In his latest column on Medicare surtaxes, financial guru Julian Block addresses what your self-employed clients need to know about this complex area of tax law. Julian Block has devoted several previous columns to the Medicare surtax of 0.9 percent on earned income. It applies to high-income individuals when their salaries, other kinds of employee compensation, such as severance arrangements … Read More
Emphasis on Divorce Negotiations: a message from a CPA
I would encourage anyone involved in a divorce to have their CPA involved in the divorce negotiations. Our recent article about the divorce process includes 8 tax factors to be considered. These are good factors to be aware of and they are seldom included in a divorce decree. It is important to have a CPA during tax negotiations because these … Read More
8 Tax Areas to Factor into Divorce Negotiations
This article addresses eight tactics that may be used to affect your spouse’s net worth, which will directly affect your final financial settlement. You need to be aware of these so that you can gain assurance that all aspects of your spouse’s financial assets are fairly and accurately valued and disclosed on their net worth statement. This will enable your … Read More
IRS urged to stop sending notices for unpaid taxes until it catches up on mail backlog
The House Ways and Means Committee is asking the Internal Revenue Service to quit mailing notices for unpaid taxes to taxpayers who may have been affected by the mail backlog at the agency due to the COVID-19 pandemic. Many taxpayers have been receiving balance-due notices from the IRS even though they sent in their tax payments to the IRS months … Read More
Is your password strong enough?
A weak password is still one of the most common ways hackers break-in. Thanks to sophisticated brute-force-attack software readily available online, hackers can try tens of millions of possible password combinations per second. For example, hacking software can guess a five-character password in under three hours. If you only use lowercase letters, it’s 11.9 seconds. You need to have a … Read More
One more IRS refund
13.9M taxpayers will get interest on their refunds The IRS is required to add interest to tax refunds on timely filed refund claims issued more than 45 days after the return due date. The Internal Revenue Service plans to send interest payments averaging $18 to approximately 13.9 million individual taxpayers who filed their 2019 federal income tax returns on time … Read More
Traps to Avoid with Mergers
If you are a business owner who is considering a merger at some point, it is vital to learn more about this process early in the game. Any business owner understands the difficulty of starting a new business and keeping the business alive. In most cases, crucial decisions must be made in order for the business to move forward, including … Read More
What you need to know about the Payroll Tax Deferral
Recently, Donald Trump included a payroll tax deferral in his executive orders and it is leaving people unsure about what to do. CPAs, attorneys, and payroll programmers are all eagerly anticipating guidelines from the Internal Revenue Service and the Treasury Department on how to handle the payroll tax deferral that President Trump included in his executive orders. The IRS is … Read More
How working from home may change your taxes
A large percentage of the workforce is now working from home, and company offices may be a thing of the past. For companies that have gone remote, a new development of work-from-home is state tax nexus. Working in one municipality and living in another is nothing new. But now a large chunk of the workforce is working in one state … Read More
Ferrone and Associates picked as one of the 11 best accountants of SLC!
Expertise scored 48 accountants in the Salt Lake area and picked the top 11 for their “Best Accountants in Salt Lake City” of 2020. Expertise’s goal was to “connect people with the best local experts” so they scored accountants on more than 25 different variables across five categories to pick out the best of the best accountants in Salt Lake … Read More