Earlier this month, proposed legislation cited as the Keep Every Extra Penny Act of 2024 (KEEP Act) was introduced to eliminate income taxes on overtime pay. The purpose of this Act is to amend the Internal Revenue Code of 1986 and exclude overtime compensation from gross income for purpose of the income tax. While […]
Welcome to the July/August issue of our Contractor newsletter. This month we include articles about financial management for contractors, an evaluation method that construction businesses may find useful to help with their bidding process and more. All articles in this issue include: As always, if you have questions on any of these articles or other […]
Welcome to the July/August issue of Valuation and Litigation Briefing. This month our newsletter includes topics on: 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 July/August issue of Valuation and Litigation Briefing, click […]
We are proud to announce Eric Seidman, CPA, MBA, Partner, was honored as a 2024 Forty Under 40 Rising Star in Pennsylvania at a reception held at the DoubleTree in Philadelphia on Tuesday, June 25, 2024. According to City & State PA, “we are proud to honor forty exceptional individuals under the age of 40 […]
The IRS issued a reminder that the 2nd quarter Estimated Tax Payment for 2024 is due on June 17th. According to the release, “Taxpayers making estimated tax payments should consider this deadline to avoid falling behind on their taxes and facing possible underpayment penalties.” Avoiding an Underpayment Penalty To avoid an underpayment penalty at tax […]
New guidance went into effect on how to determine whether a worker is an employee or an independent contractor under the Fair Labor Standards Act (FLSA) on March 11, 2024. The final rule rescinds the 2021 Independent Contractor Rule. While companies have the right to control how, when, and where employees perform work, they do […]
The May/June issue of our Contractor newsletter is now available. In this issue, we discuss the pros and cons of renting, buying or leasing heavy equipment. We also delve into the fundamentals of tax accounting for construction companies. This article reviews the defining features of the cash and accrual accounting methods, as well as the […]
The May/June 2024 Valuation and Litigation Briefing is now available. Our cover story summarizes a recent Arizona divorce case where a calculation of value was used by courts to value the couple’s law firm. A sidebar explains how calculations of value differ from conclusions of value. We also include an article that explains how valuators […]
Recognizing employees for their contributions has always been an essential part of our culture at Wouch Maloney CPAs & Business Advisors. In 2014, we began to officially recognize one employee who truly went above and beyond during tax season by presenting them with the Tax Season Excellence Award. To receive the Tax Season Excellence Award, […]
Each tax season has unique challenges and learning opportunities which is why we do what we do for our clients and friends. Once the April 15th deadline passes, it is also important for us to recognize the dedication and time our entire team gave during tax season. On Friday, April 19, 2024, our office will […]
News, ideas, and advice to keep you informed and ahead of the curve.
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