Our Blog

What Trump's Tax Proposals Mean to You and Your Business

Walsh, Kelliher & Sharp

May 3, 2017

On April 26, 2017 the Trump administration provided information on proposed tax law changes, many of which mirror his previous tax policy statements. Although these proposals lack significant detail, here is what the president proposes and how it might impact your tax liability:

Business Tax Rates - Trump’s proposal would cut the top rate on corporate...

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Important Tax Changes for Small Businesses

Walsh, Kelliher & Sharp

 

Tax legislation passed late in December 2015 (the Protecting Americans from Tax Hikes Act) extended a number of favorable business provisions and made some others permanent. The provisions can have a significant impact on a business’s taxes for 2016. Here is a rundown of those changes that need to be considered when preparing your 2016 and 2017...

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Tips for Holiday Charity Giving

Walsh, Kelliher & Sharp

Tips for Holiday Charity Giving

The holiday season is the favorite time of the year for charities to solicit donations. It is also the time of year when scammers show up in force, pretending to be legitimate charities in hopes of swindling you. It is also a festive and very busy time of the year, and you may inadvertently overlook the documentation needed to verify...

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Roth IRA Aging Requirement

Walsh, Kelliher & Sharp

August 8, 2016

Roth IRA Aging Requirement

 

You probably know that a Roth IRA can provide tax-free retirement income, but did you know the account must be “aged” before its earnings can be withdrawn tax-free? 

Unlike traditional IRA accounts, contributions to Roth IRAs provide no tax deduction when they are made, and unlike traditional IRAs,...

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Have Fewer Than 50 Employees? Here is How the Health Care Act Affects You

Walsh, Kelliher & Sharp

August 8, 2016

Have Fewer Than 50 Employees? Here is How the Health Care Act Affects You

 

Article Highlights:

Under the 50-Employee Threshold
Determining the 50-Employee Threshold
Full-Time Employee
Equivalent Full-Time Employees
Information Return Requirements
SHOP Marketplace
Small Business Health Care Credit


When...






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Back-Door Roth IRAs

Walsh, Kelliher & Sharp

May 3, 2016

Back-Door Roth IRAs

 

Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible, earnings are tax-deferred, and distributions are generally taxable. Anyone who is...

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Jointly or Seperately - How to File After Saying I DO

Walsh, Kelliher & Sharp

January 19, 2016

Jointly or Separately - How to File After Saying I Do

A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately. Both statuses can result in surprises for...

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Great News from the IRS

Walsh, Kelliher & Sharp

November 30, 2015

Great news from the IRS!

 

The IRS delivered an early Christmas present this year in the form of a new IRS notice that increases the tangible property expensing threshold from $500 to $2,500.

 

The announcement from the IRS read as follows:

 

For Small Businesses: IRS Raises...

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Back-to-School Tax Tips for Students and Parents

Walsh, Kelliher & Sharp

September 16, 2015

Back-to-School Tax Tips for Students and Parents

 

Going to college, and figuring out how to pay for it, can be stressful for students and parents. Congress has provided a variety of tax incentives to help defray the cost of education. Some require long-term planning to become beneficial, while others provide current tax deductions or credits. The benefits may even cover...

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Important Times to Seek Our Assistance

Walsh, Kelliher & Sharp

June 10, 2015

Important Times to Seek Our Assistance
 

 

Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time you become aware that you may have a substantial change in...

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Need Help Revising Your W-4 Exemptions?

Walsh, Kelliher & Sharp

January 22, 2015

This time of year, many employers will request updated W-4 forms from their employees (and the equivalent state form for those who live in a state with income tax). The W-4 form allows you to specify your filing status and the number of dependent exemptions to be used for determining the amount of income tax to be withheld from your payroll.

The IRS provides an online W-4 calculator...

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Tax Extenders Finally Arrive

Walsh, Kelliher & Sharp

December 17, 2014

In the recently enacted "Tax Increase Prevention Act of 2014," Congress has once again extended a package of expired or expiring individual, business, and energy provisions known as "extenders." The bill will now to go the President’s desk where it is expected to be signed shortly.

The extenders are a varied assortment of more than 50 individual and business tax deductions, tax...

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Business Owners Beware - New IRS Matching Program

Walsh, Kelliher & Sharp

October 24, 2014

Beginning in 2012, banks, credit card companies, and other third-party organizations that settle transactions were required to file informational returns with the IRS that reported a business’s credit and debit card transactions and other electronic types of reportable income. The form used to file that information with the IRS is the 1099-K. If your business has credit/debit card...

