With Thanksgiving behind us and the holiday season ahead of us, many nationwide face the same issue: Too many leftovers!
Read on to discover how the Enhanced Deduction for Donated Foods can combine goodwill and tax savings to make charitable food contributions better for everyone.
By now, you’ve heard it over and over: Cyber threats are growing more frequent and sophisticated by the day.
Let’s dive into ten lessons from headline-grabbing cybersecurity breaches that could help your business avoid becoming tomorrow’s front-page story.
From startups to shareholders, the opportunity to profit from a successful small business can be life-changing.
To take full advantage of Section 1202, it’s critical to understand the requirements and rules — not to mention whether or not you are even eligible for this exclusion.
In this article, we’ll explore the QSBS Exclusion in detail. Whether you already own small business stock or plan to in the future, read on to discover how this tax provision could put significant amounts of money back into your pocket.
If you recently took an RMD, plan to before the end of the year, or want to understand how the landscape is shifting, read on for a full breakdown of the IRS relief, what it means for your RMDs, and key actions to consider.
Has your home’s energy efficiency been on your mind lately?
Between rising utility bills and growing climate consciousness, improving your home’s performance is likely appealing. The great news is that a new tax credit can help make home energy upgrades more affordable.
As a taxpayer, you must understand how these state payments may impact your federal taxes and what to make of IRS guidance on the subject. For more information, continue reading.
The end of the year is fast approaching, which means the 2024 budgeting season is, too. Is your business ready?
In this article, we’ll explore some simple strategies to help you craft a more robust 2024 budget and set your business up for success and growth in the new year.
On September 14, 2023, IRS Commissioner Danny Werfel ordered an immediate moratorium on processing new claims for the Employee Retention Tax Credit (ERC).
2023 has seen some significant developments in the U.S. crypto taxation landscape.
In May 2023, the Internal Revenue Service (“IRS”) submitted a report to Congress evaluating the feasibility of providing taxpayers with the option of a free, voluntary, IRS-run electronic filing system, commonly referred to as “Direct File.”
In this post, we explore the role and responsibilities of a personal representative of an estate, as well as key tax considerations to keep in mind.
The United States accounts for nearly half of all global fraud, and up to 80% of credit cards have been compromised in data breaches. In this post, we’ll explore what consumer credit fraud victims need to know and what steps you can take today to protect yourself against fraudsters.
With many of the most substantial provisions of last year’s Inflation Reduction Act impacting corporations, small businesses, tax-exempt and government entities, and families, individual taxpayers may be wondering where they fit in.
This article will explore what hiring family members means for small business owners in 2023, what tax benefits may be available, and how to make sure you meet your tax obligations when employing family.
For employers, navigating the constantly evolving landscape of healthcare insurance requirements is always challenging. However, 2023 has brought its own unique set of challenges and considerations.
When strategically managed and tailored to your spending habits, credit card rewards can be a great way to earn airline miles, bonuses, and more — not to mention putting significant amounts of cash back into your pocket.
This is an overview of the critical information you need to know regarding your IP PIN and a dive into what the latest IRS update has revealed.
This year, as in years prior, the cost of education has only continued to rise. In fact, when you consider housing, books, food, and other living expenses, a school like Harvard can cost over $95,000 a year!
Planning for your child’s education is a significant financial commitment, and the soaring costs of college tuition have made it essential for parents to not only start early but also make wise, tax-advantaged choices.
While increased freelancing and the gig economy are nothing new, the transformation of the global workforce in the wake of the pandemic has explosively accelerated those trends.
Managing accounts receivable (AR) effectively is essential for fostering financial stability in your business. In contrast, poor AR management can hinder growth, increase costs, damage customer relations, cause your existing capital to go to waste, and more.
Any small business owner knows it all too well: Running a business is not easy. It requires ongoing effective juggling of multiple responsibilities, and you often find yourself wearing different hats.
Planning is essential to maximizing your retirement tax strategy, and it’s never too soon to start. If you’re planning for retirement, you’ve likely heard the phrase “Backdoor Roth IRA.”
Research and Development (R&D) is one of the most common costs associated with doing business, and not just in the life sciences or manufacturing sectors. A strong commitment to R&D is essential to building a sustainable company in almost any industry.
Charitable giving is not only compassionate; it can also be a powerful tax strategy. However, navigating the intricacies of charitable contributions tax rules can be daunting, especially in the wake of the many fast-moving changes to the tax code we’ve seen in recent years.
Small business entrepreneurs face many challenges that can impact or hinder their journey toward success.
Just the simple phrase, “IRS audit,” can be enough to trigger anxiety. For individuals and businesses alike, the thought of a relentless examination of your financial records with the threat of potential penalties looming overhead may send shivers down your spine.
