Sciarabba Walker Blog
The information in these blog posts is provided for general informational purposes only and is not intended to substitute for accounting, tax, or financial advice from a professional accountant. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available through this blog is current or error free. No part of this communication is intended to be used for the purpose of avoiding penalties under U.S. federal tax law.
Do You Need to File Form 1099?
With year-end rapidly approaching, the 1099 filing due date of January 31, 2023, is right around the corner. If your business pays an individual or company more than $600 for services or rent, you may be required to file Form 1099. The information below explains the...
Proposed Changes to Required Minimum Distributions
The “Setting Every Community Up for Retirement Enhancement” Act, or SECURE Act, was enacted on December 20, 2019. Over two years after the law was enacted on February 23, 2022, the IRS issued proposed regulations on the SECURE Act, which include changes to inherited...
Year-End Giving to Charity or Loved Ones
The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax rules involved in these transactions. Donating to charity In 2022, in order to receive...
Strategies for Investors to Cut Taxes as Year-End Approaches
The overall stock market has been down during 2022 but there have been some bright spots. As year-end approaches, consider making some moves to make the best tax use of paper losses and actual losses from your stock market investments. Tax rates on sales Individuals...
Inflation’s Impact on Your 2022 and 2023 Tax Bills
The effects of inflation are all around. You’re probably paying more for gas, food, health care and other expenses than you were last year. Are you wondering how high inflation will affect your federal income tax bill for 2023? The IRS recently announced next year’s...
The Importance of Modernizing Internal Controls
The COVID-19 pandemic brought the prevalence of remote work and electronic teamwork to a new level. When changes of this magnitude occur, organizations must update their internal controls to reflect the new environment. There are five components to an internal control...
2022 Year-End Planning – Business
With year-end approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. This year’s planning is more challenging than usual due to recent changes made by the Inflation Reduction Act of 2022 (formerly...
2022 Year-End Planning – Individual
2022 is coming to an end, which means tax season is right around the corner. While you might be busy planning for the upcoming holidays, we at Sciarabba Walker want to help you prepare for tax filing by sharing some updates and strategies with you. Help Us Help You...
Federal Student Loan Forgiveness
In late August, President Biden announced a plan to cancel $10,000 in federal student loan debt for those earning less than $125,000 per year and $20,000 for low-income families who had received Pell grants. In the United States, 45 million people owe $1.6 trillion...
The Importance of Nonmedical Staff and External Support
A typical practice includes physicians, medical assistants, nurses or nurse practitioners, x-ray technicians, physician assistants, and others. However, nonmedical staff members and external support providers play integral roles in many practices’ operations. They can...