Year-end tax planning is seldom a simple proposition. With this in mind, we have prepared a comprehensive 2023 Year-End Tax Planning Letter. For your convenience, the guides for businesses and individuals are linked below: Business Tax Planning...
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You can work and still receive Social Security benefits, but how much you receive depends on a number of factors. First, if you do plan to continue working after becoming eligible to receive benefits, you might consider delaying filing for...
More InfoWidow/er Social Security Benefits
A widow or widower is eligible for a survivors benefit from Social Security even if they never worked – as long as the deceased spouse qualified for benefits based on his or her own income record. Also note that surviving spouses must have been...
More InfoEmployee Retention Credit Paused Amid Growing Fraud Concerns
The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit). The pause on new claims goes into effect immediately and will...
More InfoWhat Actions Can Data-Breach Victims Take?
Over the years, millions of individuals have been affected by data breaches, where their sensitive data is accessed by unauthorized cybercriminals or publicly exposed. A data breach can result in huge financial loss if stolen data is used to...
More InfoNew Personal Finance Provisions in the 2.0 Secure Act
The Continuing Appropriations Act, enacted at the end of 2022, included several provisions that impact retirement plans going forward. Specifically, the legislation enacts SECURE 2.0, an updated version of the Setting Every Community Up for...
More InfoCole Gavlas Staff Accountant Earns CPA Designation
Cole Gavlas, PC, would like to congratulate staff accountant Erik Shultz who recently earned his Certified Public Accountant (CPA) licensure in the state of Michigan. “Earning one’s CPA designation is one of the most important milestones in an...
More InfoDifferent Ways to Value a Business
When it comes to valuing a business, there are many ways to examine a company’s profitability. Looking at a business’ liquidation value and its breakup value are two of many approaches to see how a company is functioning and how it might...
More InfoEstate Taxes vs. Inheritance Taxes: Understanding the Differences
Estate and inheritance (“death”) taxes are levied on the transfer of property at death. The difference between an estate tax and an inheritance tax is based on who pays the bill. An estate tax is levied on the estate of the deceased, while an...
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