As tax professionals, we know that changes in leadership often bring shifts in tax policy, affecting everything from deductions and exemptions to estate taxes and business regulations. With President Donald Trump’s recent re-election, we may see updates to tax policy based on his prior administration’s actions and new proposals. For individuals and businesses alike, understanding…
The holiday season is a time of giving, and while the joy of gifting is often its own reward, there are ways to make your generosity even more impactful through strategic tax planning. By understanding the tax implications of certain gifts, you can maximize the benefits for both the giver and the recipient. This article…
by: Dave Bodiford, CPA The Current Expected Credit Loss (“CECL”) standard significantly altered the way financial institutions estimate loan losses. CECL replaced the traditional incurred loss model, emphasizing a forward-looking approach that accounts for expected future losses over the life of a loan. Although the CECL standard affected all businesses using generally accepted accounting principles…
By: Bill West, CPA – Tax Member of Scott and Company CPAs There are three certainties in life: death, taxes (which explains my career choice), and no rule applies all the time in English. (This last item is compliments of my 7th grade English teacher, Mrs. Mullinax.) This article is about the first event in…
1. Where did you go to college? University of South Carolina 2. What year did you join Scott and Company? I joined as an intern in January 2018 and was hired full-time in the firm’s Assurance and Advisory practice in December 2018 3. Why did you choose Scott and Company? I was drawn to the…
In 2019, Forbes estimated the net worth of Peter Thiel, co-founder of PayPal, at $2.3 billion. What Forbes did not report is that, apart from the $2.3 billion, Thiel had more than $5 billion in his retirement account. Notably, the retirement account had substantial growth that was tax-free, as it was a Roth IRA. This…
Article Highlights: Back in late 2017, Congress passed the Tax Cuts & Jobs Act of 2017 (TCJA) which made enormous changes to income tax laws as outlined below. However, most of the provisions of TCJA were only temporary changes that will expire after 2025. During the Covid pandemic, Congress made other tax law changes that will also…
In an era where financial scams are becoming increasingly sophisticated, protecting your IRS payments demands more awareness than it once did. Check washing fraud, a technique where thieves steal checks from the mail, erase crucial information, and manipulate the payee and amount, has seen a resurgence. Understanding exactly how this crime is committed is essential…
by: Bill West, CPA – Member, Tax and Advisory Services People often ask me what they should do to save on taxes. My response is it depends on what you are doing and how you make your income. Today, I am going to review a few tax saving opportunities that, if you are in the…
Article Highlights: Blog: Year-end is rapidly approaching, as are the holidays. So, before you become distracted with the seasonal celebrations, it may be in your best interest to consider year-end tax moves that can benefit you for both 2022 2023 and 2023 2024. Here are last-minute tax issues you might consider: INDIVIDUAL PLANNING OPPORTUNITIES Not Needing…
