Waterfront Tax & Accounting Blog

Blog Highlights:      COVID-19 and Tax-Return Processing Delays      Congress Helped to Create the Backlog      Taxpayer Advocate’s Assessment      Backlog Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of tim...

Here are five things that happened this past month that affect your small business. 1) House Ways & Means Committee releases tax policy outline.Every business owner should be monitoring the debate and tax policy coming out of Washington DC. The latest tax proposals may change before Democrats cra...

At its core, a family business is exactly what it sounds like: a company or other enterprise owned, operated, and actively managed by at least two people from the same family. This can be a parent and their kids, two siblings, or some other configuration — it doesn't actually matter, as the manag...

Video conferencing in and of itself is certainly nothing new. It's been around in some form or another for decades — businesses used it for remote meetings in the 1990s, and personal users have been "Skyping" with friends and family members since high-speed Internet connections found their way in...

All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them.  Now is a good time for tax planning. The following are some events that can affect your tax return; you may need...

Blog Highlights:   - Income as a Factor   - Filing Status as a Factor   - 85% Maximum Taxable   - Base Amounts   - Deferring Income   - Maximizing IRA Distributions   - Gambling GotchaWhether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of i...

Human beings are visual learners – they always have been, and they always will be.A big part of this has to do with the way that the human brain works. According to one recent study, when people hear information, they generally only remember about 10% of what they're exposed to. If that informati...

Blog Highlights:  Roth IRA Contribution Limitations Converting a Traditional IRA to a Roth IRA Circumventing the Limitations Back-Door Roth IRAs Pitfalls of a Back-Door Roth IRA The “All IRAs Are One” Rule Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs becaus...

 Blog Highlights: New Business Tax Break Restaurant Purchased Meals Qualifying Restaurants Take-out Meals Lavish Limitations Taxpayer Presence Substantiation Congress has provided businesses with a temporary tax break as a means of helping the restaurant industry, which has been devastated by the...

Here are five things that happened this past month that affect your small business.  1) The US Treasury proposed a global minimum corporate tax rate of 15%. Continuing its push for a global minimum tax for businesses, the Treasury Department said on May 20th that corporations should pay at least ...