. One common scheme is padding expense account reports. This threat could derail your profitability. Here’s how to fight back.


The 2018 filing season for 2017 tax-year returns officially launched on January 27. On the other end of the filing season, taxpayers have two additional days to file their 2017 returns: the traditional April 15 filing deadline moves to April 17 this year. Some early filers, however, may find their refunds delayed if they are claiming the additional child tax credit (ACTC) and/or the earned income tax credit (EITC).


Much-anticipated withholding tables for 2018 have been posted by the IRS. While the new withholding tables are designed to work with existing Forms W-4, the agency encouraged taxpayers to use its online withholding calculator to make adjustments if necessary. New Forms W-4, Employee’s Withholding Allowance Certificate, will be released for 2019 withholding; withholding for 2018 will adapt to existing Forms W-4 already submitted by employees. Based upon the specific impact of the new tax law on their situations, some employees may wish to file a revised Form W-4 to supplement revisions to the withholding tables already being made by the IRS.


President Trump signed legislation on January 22 to delay the medical device excise tax, the health insurance provider fee and the excise tax on high-dollar health plans. All three taxes were delayed in a temporary funding bill.


The Tax Cuts and Jobs Act did not directly change the tax rate on capital gains: they remain at 0, 10, 15 and 20 percent, respectively (with the 25- and 28-percent rates also reserved for the same special situations). However, changes within the new law impact both when the favorable rates are applied and the level to which to may be enjoyed.


The Tax Cuts and Jobs Act increases bonus depreciation rate to 100 percent for property acquired and placed in service after September 27, 2017, and before January 1, 2023. The rate phases down thereafter. Used property, films, television shows, and theatrical productions are eligible for bonus depreciation. Property used by rate-regulated utilities, and property of certain motor vehicle, boat, and farm machinery retail and lease businesses that use floor financing indebtedness, is excluded from bonus depreciation.


As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2018.


Health flexible spending arrangements (health FSAs) are popular savings vehicles for medical expenses, but their use has been held back by a strict use-or-lose rule. The IRS recently announced a significant change to encourage more employers to offer health FSAs and boost enrollment. At the plan sponsor's option, employees participating in health FSAs will be able to carry over, instead of forfeiting, up to $500 of unused funds remaining at year-end.


The IRS has made several changes to its examination (aka, "audit") functions that are designed to expedite the process and relieve some burden on business taxpayers. These include the expansion of the Fast Track Settlement (FTS) program for small business, self-employed (SB/SE) taxpayers and a new process for issuing information document requests (IDRs) in large case audits.





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