Entrepreneurship comes with no shortage of daily challenges. From managing finances and taxes to attracting clients to personal asset risk to legal liability and more, every aspect of building a new business requires careful attention.
Good accounting is a cornerstone of any business, but smart record-keeping is just as vital for individual taxpayers.
The market for electric cars has expanded rapidly in recent years and is expected to continue growing dramatically over the coming decade as consumer demand surges.
Tax Day has come and gone this year, and that hopefully means you filed your federal returns or requested an extension before midnight on April 18th.
Waves of new pay transparency laws have been enacted in several states over the past few years. The exact details of wage transparency laws differ based on state and locality, but broadly they are all aimed at increasing pay equity.
After several years of a strong market and high valuations across various asset classes, many investors face a challenge: Where should they invest their gains to maximize returns while minimizing their tax liability?
In the over four years since a 2018 Supreme Court ruling cleared the way for the legalization of sports gambling, over thirty states and Washington, D.C. have done just that — with much more likely to follow in the short term.
In this article, we’ll discuss some practical steps businesses can take to protect themselves from cyber threats during tax season.
In this article, we’ll explore the impact of the Metaverse on real estate to help you understand the potential tax implications of investing in the virtual real estate market.
What is the New Jersey Manufacturing Voucher Program? Who can benefit from the MVP? And how can manufacturing businesses apply? For answers to these questions and more, continue reading below.
Failing to understand the difference between cash flow and taxable income can significantly impact your financial planning and decision-making.
Noncompliance comes with substantial financial and reputational exposures, and, to make matters worse, UP compliance has been overlooked in the past. What’s more, every state has its own complex set of laws. That means even your accountant may be in slightly unfamiliar territory!
With the proper knowledge, taxpayers can take full advantage of the potential benefits of the Inflation Reduction Act.
Tax planning can be daunting for anyone, but for LGBTQIA+ individuals, there can be unique challenges and considerations to navigate.
Whether you are a startup founder or an investor looking to support the next market-changing idea, securing the funds to grow and innovate is one of the earliest challenges any new company will confront.
Since the 2017 passage of the Tax Cuts and Jobs Act (TCJA), the U.S. tax code has seen dramatic changes impacting taxpayers and businesses.
With the filing season for the 2022 tax year officially underway, many Americans are already looking ahead to tax planning for the 2023 tax year.
All eyes are on the IRS this year, with interim Commissioner Douglas O’Donnell assuming leadership of a long cash-strapped agency now flush with billions of dollars of new funding and eager to crack down on tax evaders.
Understanding the tax implications of rental income is essential to being successful as a landlord.
47% of Americans feel anxious when they receive any correspondence from the IRS, with nearly a third worrying they will be audited despite feeling very confident that their tax returns are error-free.
If you live, work, or do business in multiple states, your income may be subject to the taxation requirements of various jurisdictions.
High-income taxpayers, will tax phaseouts affect your deductions or credits this year or the next? It’s an important and timely question.
With the end of the year approaching and the start of the 2022 tax filing season approaching, the window to get ahead of the game is almost shut.
Employee stock options, which allow employees to buy shares of the company they work for at a discounted rate, are an excellent way for employees to reap some reward from their employer’s success.
Raising children can be very expensive. Luckily, there are deductions available for some families with children could help reduce your taxable income.
A lot is happening these days, and it’s not always easy to keep up. This past year has been no exception.
59% is approximately how many children that are five or younger who are not enrolled in kindergarten that were in non-parental childcare once a week in 2019.
When someone we care about passes away, there are many feelings we may experience as part of the grieving process. Usually, in such moments, tax returns are the farthest thing from our minds.
A lender canceling or forgiving a debt you owe can be great news. After all, you no longer have to worry about monthly payments, late fees, or accumulating interest.
Is your identity secure … or could someone potentially file a false tax return using your personal information?
Are you worried about your golden years? If so, you’re not alone. According to a survey, 66% of Americans worry they’ll run out of money in retirement, and 50% feel financially unprepared for an unexpected health expense.
If you are 70 ½ or older and enjoy supporting your favorite charities, you have likely heard the phrase “Qualified Charitable Distribution,” or QCD.
Do you pay a nanny, housecleaner, gardener, maid, babysitter, or another type of household employee?
As the holiday season looms, your mind may already be turning to the giving and receiving of gifts…and, of course, the tax implications thereof.
If you’ve reached the age where you can receive Social Security benefits, congratulations!
For plenty of entrepreneurs who wish to start their own business, one of the first questions they ask themselves is: What form of business entity is best for their needs?
When launching your exciting new business, one of the first and most critical questions you’ll need to answer is: What type of business structure is the right choice for your goals and needs?