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Mid Year Tax Planning Checklist

July 24, 2014

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. Mid-year is the perfect time for tax planning. The following are some events that can affect your tax return; you may need to take steps to...

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Identity Theft - A Growing National Nightmare

April 17, 2014

You may think we harp a lot on protecting yourself against identity theft. You are right…because having your identity stolen becomes an absolute financial nightmare, sometimes taking years to straighten out. Identity thieves are clever, relentless, and always coming up with new schemes to trick you....

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Largest Ever U.S Tax Fraud Phone Scam Targets Thousands

March 25, 2014

By Patrick Temple-West

http://www.reuters.com/article/2014/03/20/us-usa-tax-fraud-idUSBREA2J28W20140320

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Tax Issues Facing Small Business Owners & Higher-Income Taxpayers in 2014

February 25, 2014

Tax Issues Facing Small Business Owners & Higher-Income Taxpayers in 2014

 

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Maximize Your American Opportunity for Education Tax Benifits

January 16, 2014

The tax code provides tax credits for post-secondary (college) education tuition paid during the year for a taxpayer, spouse, or dependents. Taxpayers should make every attempt to take advantage of these benefits. The most lucrative of the credits is the American Opportunity Credit (AOTC) that...

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Take Advantage of the IRA-to-Charity Transfer

December 13, 2013

 For 2013, if you are age 70½ and over, you are allowed to make direct distributions (up to $100,000) from your Traditional IRA account to a charity. The distribution is tax free, but there is no charitable deduction, and the distribution can count toward your required minimum...

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Are Underpayment Penalties Going to Get You?

November 20, 2013

Are Underpayment Penalties Going to Get You?

The US’s “pay-as-you-go” tax system requires that taxpayers make payments of their tax liability evenly throughout the year. If you don’t, it’s possible that you owe an...

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Who's Getting Your Money

April 23, 2013

Beneficiary designations are an important part of your overall estate plan, but can often be overlooked or forgotten. When was the last time you reviewed your beneficiary designations on insurance policies and retirement plans? We encourage you to review all of your beneficiary designations periodically, any time you are writing or rewriting your will and after...

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Choosing the Right QuickBooks Platform for your Business and Payroll Needs

February 27, 2013

Choosing the Right QuickBooks Platform for your Business and Payroll Needs

One key decision all small business owners must consider is how to access and maintain their books and records. QuickBooks has become the most prominent accounting software for small businesses as it is a relatively easy to use and straightforward platform.

When a small business begins to think about...

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Estate Tax Planning for 2013

January 26, 2013

On January 2, 2013, the American Taxpayer Relief Act of 2012 was signed into law. After years of uncertainty, the Act brings welcome relief to estate tax planning as it makes permanent various estate tax provisions that were set to expire on December 31, 2012.

The estate and gift tax exclusion amount – the amount a taxpayer may transfer without incurring estate or gift taxes – was...

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FDIC Unlimited Insurance Expiring

December 5, 2012

Until December 31, 2012, non-interest bearing checking accounts have unlimited FDIC coverage, up to the full account balance. Beginning January 1, 2013, all of a depositor's accounts, including all non-interest bearing checking accounts, will be insured by the FDIC only up to the standard maximum insurance amount ($250,000), per account ownership category.

For more information, go to...

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Identity Theft - Everyone's Business

July 10, 2012

Identity theft is a concern for us all. During 2010, consumers reported losses from fraud of an estimated $1.7 billion to the Federal Trade Commission. Fraud and identity theft constitute 73% of consumer complaints to the Consumer Sentinel Network.   Identity thieves may attempt to open credit accounts using stolen information and may even file a federal tax return under a stolen...

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Services We Offer Throughout the Year

May 10, 2012

Now that our “busy” season is behind us, we want to remind you of some of the services we offer throughout the year that you may need:

  1. Transaction planning – Is your business about to enter into a significant transaction, such as buying or selling a large piece of land, equipment or building, purchasing an existing business, selling all or part of your...


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Our New Website!

February 2, 2012

We are excited to announce the recent launch of our firm’s new website! We’ve been working very hard to enhance our site and give our firm a major facelift. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around our new website and review...

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Phone: 907-456-2222
Fax: 907-456-8325
Email: info@wkscpa.com 

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Phone: 907.456.2222 • Fax: 907.456.8325
Email: info@wkscpa.com