Every year the Internal Revenue Service (IRS) publishes a list of taxpayer scams and tax avoidance schemes they call the “Dirty Dozen.” These fraudulent practices pose serious risks such as the loss of personal data, money and more. Although these scams peak during...
The Balancing Act
Weinstein Spira Blog
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Tax
The Power of the Charitable Contribution Deduction
Donating to charities offers a wealth of benefits that extend far beyond the act of giving. It empowers individuals to make a positive impact on causes they deeply care about. Through charitable contributions, critical resources are given to people in need,...
Building a Brighter Future: Your Guide to Higher Education Tax Credits and Savings Plans
Today, higher education comes with a large price tag, but it also comes with great rewards. The addition of a college degree to your resume can provide higher earning potential, access to more jobs and more networking and learning opportunities overall. Even with its...
Are Client Accounting and Advisory Services (CAAS) For You?
Accounting also personally referred to me once as “the necessary evil”, has a rough reputation. Pocket protectors, ten keys, panty hose, and even maybe an abacus is what people imagine when they think of my profession. Although, not entirely inaccurate, I believe the...
Important Aspects of Your Financial Health
Whether you are just out of school or nearing retirement, a periodic review and update of all aspects of your short-term and long-term financial health is important. When my mother was turning 90, her doctor noticed in an X-ray, a spot on her lungs. The cancer doctor...
The Inflation Reduction Act: What Does it Mean to You?
The Inflation Reduction Act (IRA) became law on August 16, 2022. There are wide-ranging provisions that are intended to reduce the budget deficit, address climate change and clean energy, lower the cost of health insurance and prescription drugs and reform parts of...
Reference Rate Reform: What You Need to Know
Do you have debt or other agreements that utilize the London Interbank Offered Rate (LIBOR) as the benchmark reference rate? If so, are you prepared for reference rate reform? Over the past years, there has been an effort to move away from the LIBOR and other...
Income Tax Reporting for the Employee Retention Credit
If you are one of the many businesses that have taken advantage of the Employee Retention Credit (ERC) or plan to, you may be wondering about the impact the ERC refund has on your income tax return. In this blog post, we review the ERC and discuss the income tax...
How to Minimize Tax on Investment Income
When you invest in financial instruments, such as stocks, mutual funds, IRAs/401ks, commodities, and even cryptocurrency, the main goal is to grow your wealth. In many cases, once that initial investment decision is made, people tend to leave it there and go about...
1031 Exchanges: What You Need to Know
U.S. Internal Revenue Code Section 1031 allows real estate investors to swap one property for another and defer recognizing some or all the gain and the related tax liability from the sale of the first property—assuming some very specific rules are met. Over the...
Successful Accounting Records for Restaurants
It is important for a restaurant to have successful accounting records, especially in the beginning, start-up phase and when making critical decisions that will drive growth. A key contributor to a restaurant’s ultimate success is an accurate, complete set of...
Tips on Accounting for Tips
Despite current challenges regarding the pandemic, whether offering carry-out or dine-in options, restaurants remain a mainstay in many communities around the country. Owning or operating a restaurant comes with a unique set of requirements for reporting and paying...
Cost Segregation for Restaurants and Hotels
Need a Cost Segregation Study? If you own a restaurant or hotel establishment, the answer most certainly could be “YES!” As a tax accountant with clients in this space, I urge you to consider conducting a cost segregation study to maximize your tax deductions. In this...
American Rescue Plan Act
The American Rescue Plan Act (ARPA) of 2021 is a $1.9 trillion economic stimulus bill signed into law on March 11, 2021. Some of the highlights of the business provisions include: Employee retention credit – Extended for quarters through December 31, 2021 The...
Employee Retention Credit
Updated in March 2022 The Employee Retention Credit (ERC), established by the CARES Act, provides a dollar-for-dollar credit against employment taxes to qualifying companies impacted. The credit availability extends through September 30, 2021 for most taxpayers (the...
Consolidated Appropriations Act, 2021: Summary of Business Provisions
The Consolidated Appropriations Act, 2021 (the Act) is now law. The Act provides $900 billion for COVID-19 related relief, including $285 billion for the Payroll Protection Program (PPP). In summary, the Act makes multiple modifications to existing laws, including...
Estate Planning Tips for High Net Worth Singles
The more wealth you accumulate over your lifetime, the more important it is to think about legacy and estate planning. For married individuals, all assets normally go to the surviving spouse, unless otherwise specified. However, singles need to be more actively (and...
Plan Ahead for Your Next Commercial Real Estate Investment
Think Before You Invest There are many things to consider before investing in commercial real estate. Realizing that every deal is different and each investor has his/her own perspective, I will share what I have learned from working on 100+ investment deals to help...
Video: Executor Responsibilities
Being an executor of an estate is an honor but also a big responsibility. Are you up to it? Amy is letting you know your responsibilities as a loved one’s estate executor. Contact her here if you have any questions about being an executor of an estate. Executor...
Maximizing Your Retirement Dollars
You may be mid-career and saving for retirement or getting ready to jump into a retired lifestyle. Whatever stage you’re in, any tax consultant or financial advisor will tell you, “the best time to plan for that eventuality is now.” This is especially important in the...
Video: What To Include In Your Estate Love Letter
Have you heard of a letter of instruction or ‘love letter’ that accompanies someone’s will? Amy is showing you what types of items you can include. Contact her here if you have any questions about your letter of instruction.
What Will Your Legacy Be? Transferring Wealth to the Next Generation
“All good men and women must take responsibility to create legacies that will take the next generation to a level we could only imagine.” ~ Jim Rohn, Entrepreneur and Business Philosopher As life unfolds and businesses evolve, the accumulation of assets grow, from...
Video: Reasons to Update Your Will
When was the last time you reviewed your will? Amy is sharing a few reasons why you should consider updating your will. Contact her here if you have any questions about your estate planning updates.
Transitioning After an Acquisition
Prior to acquiring a new company, the focus is on due diligence pertaining to technical and financial issues, such as taxes (discussed in my previous blog post, Essential Tax Considerations Before Acquiring a Target Company). At that stage, there is no time to dive...