As one of the largest independent public accounting firms in Florida, Gerson Preston is no stranger to being recognized by the media for its expertise and trusted reputation. But our commitment to continually expanding our knowledge and staying abreast of changes within our industry, and the industries that impact our diverse slate of clients, means that our firm’s opinion and insight can provide a valuable resource for understanding and anticipating economic, regulatory and related issues that can and may impact your business operation. Staying current is a must in today’s fast-moving business environment if you want to remain successful. Gerson Preston is here to help you keep pace.
The IRS just released its audit statistics for the 2020 fiscal year and fewer taxpayers had their returns examined as compared with prior years. But even though a small percentage of returns are being chosen for audit these days, that will be little consolation if yours is one of them. Latest statistics Overall, just 0.5% of individual tax returns were audited in 2020. However, as in the past, those with...Read more
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These rules apply if the business conducted out of town reasonably requires an overnight stay. Note that under the Tax Cuts and Jobs Act, employees can’t deduct their unreimbursed travel expenses...Read more
If you’re a parent with a college-bound child, you may be concerned about being able to fund future tuition and other higher education costs. You want to take maximum advantage of tax benefits to minimize your expenses. Here are some possible options. Savings bonds Series EE U.S. savings bonds offer two tax-saving opportunities for eligible families when used to finance college: You don’t have to report the interest on the...Read more
You’ve likely spent a lot of time working with your advisor to plan your estate. While documents such as your will, various trusts and a power of attorney are essential, consider adding a “road map” to your plan. Plot it out Essentially, the road map is an informal letter or other document that guides your family in understanding and executing your estate plan and ensuring that your wishes are carried...Read more
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