Tax-Extenders Package Agreement Reached

On December 15, 2015 House Speaker Paul Ryan announced a tentative agreement on a tax-extenders package that will arrive on the House floor by Thursday and in the Senate before the Congress breaks for the holidays. The agreement’s provisions call […]

Rethinking Strategies for Claiming Social Security Benefits

The Bipartisan Budget Act (BBA) of 2015 will close unintended loopholes from two techniques frequently used when claiming social security benefits: the “Restricted Application” and “File-and-Suspend” strategies. The “Restricted Application” strategy is currently used to claim spousal benefits, generally on […]

Upcoming Changes to Your Financial Statements

If we compile or review your business’s financial statements, you will soon be seeing changes to both our engagement letters and our reports for those services. Recent changes made by the American Institute of Certified Public Accountants (AICPA) to the […]

Building a Niche Practice

Early in my career, the partners at Wouch, Maloney & Co. instilled in me the firm’s core values: To be knowledgeable, caring, proactive, and responsive. These four core values have been integral to my personal development, but they’ve also been […]

Bonus Tax Trap

It’s great to get a bonus in recognition of your hard work and outstanding performance, but sometimes bonuses can lead to unpleasant surprises at tax time. Just like regular salary amounts, bonuses are subject to graduated federal income tax rates. […]

Identity Theft Could Affect Getting Your Refund

Identity theft is becoming a significantly troublesome problem for the IRS.  Increasingly, stolen social security numbers are used by criminals to file fictitious claims for tax refunds.  Between 2013 and 2014 alone, tax-related identity theft rose almost 70%.  Victims of […]

Are Club Dues A Deductible Business Expense?

For any business expense to be deductible it must be ordinary and necessary to a business’s operations.  The IRS determines the deductibility of club dues based on the nature of the club’s activities. The club’s name or the member’s business […]

Calling the IRS?

Talking to the IRS is more difficult now than at any other time in the recent past. Between 2014 to 2015, the IRS’ customer service budget was slashed by almost 76%.  As a result, in 2015 it answered only 37% […]

Gifts of Family Business May Get Costly!

For individuals who may be considering transitioning the family business, the IRS is presently evaluating whether to eliminate a technique frequently employed to produce Gift Tax savings for such transitions. Current tax strategy for these transitions is to take a […]