Investing in Opportunity Zones: The Facts The Tax Cuts and Jobs Act included numerous changes for businesses and individuals. One of these was the creation of the Opportunity Zones tax incentive, the purpose of which is to spur economic development and job creation in distressed communities by providing tax benefits to investors. Which Communities Qualify…
Year-End Tax Planning Strategies for Business Owners Several end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Let’s take a look: Deferring Income Businesses using the cash method of accounting can defer income into 2021 by delaying end-of-year invoices so that payment is not received until…
Individual Taxpayers: Year-End Tax Planning Strategies With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax burden for 2020. General Tax Planning Strategies General tax planning strategies for individuals include accelerating or deferring income and deductions, as…
Tax Preparation vs. Tax Planning Many people assume tax planning is the same as tax preparation, but the two are quite different. Let’s take a closer look: What is Tax Preparation? Tax preparation is the process of preparing and filing a tax return. Generally, it is a one-time event that culminates in signing your return…
Download PowerPoint Slides Event Overview. The Paycheck Protection Program has become more complex. There are several key items that every organization with a PPP loan needs to be aware of that could compromise their financial condition. Our team reviewed the risk involved with the loan forgiveness process, discussed the tax impact of these loans (which…
Health Coverage Terms Employers Should Know Under the Affordable Care Act, certain employers – known as applicable large employers – are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees. If you are an employer that is subject to…
Choosing a Retirement Destination: Tax Considerations With health care, housing, food, and transportation costs increasing every year, many retirees on fixed incomes wonder how they can stretch their dollars even further. One solution is to move to another state where income taxes are lower than the one in which they currently reside. While federal tax…
Taking Early Withdrawals From Retirement Accounts While taking money out of a retirement fund before age 59 1/2 is usually not recommended, in certain cases, it may be unavoidable, especially during times of economic crisis. If you need cash and have a retirement fund you can tap, here’s what you need to know. Background When…
Tax Treatment of Virtual Currency Transactions Whether you’ve invested in Bitcoin and sold it at a profit or loss or received it for services performed, you’ll need to report it on your tax return. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that…
Wessel & Company CPAs and Advisors, headquartered in Johnstown, PA, has been recognized as one of the Top 400 CPA firms in the nation. The list is compiled by Inside Public Accounting (IPA) and published on a yearly basis. “Our team is excited to be recognized among the top firms in the country” said Joel…