Erin Maloney / 2 Comments / Company News, Partners, Staff /
Congratulations to Jessica Wiley on attaining her Accredited Business Valuation (ABV®) credential! This noteworthy achievement is granted exclusively by the AICPA to CPAs and qualified finance professionals who demonstrate considerable expertise in business valuation through their knowledge, skill, experience and adherence to professional standards. Please join us in applauding our own Jessica P. Wiley, CPA,… [Read More]
Erin Maloney / 0 Comments / Legal, Tax Filings /
On July 19, 2019, Governor Sununu signed a bill into law that attempts to protect New Hampshire businesses from having to collect and remit certain sales and use taxes for other states. Last year’s ruling in the South Dakota v. Wayfair case by the U.S. Supreme Court cleared the way for states to require businesses… [Read More]
Erin Maloney / 0 Comments / Observations, Tax, Uncategorized /
On September 24, 2019, the U.S. Department of Labor announced a final rule regarding overtime which will expand the list of employees eligible for overtime. Previously, “blue-collar” workers and professionals who earned less than $23,000 a year would earn overtime pay2019.10.01 New Overtime Rules (time and a half for hours worked over 40 per week).… [Read More]
Erin Maloney / 0 Comments / Observations, Tax /
In a statement (IR-2019-132) issued on July 26, 2019, the IRS announced that it would be sending letters to taxpayers who may have unreported income relating to virtual currency transactions, or who may not have reported the transactions correctly on previously filed returns. In this statement, Charles Rettig, the IRS commissioner, encouraged all taxpayers to… [Read More]
Erin Maloney / 0 Comments / Observations, Tax /
Recently the IRS released additional guidance on a large number of issues related to the Qualified Business Income (QBI) Deduction (Section 199A). This deduction allows certain taxpayers who have flow thru businesses (S Corporations, partnerships, sole proprietorships) to take a 20% deduction on the related income. To qualify, the activity has to rise to the level of a trade or business. Question: is rental activity a trade or business?
Erin Maloney / 0 Comments / Observations, Tax /
A long, long time ago (well, 2015), a Republican Congress enacted and President Obama signed the Bipartisan Budget Act of 2015. One feature of that legislation was the enactment of new IRS audit rules for partnerships. The effective date was set as January 1, 2018. Now, with preparation of the 2018 tax returns, the time has come to talk again about the impact of these rules.
Maloney & Kennedy, PLLC, Certified Public Accountants, would like to announce the appointment of Richard J. Maloney, CPA, ABV (Rick) to the Board of Directors for Girls, Inc. Rick is honored to be involved with this organization, where he hopes to apply over 30 years of business planning and financial experience in a way which… [Read More]
Erin Maloney / 0 Comments / Observations, Tax /
The 2017 Tax Act (formally, the Tax Cuts and Jobs Act) will have indirect and direct impacts in family law cases.
Erin Maloney / 0 Comments / Observations, Tax /
The Tax Cuts and Jobs Act enacted one of the most significant tax deductions in history for small businesses.
Erin Maloney / Observations, Tax /
June 28, 2018 In a 5-4 vote and an opinion written by Justice Kennedy on June 21, 2018, the US Supreme Court decided South Dakota v. Wayfair, Inc. Basically, this opinion states that physical presence is not a necessary requirement in determining nexus rules (i.e. whether a business has a connection to a state). The… [Read More]