Vernoia, Enterline + Brewer, CPA LLC

Archive for March, 2018

Things to Remember when Considering Early Withdrawals from Retirement Plans

Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay. (more…)

Guard personal, financial, tax info

The Internal Revenue Service today urged taxpayers to remain vigilant in protecting their personal and tax information. Scams and schemes using the IRS as a lure can take on many variations, so practicing personal information security is vital.
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Taxpayers with undisclosed foreign assets urged to come forward

The Internal Revenue Service announced it will begin to ramp down the 2014 Offshore Voluntary Disclosure Program (OVDP) and close the program on Sept. 28, 2018. By alerting taxpayers, the IRS intends that any U.S. taxpayers with undisclosed foreign financial assets have time to use the OVDP before the program closes.
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Business Owners: Bonus Depreciation

Every company needs to upgrade its assets occasionally, whether desks and chairs or a huge piece of complex machinery. But before you go shopping this year, be sure to brush up on the enhanced bonus depreciation tax breaks created under the Tax Cuts and Jobs Act (TCJA) passed late last year. (more…)

Dynasty Trusts More Valuable Than Ever

The Tax Cuts and Jobs Act (TCJA), signed into law this past December, affects more than just income taxes. It’s brought great changes to estate planning and, in doing so, bolstered the potential value of dynasty trusts. (more…)