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Are you a tax-favored real estate professional? | accounting firm in bel air md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Are you a tax-favored real estate professional?

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer…
Should your nonprofit outsource to an AMC? | business consulting and accounting services in elkton | weyrich, cronin and sorra

Non-Profits

Should your nonprofit outsource to an AMC?

If you’re like most nonprofit leaders, you want to dedicate your time to mission-critical work. But if you run a relatively new nonprofit with…
IRS clarifies theft and fraud loss deductions | tax accountant in bel air md | weyrich, cronin and sorra

Tax Prep, Planning & Strategy

IRS clarifies theft and fraud loss deductions

The Tax Cuts and Jobs Act (TCJA) significantly limited the types of theft losses that are deductible on federal income taxes. But a recent “advice…
Deduct a loss from making a personal loan to a relative or friend | estate planning cpa in hunt valley md | Weyrich, Cronin & Sorra

Estate & Wealth Transfer Planning

Deduct a loss from making a personal loan to a relative or friend

Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help…
“Privacy, please” when your nonprofit stores sensitive data | accounting firms in baltimore | Weyrich, Cronin & Sorra

Non-Profits

“Privacy, please” when your nonprofit stores sensitive data

How well does your nonprofit protect the privacy of donors, staffers, clients and volunteers? It’s an important question because failure to…
Small business alert: Watch out for the 100% penalty | business consulting firms in dc | weyrich, cronin and sorra

Tax Prep, Planning & Strategy

Small business alert: Watch out for the 100% penalty

Some tax sins are much worse than others. An example is failing to pay over federal income and employment taxes that have been withheld from…

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Hunt Valley Office

20 Wight Avenue
Suite 210
Hunt Valley, MD 21030
410.339.6464
Fax: 410.339.7272

Bel Air Office

139 North Main Street
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Bel Air, MD 21014
410.838.2237
Fax: 410.893.9527

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116 West Main Street
Elkton, MD 21921
410.398.1961
Fax: 410.398.1157

Latest Tweets

wcscpas Weyrich Cronin Sorra @wcscpas ·
13 Feb

"New nonprofits must ask the IRS to recognize their tax-exempt status. But should you file Form 1023 or Form 1023-EZ, the easier, less expensive option? Here’s some information to help you decide." https://bit.ly/3PDkHBb

wcscpas Weyrich Cronin Sorra @wcscpas ·
11 Feb

"You may spend years building up your traditional IRA, but there is a time when you must start taking withdrawals. Here are answers to frequently asked questions about required minimum distributions." https://bit.ly/3C4uFbF