St. Clair CPA Solutions Blog
04/16/2018
The new tax law introduces a special deduction for eligible pass-through businesses. The deduction is generally equal to 20% of "qualified business income." It's designed to help achieve parity between the reduced corporate income tax rate and the tax rates for business income that passes through to individual owners of sole proprietorships, partnerships, limited liability...
04/16/2018
The so-called "kiddie tax" was designed to discourage high-income taxpayers from shifting income to children in lower tax brackets to reduce the family's overall tax bill. The kiddie tax can cause a portion of a dependent child's net unearned income to be taxed at higher rates than the regular rates for single taxpayers. The Tax Cuts and Jobs Act changes the kiddie tax rate...
04/16/2018
You already know about the need to create and maintain payroll records, but you may be wondering how long you have to keep them and for what purpose.The answers depend on the amount of time required by the appropriate statute, which can often lead to confusion and mistakes by the uninformed. Here are some general guidelines that can help you sort out your responsibilities....
04/16/2018
Join St. Clair CPA Solutions in the ADL Walk Against Hate on June 3, 2018! St. Clair CPA Solutions proudly supports our Partner, Alan B. Gubernick, CPA, MS Taxation, who also serves as Board Chair of the Philadelphia ADL. As an annual sponsor of the ADL Walk Against Hate, each year our employees contribute and participate on the St. Clair CPA Solutions team, which raises funds...
04/16/2018
Financial Literacy for Nonprofit Executives and Board MembersPresented by Frances Sperling Feldbaum, CPA, MBA, Principal,St. Clair CPA SolutionsOn March 2, 2018, Fran presented her informative program about Financial Literacy to this year's Business on Board Leadership class. Business on Board, a program of the Arts + Business Council of Greater Philadelphia, trains...
04/16/2018
Congratulations…Please join us in congratulating Cecilia Buck on completing the final part of the CPA exam! This is a tremendous accomplishment for this dedicated member of the St. Clair CPA Solutions accounting team.
04/16/2018
FBAR filers get an automatic 6-month extension. The Financial Crimes Enforcement Network (FinCEN) has clarified the due date of 2017 Reports of Foreign Bank and Financial Accounts (FBARs). While 2017 FBARs are now due on Apr. 17, filers who miss this deadline are given an automatic extension until Oct. 15, 2018. Certain taxpayers with foreign accounts must file an FBAR,...
04/16/2018
There's been a lot of controversy about the recent tax law change that limits the federal deductions for state and local taxes (SALT). This limitation will have an adverse effect on many homeowners, especially residents of jurisdictions with high property taxes and people who own expensive homes or more than one home. How the New Limit on SALT Deductions Affects HomeownersThe...
02/14/2018
Attend our informative new program from 8 to 10 am on Tuesday, February 27 in our PA office or Thursday, March 1 in our NJ office to understand how the new tax law will impact individuals and businesses. This program will cover key provisions of the TCJA and provide an opportunity to have your questions answered by our tax experts. Find details and registration links on our...
02/09/2018
The Tax Cuts and Jobs Act (TCJA) provides businesses with more than just lower income tax rates and other provisions you may have heard about. Here's an overview of some lesser-known, business-friendly changes under the new law, along with a few changes that could affect some businesses adversely.Good NewsMany of the new law's provisions will reduce the amount of taxes your...
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