Our Blog

GROWING PAINS FOR MILLENNIAL TAXPAYERS

Beth Pinsker, Lauren Young and Bernadette Baum

February 19, 2016

The typical millennial tax client that accountant Jeffrey Gentner sees in Buffalo, New York is often dragged along by mom or dad to suffer through the process.

Gentner had one such family in his office recently - a dad who brought in three sons, aged 25, 28 and 33. They just sat there while Gentner did all the returns. Then dad paid the bill and even wrote the check for the money the...

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THE SAVER'S CREDIT: WELL-KEPT SECRET FOR U.S. TAXPAYERS

Mark Miller and Matthew Lewis

February 19, 2016

It sounds too good to be true: some workers can get a double tax benefit by saving for retirement. But the federal Saver's Credit does just that by providing a second layer of tax incentives for lower-income households beyond the benefit of tax deferral that everyone receives for contributing to a 401(k) or IRA.

The Saver's Credit can be worth up to half of what you contribute to a...

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The Top 5 Accounting Mistakes by Small Business Owners

ISAAC M. O'BANNON

January 15, 2016

Small business owners face numerous everyday challenges, and they usually conquer them with their entrepreneurial strength. Unfortunately, keeping the books on their growing business is not a skill someone can simply persevere through and get it right.

And the potential consequences of messing up on the accounting functions can have serious consequences when it comes to the success or...

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PATH Act Extends Tax Relief for Individuals and Businesses

January 15, 2016

Congress passed a new wide-ranging law on December 18 that extended many expired tax breaks. The President immediately signed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The new law does more than just extend expired tax provisions for another year. It makes many popular tax breaks permanent or extends them for two to five years.

In doing so, the...

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YEAR-END PLANNING CONSIDERATIONS FOR THOSE ABOUT TO GET MARRIED

September 22, 2015

As if the process of getting married isn't complex and difficult enough, prospective spouses also need to take income tax considerations into account before tying the knot. That's particularly true for those who plan to marry late this year or early next year. As this article explains, from the federal income tax standpoint, those marrying next year may come out...

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Certain Small Businesses Get Repair Regulation Filing Relief

Richard Price

February 17, 2015

Since the tangible property regulations were released in proposed form several years ago, Eide Bailly and many other accounting groups, including the AICPA, have been requesting relief from the IRS and U.S. Treasury regarding the administrative burden of adopting the new regulations. On February 13, 2015, the IRS released Revenue Procedure 2015-20 providing delayed, but welcomed, relief to...

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Starting a New Business?

Richard Price

February 17, 2015

Small businesses are the backbone of America's economy and, according to the U.S. Small Business Administration, nearly half a million new businesses are started each year. These new entrepreneurial ventures join the ranks of the nearly 28 million small businesses around the nation.

With tax season upon us, it’s important that the taxpayers behind these new businesses, often...

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New Guidance Clarifies Reimbursement of Employee Health Costs

Richard Price

January 23, 2015

A Department of Labor (DOL) news release clarifies the restrictions on employer-provided reimbursements of health care costs under the Affordable Care Act (ACA). The release says these reimbursement arrangements, even if reported as taxable payroll to the employee, represent a violation of the ACA market reform rules. This could subject the employer to a penalty as high as $100 per day per...

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Affordable Care Act Guidance for Partners and S Corporation Shareholders

Richard Price

January 23, 2015

Owners of pass-through entities (specifically, individuals in partnerships and those who own, directly or through family attribution, more than 2 percent of the stock of an S corporation) may face a unique problem under the latest Department of Labor (DOL) guidance regarding the Affordable Care Act (ACA) market reform penalties.

The issue relates to a special rule allowing partners...

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Report Name Changes before You file Taxes

February 7, 2014

Did you change your name last year? Did your dependent have a name change? If the answer to either question is yes, be sure to notify the Social Security Administration before you file your tax return with the IRS.

This is important because the name on your tax return must match SSA records. If they don’t, you’re likely to get a letter from the IRS about the mismatch. And if you...

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The Timing Factor

January 14, 2014

If you’re about to retire, it’s important to calculate the rate of withdrawal needed to help you finance your retirement without depleting your savings too soon. An important factor in determining how long your savings will last is the shape of the market at the time you plan to enter retirement.

Because the stock market is unpredictable, you may want to have a Plan B if...

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Price Elwood LLC is Now Global Business Solutions LLC

November 27, 2013

We are excited to announce that Price Elwood LLC has a new name, Global Business Solutions LLC. We are the same firm with new technological advances that help ease your stressful life during tax time, along with the other business services we offer. We are “A Next Generation Accounting Firm”.

A Next Generation Accounting Firm provides clients with the highest level of client...

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Our New Website

November 27, 2013

We are excited to...

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“Eye on Money” Magazine

November 27, 2013

We are pleased to announce the “Eye on Money” Magazine for your enjoyment.

Each issue of Eye on Money includes a variety of easy to read articles on current financial issues such as retirement, investment, education, estate, gift, and personal planning. Additionally each issue contains leisure articles covering travel and the arts. We...

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Consider your taxes before making sizable gifts to charities, family, and friends.

November 27, 2013

Gifts you make can benefit your tax situation in a few ways. Let's look at charitable contributions first.

You can deduct contributions you make to qualified organizations, such as charities, religious organizations, and nonprofit schools, as long as you itemize deductions on your tax return. In some situations, limits may affect how much you can deduct. A charitable deduction cannot...

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How to Back Up Your Charitable Deductions

November 27, 2013

Just a reminder, when you make charitable contributions, the following substantiation rules must be followed:

  • For cash donations under $250, a cancelled check, bank statement, or credit card statement showing the name of the charity, the amount, and the date is generally all you will need to document your donations.
  • For non-cash...

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