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NEUHAUS CPAs SEPTEMBER 2023 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 © 2023, Powered by CPA Site Solutions Partnerships: Tax Considerations When Adding a New Partner When inviting a new partner to participate in your business, it's important to understand the federal income tax issues that may arise. Here's an overview of the tax rules that may apply if you bring a new owner into a partnership or limited liability company that's treated as a partnership for tax purposes. There are both pros and cons to consider.   Full Article Repossessing Investment Property Sold in a Seller-Financed Deal If you sell investment real estate in a seller-financed installment transaction and later repossess the property, what are the federal tax implications? This article will answer that question. You may wind up with a taxable gain [...]

NEUHAUS CPAs AUGUST 2023 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 © 2023, Powered by CPA Site Solutions 6 Types of Payroll Tax Obligations Employers Should Know Payroll taxes are a major expenditure for employers and employees. These taxes may be owed at the federal, state and local levels, depending on where the work is performed and the home states of your employees. Remote working only complicates matters. Here's an overview to help your business navigate the withholding, filing and reporting requirements.   Full Article Keeping Tax-Smart Corporate Minutes Keeping corporate minutes for your medical practice can sometimes be viewed as a time-consuming, burdensome task. But there's a silver lining: The minutes can be used to document your practice's intentions for transactions that have major tax implications. Here are six important matters to keep in mind [...]

NEUHAUS CPAs JULY 2023 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 © 2023, Powered by CPA Site Solutions Midyear Tax Planning for Small Businesses and Owners Have you met with your tax advisor to plan for 2023? The current tax year is already half over, and many tax planning moves require some time to implement. Fortunately, you still have several months to make changes. Here are four ideas to inspire small businesses and owners to take action to lower their tax obligations for this year.   Full Article The IRS Inspects Cost Segregation Studies Cost segregation studies are one of the best ways building owners can reduce their tax bills by accelerating depreciation deductions. However, the IRS has identified the studies as an audit target and has issued guidance for its examiners. This article [...]

NEUHAUS CPAs JUNE 2023 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 © 2016, Powered by Thomson Reuters Checkpoint How to Reap the Tax Perks of Business-Owned Life Insurance Businesses may purchase life insurance policies on their employees or owners for various operational and estate-planning purposes. Proceeds from these policies may be eligible for favorable tax treatment if certain conditions are met. Do you know the tax rules regarding exclusions from income, notice and consent, and annual reporting? Here's a brief overview.   Full Article A Buy-Sell Agreement Can Protect Your Practice and Minimize Disputes In the wake of health care issues, practices may get new patients and need to hire more physicians to help with the workload. If these physicians intend to take a practice ownership share, it's important to make sure each one [...]

NEUHAUS CPAs MAY 2023 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 © 2023, Powered by CPA Site Solutions Rising Rates Add to the Appeal of CRTs There may be a silver lining in the recent uptick in interest rates: Higher rates allow people who set up charitable remainder trusts (CRTs) to take larger charitable contribution deductions than they could have taken when rates were lower. Here's what you should know about using these split-interest trusts to achieve your financial, estate planning and philanthropic goals.   Full Article Scrutinize Commercial Property Tax Bills Tax assessors can make mistakes that increase your property tax bill. Here's a rundown of some of the more common errors found on commercial property bills, along with ways to get your tax bill lowered if a mistake is found.   Full [...]

NEUHAUS CPAs APRIL 2023 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 © 2023, Powered by Thomson Reuters Checkpoint Want to Move? Tax Implications of Converting a Home to a Rental Property Are you planning to relocate or downsize your home? The residential real estate market has cooled off in many parts of the country. So, it could make sense to hold off on selling your home. Instead, you might consider converting the property into an income-producing rental. Here are some important tax issues that factor into making such a decision.   Full Article Managing Denials: Getting the Money You're Owed It happens to every physician's practice — a claim gets denied by a payer. There are numerous reasons why payers deny claims, with the most common reason being a paperwork error. In order to [...]

NEUHAUS CPAs MARCH 2023 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 © 2023, Powered by Thomson Reuters Checkpoint Top 3 Federal Tax Law Changes that Could Affect Your Business Return One reason the federal tax code is so complex is that the rules are constantly changing. Tax Day for corporate and individual taxpayers is April 18 this year. But the 2022 filing deadline for S corporations and partnerships is March 15. If your business hasn't yet filed or extended its return, you should take the time to review the changes that went into effect for the 2022 tax year.   Full Article Carefully Negotiate the Terms of a Work Letter The outline of work to be done by either a tenant or a landlord on rented property is a significant and intricate part of [...]

BUSINESS BRIEF 02/27/2023 Influencer marketing could help your business (or not) Most companies today have some sort of presence on social media as part of their marketing efforts. If you’ve spent any time online as a business owner, you’d probably agree that building a following and getting meaningful reactions to your posts isn’t easy. One way that some companies rise above the din is to not only promote themselves on social media, but also engage someone else to do it — someone who already has a huge following and gets copious views and “likes” a day. These individuals are commonly known as “social media influencers.” The case for and against The term isn’t without controversy. Some people associate it with celebrities who are good at drawing attention to themselves on social media but come up rather short on substantive content. A few influencers have even said or done things that reflected poorly on the [...]

BUSINESS BRIEF 02/17/2023 Sailing a steady ship in today’s interesting economy Business owners: If you’re having trouble reading the U.S. economy, you’re not alone. On the one hand, the January 2023 jobs report revealed that the unemployment rate had fallen to 3.4%, its lowest level in 54 years. And inflation, while still a concern, has moderated in most sectors — staving off fears of a recession in the immediate future. And yet concern remains about whether the economy will grow or suddenly stall. And the Fed is expected to continue raising interest rates, meaning the battle against inflation is far from won. What can you do, strategically, to neither under- nor overreact to this “interesting” situation? Sail a steady ship. Save a little, spend a little  In a faltering economy, business owners tend to want to curb spending. Conversely, during boom times, companies are more apt to spend money to seize opportunities. Right now, the best approach [...]

BUSINESS BRIEF 01/27/2023 3 ways your business can uncover cost cuts Every business wants to find them, but they sure don’t make it easy. We’re talking about cost cuts: clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs — such as wages, benefits and overhead — often aren’t a viable option because the very stability of your operation may depend on them. But there might be other ways to lower expenses if you dig deeply enough. Here are three ways to perhaps uncover some cost-cutting opportunities. 1. Study your suppliers Many companies find that just a few of their suppliers account for most of their spending. By identifying these vendors and consolidating spending with them, you may be able to put yourself in a stronger position to negotiate volume discounts. Consolidating your supplier base also tends to [...]