Gift CPAs

As a business owner, understanding the value of your company is crucial for various scenarios, from transactions to tax reporting, financial reporting, and even potential litigation. In this comprehensive guide, we’ll address ten commonly asked questions about business valuations, providing you with the knowledge you need to navigate this important aspect of business ownership.

Mastering Business Valuations: A Guide for Informed Decision-Making Gain a comprehensive understanding of business valuations, from their crucial role in transactions to tax reporting, financial planning, and litigation.

The holiday season is customarily a time of giving gifts, whether to your favorite charity, family members or others. Some gifts have tax implications and can even provide a variety of tax benefits.

Taxes and Holiday Gift Giving The holiday season is customarily a time to give gifts, whether to your favorite charity, family members or others. Some gifts have tax implications and can even provide a variety of tax benefits but be on the lookout for holiday gift-giving scammers.

Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 2023 and 2023 2024.

Year-End Tax Planning Opportunities Are Here Year-end is rapidly approaching, as are the holidays. So before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2023 and 2024.

As they have done before in the wake of disasters, including Hurricane Katrina, Superstorm Sandy, COVD-19, and Ukrainian relief, the Internal Revenue Service is allowing special contributions for Maui wildfire relief. It permits employees to donate their unused paid vacation, sick leave, and personal leave time to charities that are providing relief to victims of the Maui wildfire that began August 8, 2023.

IRS Announced a Novel Way for Taxpayers to Donate to Maui Wildfire Relief The IRS has made it possible for employees to donate their unused paid vacation time, sick leave and personal time off as a donation to qualified Maui wildfire relief charities

Have you been thinking of making home improvements? If so, and they include energy saving improvements, you may qualify for some substantial income tax credits.

Home Energy Audit Tax Benefits

The pop sensation, age 46, has been charged with a second round of tax fraud crimes in Spain, adding another layer to an already complex legal saga. Here, we take a look at the details of Shakira's ongoing tax evasion case, exploring the accusations, implications, and the broader context of celebrities facing tax-related challenges.

Understanding Shakira's Ongoing Tax Evasion Case Colombian superstar, Shakira, is facing two separate sets of tax evasion charges. Find all the details you need to know here.

In the aftermath of a disaster, having the updated documents and other information readily available can help victims apply for the relief available from the IRS and other agencies.

Video Tips: Protect Your Documents In Preparation for Disasters

Have you ever dreamed of winning the Powerball jackpot? The allure of sudden wealth and financial freedom is undeniable, but there's one thing that many winners overlook until it's tax season – the substantial tax bill that comes with their lucky break. Winning the Powerball lottery isn't just about celebrating. It's about understanding the tax implications that could significantly impact one’s newfound fortune.

The Tax Bite of Powerball Winnings: What You Should Know Powerball lottery winners owe more than you might think in taxes before the ink on their checks is even dry. Find full details in this Powerball tax guide.

In the whirlwind world of entertainment, scoring tickets to hot events like Taylor Swift's highly anticipated Eras Tour can feel like striking gold. With demand soaring, some savvy individuals have seized the opportunity to turn concerts like Taylor’s into profitable ventures. However, what many may not realize is that selling tickets at a profit comes with its own set of tax implications.

Do I pay taxes on profits from selling my Taylor Swift tickets? Selling tickets at a profit comes with its own set of tax implications. Learn more.

‼️📣 WE'RE HIRING! Do you like to work with numbers? We have the career for you! Become a BOOKKEEPER with Gift CPAs and help us in serving local, small business owners with their accounting and bookkeeping goals. Click 👇 to find out more!

Bookkeeper Opening - Gift CPAs | Expert Small Business Advisors in Central PA Gift CPAs is growing! If you like to work with people and numbers, you may be a perfect fit for our team.

Gift CPAs will be closing Wednesday, November 22nd at Noon, and will also be closed November 23rd & 24th. We hope that everyone has a safe and happy holiday!

As an employer or an employee one intricacy of tax laws and regulations that often goes unnoticed is the concept of Accountable Plans. These plans, when implemented correctly, can provide significant tax benefits for both employers and employees.

Accountable Plans: A Win-Win for Employers and Employees An accountable plan provides a way around the TCJA deduction restrictions. It is a reimbursement or allowance arrangement that meets criteria set by the IRS.

As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it's crucial to understand the implications of rising interest rates on personal finances.

Mastering the Impact of Rising Interest Rates on Personal Finances: A Comprehensive Guide Explore the effects of surging interest rates on credit cards, home buying, auto loans, and bank savings. Learn more.

As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits. Of course, not everything can be included since the tax law has grown significantly in complexity, and it would take a thick book to list everything. But besides what you are probably accustomed to, here are over 20 issues you may not be aware of and that can save you tax dollars.

