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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 [...]

NEUHAUS CPAS FEBRUARY 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 Casualty Losses: How to Claim Deductions and Avoid Pitfalls If disaster strikes, it can have tax consequences that may surprise you. Understanding the federal income tax rules for personal and business-related casualty losses can help you achieve the best possible results. Here's what you need to know to maximize tax deductions for casualty losses and minimize taxable involuntary conversion gains.   Full Article Responsibilities a Medical Practice Has Under the ADA Providing health care to patients isn't your practice's only responsibility when it comes to the disabled population. Under federal and state laws, you must follow specific guidelines when hiring. Here's a rundown of what your practice must do to comply with the federal Americans With Disabilities [...]

BUSINESS BRIEF 01/13/2023 Unused PTO a problem? Consider a contribution arrangement A new year has arrived. For many businesses, this means employees’ paid time off (PTO) arrangements have reset. And at companies with “use it or lose it” policies, workers have likely left a few or perhaps many unused hours on the table. It’s a growing problem. A July 2022 survey conducted by Sorbet, a provider of PTO solutions, found that 55% of the PTO offered by responding companies was left unused last year — a notable rise from only 28% in 2019. (This is the first such survey the company has done since the pandemic.) Overall, 57% of employees who participated in the study had unused PTO in 2022, up from 37% in 2019. Conventional methods There are various ways for businesses to help employees better or, ideally, fully use their PTO. Regular reminders from supervisors and helpful information about wellness might do the trick. [...]

BUSINESS BRIEF 01/09/2023 Inbound vs. outbound: Balancing your company’s sales strategies Inbound vs. outbound: Balancing your company’s sales strategies It might sound like the lingo of air traffic controllers — inbound vs. outbound. But businesses of all types must grapple with these concepts and their associated challenges when developing sales strategies. Inbound sales originate when someone contacts your company to inquire about buying a product or service, whereas outbound sales arise from members of your sales team reaching out to customers and prospects. Like many businesses, yours may not have the luxury of choosing one approach over the other. You probably have to find the right balance. Inbound sales: Marketing your brand Inbound sales are all about marketing your brand. Customers and prospects need to know who you are and what you offer, otherwise they won’t be in touch. Thus, you’ll need to invest in a strong brand-based, content-driven marketing strategy that establishes and maintains [...]

NEUHAUS CPAS JANUARY 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 Important Tax Figures for 2023 Every year, the amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some tax figures for 2023, compared with 2022, including the estate tax exemption, Social Security wage base, qualified retirement plan and IRA contribution limits, driving deductions and more. Good news: Many increases are higher than in past years due to inflation.   Full Article Tax Blueprint for Deducting Demolition Costs Under the tax law there are no current tax deductions for demolishing a commercial building — for example, if you're tearing it down to replace it with a new one. There may be one way to claim some valuable write-offs for [...]

BUSINESS BRIEF 01/03/2022 Timing is everything when it comes to accounting software upgrades Timing is everything when it comes to accounting software upgrades “Well, it still works, and everyone knows how to use it, but….” Do these words sound familiar? Many businesses stick with their accounting software far too long for these very reasons. What’s important to find out and consider is everything that comes after the word “but.” Managers and employees often struggle with systems that don’t provide all the functionality they need, such as being able to generate certain types of reports that could help the company better analyze its financials. Older software might constantly freeze up or crash. In some cases, the product may even be so old that support is no longer provided. When it comes to accounting software upgrades, timing is everything. You don’t want to spend money unnecessarily if your system is fully functional and secure. But you also don’t [...]

 BUSINESS BRIEF 12/29/2022 Does your family business’s succession plan include estate planning strategies? Does your family business’s succession plan include estate planning strategies? Family-owned businesses face distinctive challenges when it comes to succession planning. For example, it’s important to address the distinction between ownership succession and management succession. When a nonfamily business is sold to a third party, ownership and management succession typically happen simultaneously. However, in the context of a family business, there may be reasons to separate the two. Retaining control From an estate planning perspective, transferring ownership of assets to the younger generation as early as possible allows you to remove future appreciation from your estate, thereby minimizing estate taxes. Proactive estate planning may be especially relevant today, given changes to the federal estate and gift tax regime under the Tax Cuts and Jobs Act. For 2023, the unified federal estate and gift tax exemption will be $12.92 million, or effectively $25.84 million for [...]