News and Events

Are you a self-motivated leader and experienced accountant looking for a new opportunity?

Do you desire more freedom in managing your own schedule and client base while utilizing various service offerings and a team of experienced staff?

If so, our open position for a Tax Preparer/Accountant might be the next career step for you. Learn more and apply.

Updated IRS Filing Regulations

If your business regularly files paper returns, you will want to pay attention to this update. Effective January 1, 2024, the threshold of the number of paper returns the IRS will accept from one business entity has been reduced from 250 to 10 returns in a calendar year. For example, if your business files ten or more of any type of return — such as W2s or 1099s — by paper within a calendar year, you will be required to file them electronically. Learn more.

Spring Cleaning for Your 401(k)?

You may have noticed recent market fluctuations – both positive and negative – but have you considered how these changes impact your asset mix? Employer-sponsored retirement plans (401(k), 403(b), etc.) offer plan-specific investment options. We suggest a full account rebalance at least once per quarter. Taking this step will ensure that you are still holding your desired allocation – like if your 80% equity exposure slipped down to 75% — allowing you to sell investments with increased value and buy what is low. If you need help determining the right asset allocation for your situation, our team of Investment Advisors is ready to help.

AI-generated Content: Convenient but Lacking

AI (artificial intelligence) tools can be timesavers, but you must be on guard when using them. AI tools often generate incorrect or plagiarized content, so it always needs to be reviewed by a person. People relate to people best, so even better – stick with having human team members create your content.

One source, many services, the right decision.

Our team of professionals is here to help. Call 215-723-4881 or contact us online to get started.

We are currently seeking a self-motivated leader and experienced accountant to join us in the role of Manager/Senior Accountant. If you desire more freedom in managing your own schedule and client base while utilizing various service offerings and a team of experienced staff, we want to meet you.

Learn more and apply.

Do you remember the last time you had to visit the bank to deposit your paycheck? For decades, direct deposit has been the efficient and safe way for employees to receive their pay.

This convenience does not come without risk. A new direct deposit scam has recently been making the rounds. We want to make you aware of it and share ways to prevent and avoid direct deposit fraud.

In many cases, the employer receives an email from someone claiming to be an employee. They tell the employer that they have had fraudulent activity on their bank account and need to update their direct deposit information. Without confirming this request directly with the employee, employers have updated the account information. However, the new account information provided belongs to the scammer, not the actual employee.  As soon as the scammer receives the funds via direct deposit, they close the account and move on to the next victim.

How can you avoid direct deposit fraud? Here are some best practices:

• Verify employee direct deposit information directly with the employee, whether it is the initial set-up or to make any changes. Confirm these changes with the employee face-to-face. You could also require some sort of documentation, like a voided check or bank statement, to confirm the account belongs to the employee.
• Educate your employees about the risks of direct deposit fraud and how to protect themselves. Encourage them to monitor their accounts regularly and report any suspicious activity immediately.
• If your company is not already doing so, consider using fraud detection software for the corporate bank accounts. This will help detect and prevent direct deposit fraud from happening before it is too late.

You have many opportunities to protect yourself from direct deposit fraud. Consider taking these steps today.

Questions? Call us at 215-723-4881 or contact us online.

If you are a Philadelphia resident or work for a business based in Philadelphia, you may be eligible for several tax credits.

• Federal Earned Income Tax Credit (EITC) – potential credit of up to $6,935
• Federal Child Tax Credit (CTC) – potential credit of up to $2,000 per qualifying dependent
• City of Philadelphia Income-based Wage Tax Refund Program

Learn more about these tax credits and how to apply.

Questions? Call us at 215-723-4881 or contact us online.

As 2023 unfolds, we are already seeing a slight uptick in federal corporate and small business tax return audits. Audits, or exams as they’re known within the accounting world, can come from the federal, state, local, or municipal level. In all instances, the burden of proof lies on the taxpayer.

We recently presented a webinar on the topic, which you can view here:

Highlights of the webinar include:

How Federal Tax Returns Are Selected for An Audit

The IRS uses several elements to determine whether to audit a tax return, including:

• Computer Scoring
• Participants in tax avoidance transactions
• Information Matching
• Related Exams
• Other: local compliance projects, return preparers, market segments
• Random selection

Types of Audits

If your return is selected, it will undergo one of these types of exams:

• No IRS Contact Audits
  The tax returns are reviewed based solely on information already available to the IRS.
• Correspondence Audits
  Generally less intrusive, these exams are typically conducted via mail with minimal phone contact.
• Office Audits
  The IRS will obtain more information about the taxpayer using agency records and other resources, all prior to the exam, which will focus on “selected areas” of the return.
• Field Audits
  The most comprehensive of exams, this is performed in the field. Each line of the tax return could be reviewed, and the taxpayer will need to provide substantiation.

What to Expect in a Field Audit

This is the process followed by the IRS for a Field Audit. We recommend involving your tax preparer in this process as their expertise will be key in making sure this process goes smoothly and that you are protected.

• Notification by Mail
• Information Document Requests (IDR): this will usually accompany the notification by mail.
• Taxpayer Site Visit: this will take place at the business or residence – depending upon whether this is an audit of business or personal taxes – to make verifications of certain claims.
• Taxpayer Interview: this is generally a one-to-two-hour process, interviewing the taxpayer and their representative.
• Place of Exam: we recommend this takes place at your tax preparer’s location or at a private, neutral location.
• Proposal to Close
• Appeal, if necessary, based on the IRS agent’s findings.

It is important to know that the IRS will correspond with you by US mail. They will never contact you by phone (not initially; phone calls may happen once an exam process has begun), email, or text message.

We recommend viewing this webinar in its entirety to learn more about ways you can prepare should you ever be selected for a tax audit.

One source, many services, the right decision.

If you have more questions about what to expect in an audit or if we can be of service, please contact us online or call 215-723-4881.

Please join us in congratulating Andrew Shapowal, CPA/PFS, AIF® on earning the Personal Financial Specialist (PFS) credential. The PFS credential distinguishes CPAs and enhances their credibility by showcasing their proficiency in personal financial planning. Andrew, who also holds a Certificate in Blockchain and Digital Assets, is an Investment Advisor & Digital Asset Specialist in our Wealth Management business unit.

If you have any current needs regarding digital assets, your investments, or retirement plans, please feel free to contact our Wealth Management department via phone at 215-723-4881 or online.