Obscure and Overlooked Tax Deductions, Credits, and Benefits As tax time approaches, here are some tax issues that taxpayers frequently overlook, ranging from obscure deductions to overlooked tax credits and benefits.

In the dynamic world of startups, navigating uncharted waters is part of the game. As entrepreneurs, we're often so laser-focused on building the next big thing that we may overlook the importance of structuring advisory relationships with care.

The Significance of Milestones and Responsibilities in Early-Stage Advisor Agreements A well-crafted advisor agreement serves as the foundation of any successful collaboration. It's not just a legal document – it's a roadmap for success.

As a non-resident alien living and working in the United States, understanding the U.S. tax system can be a daunting task. This guide aims to simplify the process, providing you with a comprehensive overview of your tax obligations, potential tax treaty benefits, and the necessary forms you may need to file.

Navigating U.S. Taxation: A Guide for Non-Resident Aliens As a non-resident alien living and working in the United States, understanding the U.S. tax system can be a daunting task.

There is movement in the 118th (2023-2024) U.S. Congress, primarily the House of Representatives, which has three bills before it that would liberalize the current itemized deduction limitation on state and local taxes, referred to as the SALT limitation, which is currently $10,000.

Congress Toying with the SALT Deduction Limitation Thanks for using our services! These terms of service ("Terms") cover your use and access to our services, client software and websites ("Services"). We use CountingWorks, Inc. as our technology platform to enable us to provide our services in a secure environment. By using our Services, you’re ag...

The U.S. Government Accountability Office (GAO) notes that fewer than 3% of taxpayers use the IRS's existing free file service, which is limited in its scope and typically is not an option for those who work in the gig economy, own cryptocurrency, or have other complex tax issues.

The Battle Over Free IRS E-Filing: Pros and Cons Thanks for using our services! These terms of service ("Terms") cover your use and access to our services, client software and websites ("Services"). We use CountingWorks, Inc. as our technology platform to enable us to provide our services in a secure environment. By using our Services, you’re ag...

Despite warnings from the IRS, the American Institute of CPAs, and other professional tax preparer societies, many business owners have fallen victim to aggressive marketing of the Employee Retention Credit (ERC) by marketers or promoters into filing ineligible claims.

IRS Provides Employers Way to Withdraw Dubious ERC Claims As part of a larger effort to protect small businesses and organizations from scams, the IRS has announced the details of a special withdrawal process to help those who filed an ERC claim and are concerned about its accuracy.

If you are or were married and filed your federal tax return jointly with your spouse, and you were unaware of potential errors or underreporting on that tax return for which the IRS is now billing you, you may be eligible for innocent spouse relief.

Innocent Spouse Tax Relief If you are or were married and filed your federal tax return jointly with your spouse, and you were unaware of potential errors or underreporting on that tax return, you may be eligible for innocent spouse relief.

When disaster strikes, Americans can always be counted on to help. That help comes in countless ways, but often the easiest way to help is by donating money to charities. Sadly, criminals are just as likely to answer the call after a disaster or emergency as the millions of people who open their wallets.

Avoid Scammers Targeting Your Charitable Donations Scammers solicit donations to fake charities and can pose as employees of legitimate charities or federal agencies to dupe disaster victims trying to get disaster relief.

The repercussions of tax crimes resonate deeply within our society. These illicit acts compromise the availability of crucial government resources for essential sectors like healthcare, defense programs, and national security.

Top 10 Legitimate Tax Strategies Every Physician Should Know Empowering Physicians: 10 Proven Tax Strategies for Financial Security

Starting a business can seem daunting to the prospective entrepreneur. A step-by-step plan to get started can alleviate some of the angst. The cost of getting started is one of the first considerations. These costs can be identified and addressed in a solid business plan.

New Business Start-up Costs Starting a business can seem daunting to the prospective entrepreneur.

Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). It is estimated that one out of ten Americans have unclaimed property or money floating around somewhere.

Find Lost Money Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one

In the dynamic world of start-ups, securing funding is the lifeblood of growth and innovation. However, as interest rates begin to rise, entrepreneurs find themselves facing a new set of challenges. In this article, we'll explore the multifaceted impact of rising interest rates on start-up fundraising and delve into strategic approaches to navigate this shifting landscape.

How Rising Interest Rates Impact Start-up Fundraising In this article, we'll explore the multifaceted impact of rising interest rates on start-up fundraising and delve into strategic approaches to navigate this shifting landscape.

Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and the paperwork required to file proper tax returns is often convoluted. This is especially true if you're filing your taxes yourself.

Made a Mistake on Your Tax Return - What Happens Now? Increasingly complex tax laws make it more likely that errors are made or items are omitted on tax returns, but they should be corrected by amending the return, generally within 3 years of filing the original return.