The recently-implemented Inflation Reduction Act brought about sweeping changes impacting U.S. taxpayers. Yet, one frequently-debated provision of the tax code ended up remaining unchanged, in spite of demands from representatives of high-tax states with Pass-Through Entity Tax (PTET) laws: the SALT cap.
Did the IRS hit you with a penalty related to your 2019 and/or 2020 tax returns? If so, there is some good news that may apply to you.
Being named the beneficiary of a person’s retirement plan is an honor and demonstrates that the person who passed away was willing to trust you with their life savings.
If you are considering a reverse mortgage, it’s essential to understand how it works.
For most people, selling a home is a major life event that takes time, planning, and careful consideration. And, as with most big changes in life, it can have some tax implications.
Employee stock options can be a valuable aspect of a good compensation package.
According to the IRS, qualified business income, or QBI, is “the net amount of qualified items of income, gain, deduction, and loss from any qualified trade or business.”
If you drive for work, use your car for your job, or even use car-for-hire services or rideshare programs for business purposes, you might be able to deduct expenses related to your vehicle.
The most common way to profit from owning a piece of real estate is by selling the property for more than you paid, often because the property’s value has appreciated or increased over time.
Nobody wants to think about the potential destruction of their personal property due to a disaster or loss due to theft.
In today’s digital world, cybercriminals are constantly developing new ways to get personal information and use it to their advantage, which means identity theft is a risk for everyone.
If you’re a business owner, it’s possible that at some point during the year, you’ll have an excess business loss or net operating loss.
It’s becoming more and more common for American workers to access their retirement funds earlier than the IRA withdrawal age of 59 ½.
Corporation meeting requirements are different depending on the type of corporation and the state in which you incorporated it; state law and the corporation’s own bylaws set the rules by which the corporation holds valid meetings, takes proper actions, and keeps appropriate records and documentation.
When you receive a notice from the IRS, your first response might be to assume you’re in trouble.
Nexus can be a confusing term. However, it can directly affect an entity’s tax liability and, therefore, the bottom line.
The IRS recently unveiled a significant component of this effort: the first-ever Taxpayer Experience Office (TEO).
Jeff Coyle, CPA, Partner of Rosenberg Chesnov, has been with the firm since 2015. He joined the firm after 20 years of business and accounting experience where he learned the value of accurate reporting, using financial information as a basis for good business decisions and the importance of accounting for management.
He is a diligent financial professional, able to manage the details and turn them into relevant business leading information. He has a strong financial background in construction, technology, consulting services and risk management. He also knows what it takes to create organizations having built teams, grown companies and designed processes for financial analysis and reporting.
His business experience includes:
Creating and preparing financial reporting, budgeting and forecasting.
Planning and preparation of GAAP and other basis financial statements.
Providing insight on financial results and providing advice based on those results.
Jeff also has a long history of helping individuals manage their taxes and plan their finances including:
Income tax planning and strategy.
Filing quarterly and annual taxes.
Audit support.
General financial and planning advice.
Prior to joining the firm in 2015, Jeff was in the private sector where he held senior financial and management positions including Controller and Chief Financial Officer. He has experience across industries, including construction, technology and professional services which gives him a deep understanding of business.
Jeff graduated from Montclair State University, he is a CPA and member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants and New Jersey State Society of Public Accountants.
Jody H. Chesnov, CPA, Managing Partner of Rosenberg Chesnov, has been with the firm since 2004. After a career of public accounting and general management, Jody knows the value of good financials. Clarity, decision making, and strategy all start with the facts – Jody has been revealing the facts and turning them into good business results for more than three decades.
He takes a pragmatic approach to accounting, finance and business. His work has supported many companies on their path to growth, including helping them find investors, manage scaling and overcome hurdles. His experience and passion for business reach beyond accounting and he helps businesses focus on what the numbers mean organizationally, operationally and financially.
He has a particular expertise in early-stage growth companies. His strengths lie in cutting through the noise to come up with useful, out of the box, solutions that support clients in building their businesses and realizing their larger visions.
Prior to joining the firm in 2004, Jody was in the private sector where he held senior financial and management positions including General Manager, Chief Financial Officer and Controller. He has experience across industries, which gives him a deep understanding of business.
Jody graduated with a BBA in Accounting from Baruch College, he is a CPA and member of the American Institute of Certified Public Accountants and New York State Society of Certified Public Accountants.
In addition to delivering above and beyond accounting results, Jody is a member of the NYSCPA’s Emerging Tech Entrepreneurial Committee (ETEC), Private Equity and Venture Capital Committee and Family Office Committee.
He is an angel investor through the Westchester Angels, and has served as an advisor for many startup companies and as a mentor through the Founders Institute.
