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Annual Inflation Adjustments for 2025

The Internal Revenue Service announced the annual inflation adjustments for tax year 2025. Detailed information on adjustments and changes to more than 60 tax provisions that will impact taxpayers when they file their returns in 2026 may be found on the IRS website in Revenue Procedure 2024-40. Changes for tax year 2025 According to the […]

Happy Boss’s Day

National Boss’s Day could not have fallen on a more fitting occasion than the day after the 10/15 tax deadline! Here at Wouch Maloney CPAs & Business Advisors, we want to take a moment to express our heartfelt gratitude for the exceptional guidance, leadership, mentoring, and wisdom that our bosses provide each day. The unwavering […]

Hurricane Milton and How to Check Charity Status Before Donating

In light of the ongoing situation surrounding Hurricane Milton, our primary concern is the safety and well-being of our valued clients, community members, and all those affected by this natural disaster. We extend our heartfelt prayers and support to our friends, family, clients, and colleagues in Florida during this challenging time. Check Charity Status Before […]

Disaster Tax Relief Announced by IRS

Individuals and businesses affected by Hurricane Helene in the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia will receive disaster tax relief from the IRS. According to IR-2024-253, “taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax […]

Hiring Family for Your Business

The IRS updated its guidance last month on hiring family for your business. Having a family business provides many advantages; one of course is the ability to hire family members. Keep in mind that employment tax requirements for family employees may vary from those that apply to other employees. The following information from the IRS […]

Valuation and Litigation Briefing September/October 2024

In this issue of Valuation and Litigation Briefing, our articles include: As always, if you have questions or currently in need of business valuation services, please reach out to John F. Maloney, CPA, CFF, CVA, ABAR at 215.675.8364. To read the entire September/October issue of Valuation and Litigation Briefing, click here. DISCLAIMER: The WM Update, WM […]

CONTRACTOR September/October 2024

The September/October issue of Contractor is now available online. This issue contains articles on: As always, if you have questions on any of these articles or other topics related to your construction business, please contact Stephen Slade, CPA in our Horsham office, Adrienne Straccione, CPA, CCIFP in our Philadelphia office, or any of our construction accountants. To read this […]

Interim guidance issued by IRS on employer matching contributions made to retirement plans related to employee student loan payments

On August 19, 2024, the IRS issued interim guidance for sponsors of 401(k) and similar retirement plans that provide, or wish to provide, matching contributions based on eligible student loan payments made by their participating employees. For the first time, employers are permitted to provide matching contributions for employees based on their payments on student […]

Third Quarter Estimated Taxes Due September 15th

We are approaching the last four months of 2024 and for those of you paying estimated taxes, your 3rd quarter payment is due September 15th. If you are new to making quarterly tax payments, keep in mind that taxes must be paid through either withholding or estimated tax payments as income is earned. For those […]

NJ Retirement Plan for Companies with 25 or More Employees

Every New Jersey employer with 25 or more employees, who does not offer their own qualified retirement savings plan and has been in business for at least two years, is required to register with RetireReady NJ, the state-administered retirement savings program. RetireReady NJ was created to help bridge the gap in retirement savings for the […]