More And More States Killing Death Taxes

There have been waves about taxes going down… at least those regarding death taxes. These changes are coming thanks to alterations in state tax exemptions…

“Want proof taxes can actually go down? In the last three years, nine states have eliminated or lowered their estate taxes, mostly by raising exemptions…” [ Read more here ]

IRS Issues Relief For Estate Tax Trap For Surviving Spouses

does your state have an inheritance tax- sterling accountingThe IRS has come to a ruling in their efforts to protect surviving spouses from an estate tax trap by overlooking regulations.

“Congress added portability to the estate tax law when it settled on a “permanent” exclusion of $5 million per person (indexed for inflation) and a flat tax rate of 40%, effective 2011. It lets a surviving spouse essentially carry over any unused portion of the deceased spouse’s exclusion…” [ Read more here ]

Small Business Owner? Can You Save Taxes By Cutting Your Own Salary?

cutting your salary for taxes - sterling accounting Maximize your tax savings, and don’t sweat the headache of the paperwork with the help of Sterling Accounting’s business and personal solutions. “Normally, when you receive a paycheck or earn self-employment income (reported on Schedule C of your 1040), you pay not only income taxes but also Social Security and Medicare taxes, also known as payroll or FICA taxes…” [ Read more here ]

New Accounting Rules Looming Over Revenue Reporting

revenue reporting accounting changes - sterling accounting New accounting rules are looming for businesses and corporations, which is causing a stir for many as their revenue reporting methods are being overhauled. “The U.S. Financial Accounting Standards Board, known as FASB, imposed the new rule because it wanted financial statements to more accurately depict the timing, uncertainty and volatility of doing business. The rule will align a company’s booking of revenue with the sales of products and services…” [ Read more here ]

Business Accounting Services For Smooth Operations

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Is That IRS Call A Scam?

is that a real IRS call - sterling accounting Have you received a call from the IRS? It’s long been said that the IRS will not contact your by phone, but the rules may be changing…

““A new law passed in 2016, but went into effect this spring allows the IRS to hire up to four private debt collection services that can call you,” said David Smitherman, president at the Alabama Better Business Bureau…” [ Read more here ]

What’s Driving The Accounting Industry Today?

The accounting industry is seeing some changes in recent months, which are being outlined by Accounting Today: “Four seismic shifts are going on in the accounting landscape right now, a panel of experts recently told a conference of CPA firm partners and leaders, from how firms generate their revenue and how they staff their engagements, to how they service their clients and how they will build the firms of the future…” [ Read more here ]

Managing Your Homeowners Property Taxes

property taxes - sterling accounting Are your property taxes taking a toll on your wallet? Chances are there are a few things you can do to lighten that burden…

“When your county or township does an assessment, it’s estimating the value of your property for tax purposes. What they want to know is, based on local sales and other trends, if your property’s value has gone up or down. If it’s declined, that’s good news, tax wise…” [ Read more here ]

NY County Officials Urging Homeowners To File Tax Disputes

Are your property taxes out of control? County officials from New York are urging homeowners and residents to challenge their taxes with a grievance. “Property owners who grieved have seen their median tax bills increase by $466, or 5 percent since 2010. The median tax bills of those who did not appeal rose by $2,748, or 35.7 percent, over the same period…” [ Read more here ]