Do’s Do – Get a W-9 from each independent contractor/service provider when you start a working relationship with them. It saves time and effort down the road, and you won’t have to track them down last minute. Do – Report payments made to individuals, partnerships, and estates. Do – Send 1099s to all contractors/service providers…
DetailsDear Clients and Friends: After weeks, indeed months of proposals and counter-proposals, seemingly endless negotiations and down-to-the-wire drama, Congress has passed legislation to avert the tax side of the so-called “fiscal cliff.” The American Taxpayer Relief Act permanently extends the Bush-era tax cuts for lower and moderate income taxpayers, permanently “patches” the alternative minimum tax…
DetailsTaxes are complicated. Choosing a tax professional to help you shouldn’t be. This time of year there are many different types of preparers offering tax return assistance. However, no one matches the value that a licensed Certified Public Accountant (CPA) can deliver. It’s important to know that all tax preparers are not equally qualified. Licensed…
DetailsNow that President Obama has been re-elected, see what tax issues you and your business are facing. This is brought to you by Bronswick Reicin Pollack CPAs and courtesy of CCH. Please click on the link at the bottom of this section. If you have any questions, please contact us. http://tax.cchgroup.com/downloads/files/PDFs/Legislation/postelection-taxpolicy.pdf ——————- Disclaimer: The information…
DetailsOctober 1, 2012 Jeffrey D. Bronswick, CPA, MBA JEFFREY D. BRONSWICK is the Managing Partner of Bronswick Reicin Pollack, Ltd. – Certified Public Accountants and Business Advisors (BRP). BRP works closely with entrepreneurial clients in helping guide their growth and financial success, assisting them with operational and financial issues, and in charting tax strategies…
DetailsDear Friends, Dramatic tax increases scheduled to go into effect in 2013 make 2012 tax planning imperative. The following taxes may be impacted: Not only are the Bush Administration tax cuts set to expire, but a new 3.8 percent surtax on investment income and a possible reinstated claw-back of itemized deductions could raise the tax…
DetailsBy: Michael Brody, CPA Having a great idea is not the only thing you will need when starting a business. Here are three important items all future business owners need to consider before they open their doors. Choice of Entity: There are several different types of entities to choose from, ranging from the sole proprietorship (one owner) to…
DetailsBy: Jeffrey Bronswick, CPA, MBA In an ever changing business environment where food prices are rising, competition is increasing and margins are shrinking, it is important to take advantage of all of the tax benefits available to help restaurant owners. However, when owners do not get the proper guidance, you miss opportunities that can improve…
DetailsBy: Jack Knopoff (JKnopoff@BRP-CPAs.com) August, 2012 A tax case just came across my desk indicating that an inherited IRA distribution from a taxpayer’s deceased mother’s IRA was determined to be taxable income. The daughter had attempted to rollover the IRA distribution into her IRA account; the tax code denies rollover treatment of an inherited IRA. If…
DetailsBronswick Reicin Pollack would like to welcome Charles Martin Jr. to its team of professionals. He will be a great asset to BRP clients as he has an excellent educational background and professional experience as a summer associate at a regional CPA firm. Charles recently graduated from the University of Illinois at Urbana-Champaign with…
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