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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…
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…
Turning stock downturns into tax advantages | tax preparation in harford county md | Weyrich, Cronin & Sorra

Tax Prep, Planning & Strategy

Turning stock downturns into tax advantages

Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While…
Ways to manage the limit on the business interest expense deduction | accounting firm in washington dc | Weyrich, Cronin & Sorra

Accounting & Assurance

Ways to manage the limit on the business interest expense deduction

Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest…
Exploring business entities: Is an S corporation the right choice? | business consulting services in alexandria va | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Exploring business entities: Is an S corporation the right choice?

Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One…

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wcscpas Weyrich Cronin Sorra @wcscpas ·
5 Jun

Many businesses turn to independent contractors to fill open roles and reduce costs. To avoid costly issues with the IRS, it’s important to understand the key rules that govern worker classification. https://bit.ly/4kysHRv

wcscpas Weyrich Cronin Sorra @wcscpas ·
3 Jun

Learn how the “step-up in basis” rule can help heirs avoid capital gains tax when they inherit certain assets. https://bit.ly/436OsC0