Whether you're using QuickBooks Online or QuickBooks Desktop, recurring transactions can help you streamline your day-to-day financial processes. In this guide, we'll explore how to make the most of recurring transactions in the QuickBooks Online system.

Simplify Your Business With Recurring Transactions In QBO QuickBooks Online offers a host of bookkeeping and accounting features for business owners. Learn how to save time with recurring transactions.

The early Presidential debates for the 2024 election cycle have begun, and one topic that's expected to take center stage is the future of the U.S. tax code. Tax policy questions loom large, and the 46th person to serve as United States President – remember, Grover Cleveland was elected twice, non-consecutively – will have to grapple with some major tax issues.

The Future of U.S. Tax Policy: Key Questions For 2024 Presidential Candidates As Presidential debates for the 2024 election cycle get underway, tax policy questions loom large. This is your guide to which tax issues you need to know.

The tournament, dubbed "Fins on the Fairway," was a fundraiser benefiting Nova Southeastern University Orlando. The promised prize for a hole-in-one was a sleek Mercedes E Class vehicle, but as events unfolded, it became evident that something was amiss.

The Curious Case of the Hole-in-One: Tax Ramifications and Legal Wranglings Unfold Tax Ramifications of Winning a Charity Hole-in-One

If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the extension period runs out can subject you to late-filing penalties.

October Extended Due Date Just Around the Corner If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023.

Staff members from our Akron and Lancaster offices had a great time participating in Junior Achievement of South Central PA, Putt for Education.🏌️Can you name any of our staff members?

In the dynamic realm of start-ups and venture capital, one document holds paramount importance: the term sheet. It serves as the preliminary guide, a non-binding agreement outlining crucial investment details. For any entrepreneur seeking to secure funding, be it in the seed stage or a series A round, comprehending the essence of a term sheet is indispensable.

Understanding Term Sheets At its core, a term sheet is the initial handshake of a potential investment. Learn more.

Recent survey results from the Nationwide Retirement Institute shed light on the prevalent concerns surrounding the future of Social Security. Among those aged 50 and above, a staggering 75% worry that Social Security may run out of funds in their lifetimes, a notable increase from the 66% recorded in 2014.

Social Security Survey Reveals Concerns and Tax Implications There are proactive steps individuals can take to secure their financial future.

All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority over one or more foreign financial accounts (e.g., bank accounts and securities) need to report these relationships to the U.S. Treasury if the aggregate value of those accounts exceeds $10,000 at any time during the year.

Foreign Account Reporting Due October 16 All United States entities (including citizens and resident aliens as well as corporations, partnerships, and trusts) with financial interests in or authority o

Every business – large and small – needs a business succession plan. Just like Warren Buffett and Jeff Bezos prepared for the day that they would step away from the C-suite, every small and mid-sized business owner should plan ahead so that the transfer of the leadership and/or ownership of their businesses will be smooth and effective, whether a sudden change requires it or a planned change occurs.

The importance of business succession planning Every business – large and small – needs a business succession plan.

Did you know today is POWER OF PINK DAY? Gift CPAs offices participated by wearing Pink to support Men Wear Pink Brand Ambassador, Chad Schweighart, and his efforts to raise awareness and funds to support the fight against breast cancer! Did you wear pink today? Show us!!

There is still time to donate 👉 https://secure.acsevents.org/site/STR/RMWP/MWPCY23NER?px=58719534&pg=personal&fr_id=106087

The electric vehicle (EV) and hydrogen electric vehicle (HEV) revolution is well underway, with an increasing number of drivers switching to eco-friendly options every day. In this brief guide, we'll explore how different states are handling EV and HEV charging taxes, providing valuable insights for both current and future clean vehicle owners.

Electric Vehicle Charging Taxes: A State-By-State Overview The electric and hydrogen vehicle revolution is well underway and every state is dealing with taxes differently. Get the information you need in this guide.

Amid rising concerns about a flood of improper Employee Retention Credit claims, the Internal Revenue Service on Thursday, September 14, 2023, announced an immediate moratorium through at least the end of the year on processing new claims for the pandemic-era relief program to protect honest small business owners from scams.

IRS Orders Immediate Stop to New Employee Retention Credit Processing Despite warnings from the IRS, AICPA, and other professional tax organizations many business owners are being misled into filing for the Employee Retention Tax Credit for which they do not qualify.

If you are the recent beneficiary of an inheritance, you may be wondering if you will need to pay tax on the cash, stocks or real property that you received.

Taxation and Sales of Inherited Property Get Beneficial Treatment The taxation of inherited property

More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States currently live with at least one grandparent, accounting for approximately 9% of all children nationally and more than half of those not living with their parents.

Tax Breaks for Grandparents Grandparents rearing grandchildren may qualify for a variety of tax breaks. They include head of household filing status, child tax credit, earned income tax credit, childcare credit, education credits, and medical expense deductions.