2022-11-03T18:32:11-04:00

November 2022

                                           NEUHAUS CPAS NOVEMBER 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint New Law Expands Deduction for Energy-Efficient Commercial Buildings Energy efficiency in commercial buildings has long been rewarded with favorable tax treatment. Some of those tax advantages became permanent last year. Now — included in the recently passed Inflation Reduction Act — is an expansion of the energy-efficient commercial buildings deduction, making it available to more designers and building owners, and raising the amounts. This article explains the basics of the so-called Section 179D deduction.   Full Article Owner's Liability for Incidents in Parking Lots To avoid costly litigation, business owners know they must keep their [...]

2022-10-19T19:21:09-04:00

October 2022

                                           NEUHAUS CPAS OCTOBER 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Cash In on Corporate Deductions for Charitable Donations Charitable giving isn't just for individuals. Businesses can donate, too — and reap significant tax savings. Limits on corporate tax deductions for donations were liberalized during the pandemic. But, under current tax law, they've generally returned to pre-pandemic levels for 2022 and beyond. Here's what business owners should know, including information about implementing an employee donation matching program.   Full Article Strive to Protect Nursing Home Employees from Patients Violence is rampant at residential care facilities. Employees are assaulted regularly by residents, particularly those who suffer from [...]

2022-09-22T14:53:26-04:00

September 2022

NEUHAUS CPAS SEPTEMBER 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Time to Review Related-Party Loans Loans between family members and other related parties have become increasingly common while interest rates have been near historical lows. But, as interest rates have started to climb, related-party loans could lead to unexpected tax consequences. Here's what borrowers and lenders who participate in these loans should know to help minimize the potential adverse tax effects for both parties. Full Article Tread Carefully When Renting Space Physicians who rent office space to health care suppliers and providers must make sure that the rental amounts reflect fair market value, according to a special fraud alert issued by the Office of Inspector General. Otherwise, physician-landlords could be charged with accepting excessive payments in [...]

2022-08-04T11:28:00-04:00

August 2022

NEUHAUS CPAS AUGUST 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Time to Review Related-Party Loans Loans between family members and other related parties have become increasingly common while interest rates have been near historical lows. But, as interest rates have started to climb, related-party loans could lead to unexpected tax consequences. Here's what borrowers and lenders who participate in these loans should know to help minimize the potential adverse tax effects for both parties.   Full Article Tread Carefully When Renting Space Physicians who rent office space to health care suppliers and providers must make sure that the rental amounts reflect fair market value, according to a special fraud alert issued by the Office of Inspector General. Otherwise, physician-landlords could be charged with accepting excessive payments [...]

2022-07-07T13:31:08-04:00

July 2022

NEUHAUS CPAS JULY 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint 10 Tax Tips for Volunteers Volunteering for a charity can be a rewarding opportunity to give back to your community. As a bonus, you also may be eligible for some well-deserved tax breaks for your out-of-pocket expenses — if you itemize deductions on your tax return. Here are 10 possible tax breaks for volunteers who do work for qualified charitable organizations.   Full Article Rental Tax Issues Can Be More Complex than they Seem If you're a rental property owner, you know it's not unusual to realize losses these days. Can they be deducted on your tax return? It depends on a number of factors. Take a look at one U.S. Tax Court case that illustrates the [...]

2022-06-10T12:14:21-04:00

June 2022

NEUHAUS CPAS JUNE 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US: Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Is Cryptocurrency Right for Your Business? While Bitcoin is no longer a shiny new object, cryptocurrencies continue to draw the attention of individuals and business owners seeking ways to harness the popularity of this alternative to traditional financial assets. But business owners are being urged to tread carefully with crypto. Here's why — and how. Full Article Tax-Favored Retirement Plans For Partnerships The type of retirement plans set up and maintained by a medical practice partnership has major implications for the future security of partners and employees. So you want to choose the best option. However, qualified partnership plans have special tax considerations. Here are the details. Full Article Keep a Tight Rein on Branch Operations [...]

2022-06-10T12:14:00-04:00

May 2022

NEUHAUS CPAS MAY 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US:   Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Work or Pleasure: The Tax Rules for Hybrid Travel Many business owners like to add on a few extra days of leisure to their business trips, whether it's to relax by the beach or visit family members who live in a different city. With proper planning and documentation, you may be able to deduct some costs — such as transportation, lodging and meals — as legitimate business expenses. Here's a refresher on the tax rules for business vs. personal travel. Full Article Landlords May Be Legally Liable for Tenant Injuries Accidents happen, and if you own the property where your tenant or a visitor gets hurt, you could be held legally responsible. This article defines [...]

2022-06-10T12:09:02-04:00

April 2022

NEUHAUS CPAS APRIL 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Us Visit our website FOLLOW US:   Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint Spring Cleaning Your Personal Tax Files After you file your tax return, you're probably left with a stack of financial paperwork, including receipts, bank and investment account statements, K-1s, W-2s and 1099s. What do you need to keep and what can you shred? Although it might be tempting to throw out everything, you should first review some tried-and-true guidelines for record retention. Failure to keep a paper trail for the information provided on your returns could lead to problems if you're audited. Full Article Personal Finance Quiz: Test Whether Your College Grad Is Ready for the Real World With a diploma in hand, your new graduate might seem ready to conquer the world. But college [...]

2022-06-10T12:06:57-04:00

March 2022

NEUHAUS CPAS MARCH 2022 NEWSLETTER Neuhaus CPAs 311 Blvd of the Americas Suite 303 Lakewood, NJ 08701 (732) 886-5430 Email Firm Website link1 Unsubscribe Your Privacy Disclaimer of Liability © 2022, Powered by Thomson Reuters Checkpoint 5 Categories of Interest Expense: What's Deductible? The average U.S. household owed $155,622 in 2021, up 6.2% from the previous year. This includes debt from credit cards, mortgages, home equity lines of credit, auto loans, student loans and other household obligations. A heavy debt load can cause you to incur significant interest. Here's a discussion of the different types of interest expense and rules for deducting eligible expenses under current tax law. Full Article Section 1031 Exchanges for Real Estate Are More Attractive than Ever Do you want to sell commercial or investment real estate that has appreciated significantly? One way to defer a tax bill on the gain is with a "like-kind" exchange. With this tax strategy, you [...]

2022-01-04T11:30:36-05:00

January 2022

Upcoming dates: January 18 - 4th quarter installment of 2021 estimated income tax is due for individuals, calendar-year corporations and calendar-year trusts & estates The new year is upon us and so is another tax filing season. With all the late breaking tax law changes, advance payments of the child tax credit, and several stimulus payments, this year's tax return may be a bit chaotic. But your situation does not have to be. Included in this month's newsletter are some tips to help your tax journey be a smooth one. Also included are some timely updates to retirement plan contribution limits for 2022 and a great list of ideas to help your small business prepare for the upcoming tax season. Plan Your Retirement Savings Goals for 2022 There's good news for your retirement accounts in 2022! The IRS recently announced that you can contribute more pre-tax money to several retirement plans in 2022. [...]