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News and insights From Reynolds + Rowella

TAX PITFALL TO AVOID: WASH SALES

By: Ryan J. Wisniewski When selling and purchasing stocks or other securities, it is important that taxpayers keep in mind Wash Sale Rules per Internal Revenue Code Section 1091. Wash Sale Rules exist to discourage taxpayers from selling securities at a loss simply for the tax benefit. A taxpayer cannot sell a security at a […]

Just Married? Financial Chores to Complete when You Tie the Knot

Wedding season typically peaks in late summer and early fall, according to wedding website TheKnot.com. This year, that peak may be even more noticeable due to pent-up demand for wedding festivities caused by the COVID-19 pandemic. HERE”S SOME USEFUL FINANCIAL ADVICE FOR COUPLES WHO TIE THE KNOT IN 2021 How Much Does It Cost to […]

Child Tax Credit: what you need to know

Families may be able to cash in on various tax credits to offset their tax liability on a dollar-for-dollar basis – Plus, recent legislation has enhanced some of the credits for 2021. FOUR KEY TAX CREDITS FOR FAMILIES THAT ARE CURRENTLY ON THE BOOKS: 1. Child Credit For 2021 only, the American Rescue Plan Act (ARPA) […]

7 Valuable Deductions for Self-Employed Individuals

Being your own boss gives you access to tax incentives not available to other workers. These include self-employment tax deductions for a home office, vehicle expenses and health insurance. To help stretch your resources, we’ve rounded up seven tax deductions that may provide sizable benefits for people who are self employed. Uncle Sam encourages entrepreneurship […]

Is Your Staff Firing on All Cylinders? 6 Key HR Issues for 2021

Enduring a global pandemic may not be as traumatizing as military combat, but in both cases, the aftereffects can linger. When the smoke clears, there’s a lot of rebuilding that needs to happen to return to a state of normalcy. And as the COVID-19 pandemic finally begins to recede into the rearview mirror, another potentially […]

Choosing The Right CPA Firm To Audit Your Employee Benefit Plan

Employee benefit plan audit services are designed to protect the financial integrity and assets contained in your plan and provide valuable information to plan administrators—not to mention legal and financial advantages from an EBP audit. If your organization needs an EBP audit, one of the most important decisions of your plan administrator is selecting a […]

U.S. GAAP Accounting for PPP Loans

By: Daniel Harris As of and for the year ended December 31, 2020 there will be diversity in practice as it relates to the accounting treatment a for profit business elects to apply to forgivable loans received during 2020 under the Small Business Administration Paycheck Protection Program (PPP). Although legally a PPP loan is considered […]

Five tips to lower your tax liability

The 2021 tax filing season is here! When preparing your 2020 taxes returns, consider these last-minute ideas to lower last year’s federal income tax liability. 1. Contribute to a Traditional IRA If you’ve not yet made a deductible traditional IRA contribution for the 2020 tax year, you can still do so until April 15. Then […]

Are You Taking Advantage of Valuable Tax Credits?

Tax credits are a powerful way to lower your federal income tax bill. It’s important to differentiate between tax credits and tax deductions. A credit usually provides greater tax savings than a deduction, because a credit reduces your tax bill dollar for dollar. A deduction reduces only the amount of income that’s subject to tax. […]

Virtual Currencies & US tax and financial account reporting

By: Christopher Galakoutis, Reynolds + Rowella In 2014, the Internal Revenue Service (IRS) issued initial guidance on cryptocurrencies with Notice 2014-21. Particularly how taxpayers who held Bitcoin, as well as other virtual currencies, would be required to report transactions involving these cryptocurrencies for US income tax purposes. Specifically, the IRS stated such virtual currencies were […]

WFH Policy Assessment

Earlier this year, employers were polled by Mercer, a global benefits consulting service, to give their preliminary thinking about flexible work arrangements in a post-pandemic environment. Their answers suggest that, in some cases, companies with employees working remotely have become more receptive to these arrangements. Here are some quick survey highlights: 68% of companies are now […]

Katie Hall, Gets Published in CT CPA’s Magazine

With more than a decade of diversified knowledge in HR, Katie has extensive hands-on experience leading HR initiatives including policy design, compensation, performance management, recruiting, compliance reporting, HR workflow development, training and development, and benefits administration. She assists R+R clients with recruiting and retaining quality staff and works closely with businesses in regards to their […]

2020 US Taxes: Implications for Visitors to the US in the year of Covid-19

By: Christopher Galakoutis, Reynolds & Rowella In a typical year, millions of people from around the world visit the US. Many come as students and tourists, while others travel to the US to attend meetings, conferences and for other short-term business trips. For the most part short stays in the US do not trigger US […]

6 Proactive Estate Planning Strategies

Most peoplearen’t currently exposed to the federal estate tax – thanks to the generous unified federal estate and gift tax exemptions. However, there are still good reasons to review your estate plan and possibly update it to reflect the current federal estate and gift tax regime as well as life events. Plus, there’s always uncertainty about the future direction […]

Tax-Smart Gifting

By: Eric Miller As with every election year, there is a great deal of uncertainty of what to expect. Taxes are always a popular topic amongst the candidates regardless of the year, and that trend has continued for the 2020 election. When discussing taxes the popular area that is addressed are Income Taxes and an area […]

News and insights From Reynolds + Rowella

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