St. Clair CPA Solutions Blog
02/09/2018
What does tax debt have to do with a passport? Passports are issued by the State Department — not the IRS. But a 2015 law requires the IRS to notify the State Department of taxpayers that have "seriously delinquent tax debt." This is generally defined as tax debt exceeding $50,000 and for which a lien has been filed (for tax years beginning after Jan. 1, 2016). Unless...
02/09/2018
As you've heard by now, the Tax Cuts and Jobs Act (TCJA) includes a number of changes that will affect individual taxpayers in 2018 and beyond. Significant attention has been given to the reduced tax rates for most individuals and the new limit on deducting state and local taxes. But there is more to the story. Here's a summary of some of the lesser-known provisions in the new...
02/09/2018
Most U.S. businesses will receive a big tax cut starting with their 2018 tax years, thanks to the new law that was enacted on December 22. But some industries (such as retail, hospitality and banking) generally expect to reap more benefits than others (such as certain professional practices).The provisions in the law — known as the Tax Cuts and Jobs Act (TCJA) — are...
02/09/2018
Our Clients and Friends Enjoy BalletX Open Rehearsal, January 16, 2018A standing-room only audience of our clients and friends, along with BalletX donors, enjoyed an exciting Open Rehearsal of a world premiere that BalletX will perform during its Spring Series in March 2018, followed by a reception with the dancers and world-renowned choreographer, Darrell Grand Moultrie. St....
02/09/2018
Stephanie S. Sommers, CPA elected to 2018-19 SLATED AFWA NATIONAL BOARD OF DIRECTORSSt. Clair CPA Solutions congratulates Stephanie S. Sommers, CPA, the firm’s Controller and Human Resources Manager, on her recent election to the Accounting & Financial Women’s Alliance (AFWA) 2018-19 slated National Board of Directors. Ms. Sommers is presently serving as AFWA...
01/05/2018
U.S. financial markets were strong throughout 2017 and capped off the year with even more gains in December. All three major indices were up for the month and the quarter. In December, the Dow Jones Industrial Average led the way with a return of 1.92 percent. The S&P 500 Index gained 1.11 percent, and the Nasdaq Composite trailed with a gain of 0.48 percent. For the quarter,...
11/19/2017
Our team is growing with new employees. Please join us in welcoming the newest members of our team to both offices!In Merchantville, NJ:• Jake Faford, Accounting Associate• Shruthi Somashekar, Senior Associate In Conshohocken, PA: • Todd Moses, CPA, Manager, Accounting & Auditing• Devin Uqdah, Senior Tax Associate• James F. Knight, Jr., Senior Accountant• Bonnie...
11/19/2017
Collecting food for community food drives has become an annual holiday tradition for our firm in both our New Jersey and Pennsylvania offices. By participating in regional food drives, we proudly support vulnerable families and individuals who are experiencing food insecurity, and work to make their holidays happier by donating food and assisting nonprofit organizations that...
11/19/2017
Social Security "wage base" and benefits increase for 2018. The Social Security Administration (SSA) has announced that the wage base for computing the Social Security tax in 2018 will increase to $128,700. This is up from $127,200 for 2017. For 2018, an employee will pay 6.2% Social Security tax on the first $128,700 of wages. In addition, an employee will pay 1.45% Medicare...
11/19/2017
People buy life insurance for different reasons, so it’s no wonder that there are a variety of options from which to choose. But the differences among policies are not always clear. How do you decide between permanent and term life insurance? Which policies carry risk and which are guaranteed? And, when it’s all said and done, which policy will cost most?Fortunately, most...
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