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Watch out for “income in respect of a decedent” issues when receiving an inheritance - tax accountant in washington dc - weyrich, cronin and sorra

Estate & Wealth Transfer Planning

Watch out for “income in respect of a decedent” issues when receiving an inheritance

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to…
Taxes when you sell an appreciated vacation home - cpa in elkton md - weyrich, cronin, and sorra

Tax Prep, Planning & Strategy

Taxes when you sell an appreciated vacation home

Vacation homes in upscale areas may be worth way more than owners paid for them. That’s great, but what about taxes? Here are three scenarios…
IRS extends relief for inherited IRAs | tax preparation in harford county md | Weyrich, Cronin, & Sorra

Tax Prep, Planning & Strategy

IRS extends relief for inherited IRAs

For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required…
Scrupulous records and legitimate business expenses are the key to less painful IRS audits | tax accountant in hunt valley md | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Scrupulous records and legitimate business expenses are the key to less painful IRS audits

If you operate a business, or you’re starting a new one, you know records of income and expenses need to be kept. Specifically, you should…
Coordinating Sec. 179 tax deductions with bonus depreciation | cpa in baltimore county md | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Coordinating Sec. 179 tax deductions with bonus depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help…
Maximize the QBI deduction before it’s gone | tax accountant in cecil county md | Weyrich, Cronin & Sorra

Management Advisory Services & Business Consulting

Maximize the QBI deduction before it’s gone

The qualified business income (QBI) deduction is available to eligible businesses through 2025. After that, it’s scheduled to disappear. So…

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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
Suite 201
Bel Air, MD 21014
410.838.2237
Fax: 410.893.9527

Elkton Office

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

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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