A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals may receive this form for tax year…
Understanding the Due Diligence Process When Selling a Business
Written by: William Cooper, CPA & Leah Belanger, CPA, MSA If you’re preparing to sell your business, you may have heard the term due diligence. But unless you’ve been through an M&A deal before, you might not know what the…
Under-withholding: Why You Owe So Much in Taxes
Written by: Michael Cooper, CPA Have you ever received a surprise income tax bill? You’re not alone. According to an analysis of IRS data, just over one-fifth (21%) of U.S. taxpayers owe the IRS money each year. And while owing…
WALTER SHUFFAIN RECOGNIZED AS A 2022 IPA TOP 200 FIRM
Inside Public Accounting (IPA) has named Walter Shuffain, P.C. (Walter Shuffain) a 2022 Top 200 Firm. This is the second year that the firm has broken into the Top 200 list. The IPA Top lists are the most comprehensive lists…
Walter Shuffain Named one of the 2022 Accounting Today’s Best Accounting Firms to Work For
Walter Shuffain, P.C., was recently named as one of the 2022 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees. This…
Business Tax Implications of the Inflation Reduction Act (IRA)
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the…
Vacation Homes & Your Taxes
Written by: Erik Bredberg Do you own a vacation home? If so, you may be able to deduct a number of expenses on your tax return. The tax treatment depends on whether you use the property solely for personal use…
Tax-Free Capital Gains: Understanding the Qualified Small Business Stock Gain Exclusion
Written by: David Cooper, Joseph Bellante, and Mark Trunfio Many high-net-worth individuals are unaware of an incredibly valuable tax incentive: Section 1202 of the Internal Revenue Code, also known as the qualified small business stock gain exclusion. This tax-planning tool…
Walter & Shuffain announces a brand update and company name change
BOSTON, MASSACHUSETS – Walter Shuffain has announced a brand update and company name change. The full-service advisory, accounting, and tax firm is now known as Walter Shuffain. Walter Shuffain is admired for its strong relationships, forward-thinking approach, and results that…
IRS Increases Mileage Rates Reimbursements for Second Half of 2022
The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for…