St. Clair CPA Solutions Blog
11/19/2017
From hurricanes and floods to ice storms and wildfires, 2017 is shaping up to be one of the worst years on record for natural disasters in the United States.Even before hurricane season started, the National Oceanic and Atmospheric Administration (NOAA) reported nine major U.S. climate and weather-related events that caused more than $1 billion of damage through July. And we...
11/19/2017
In a recent blog, National Taxpayer Advocate Nina Olson explained why taxpayers can't rely on answers to Frequently Asked Questions (FAQs) and Answers and other forms of "unofficial" guidance that are posted on the IRS website. While tax professionals already knew this, many taxpayers may find it to be a disturbing revelation.Olson's blog notes that there are three types of...
11/19/2017
The new 2018 car and truck models are already in the showrooms.If you're in the market for one or more vehicles for your construction business, look past the sticker prices when you weigh your decision. Don't forget to factor in all the tax aspects into the equation.Generally, your firm can claim tax deductions for business vehicle expenses, but there are numerous twists and...
11/19/2017
If you’re eligible for a defined benefit pension, you may have several payment options to choose from. Your pension plan will calculate a basic single life annuity automatically, and, if you choose a different payment option, it will recalculate the amount of your benefit based on mortality and interest rates. That means no one option is inherently better or worse than...
11/19/2017
The Work Opportunity tax credit (WOTC) is a federal income tax credit that's available to businesses that hire members of certain "targeted" groups. Here's how your business may be able to benefit from this potentially lucrative tax break.WOTC at WorkCalculating the Work Opportunity tax credit (WOTC) can be confusing. This example illustrates how it works.Suppose that on...
11/09/2017
The proposed "Tax Cuts and Jobs Act" is a major overhaul of the Internal Revenue Code unveiled by House Republicans on November 2, 2017. Despite speculation that tax cuts proposed by the bill would extend retroactively to January 1, 2017, it appears that the house GOP bill is focused largely on 2018 and beyond--with the exception of a few changes such as business expensing,...
10/19/2017
PHILADELPHIA, PA, October 19, 2017—Alan B. Gubernick, CPA, MST, Co-Managing Partner of locally-owned accounting and financial services firm St. Clair CPA Solutions, is the new Chairman of the Board of Directors of the Anti-Defamation League (ADL) Philadelphia Region. Mr. Gubernick will serve a two-year term that commenced in September 2017. Mr. Gubernick joined the ADL...
09/26/2017
If you are divorced, you may be eligible to claim a “spousal” benefit based on your former spouse’s earnings record, providing you with more options to maximize your retirement benefit. To collect a spousal benefit based on your living former spouse’s earnings record, you generally must meet the following criteria:• You are not remarried.• You are at least 62...
09/26/2017
St. Clair CPA Solutions staff at Conshohocken Funfest (left to right): Andrew Contanzo, Jamie DiRenzo, Maureen Cardamone, Justin Stolte, with mascot Bella DiRenzoSt. Clair CPA Solutions was proud to support the annual Conshohocken Funfest, which celebrates all that makes this community a great place to work and live. Many members of our employee team represented our firm and...
09/26/2017
How is your firm doing? Step back and review where you stand and where you plan to go. Today's uncertain environment makes it hard for business owners to predict what's ahead for the rest of this year. This article offers six proactive steps you can take now to put you in the best possible position to succeed in the future. We'll also take a look at how the Industrial Internet...
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