# Roberts, McKenzie, Mangan & Cummings, P.C.

> Setting the pace in accounting!


## Posts

- [IRS issues guidance on Trump accounts](https://rmmc-cpa.com/irs-issues-guidance-on-trump-accounts/): The One Big Beautiful Bill Act (OBBBA) creates a new type of tax-advantaged account for eligible children. Section 530A accounts, also known as “Trump accounts,” can be established for children under age 18 who have a Social Security Number (SSN). Contributions to properly established accounts can begin on July 4, 2026. The IRS has released guidance that sheds more light on the accounts and a temporary pilot program that will contribute $1,000 tax-free for certain children. Here’s what you need to know. A different kind of IRA — initially A Trump account is established for the exclusive benefit of an eligible child, who’s the account  [...]
- [4 year-end planning steps to trim your 2025 taxes](https://rmmc-cpa.com/4-year-end-planning-steps-to-trim-your-2025-taxes/): Now is the time of year when taxpayers search for last-minute moves to reduce their federal income tax liability. Adding to the complexity this year is the One Big Beautiful Bill Act (OBBBA), which significantly changes various tax laws. Here are some of the measures you can take now to reduce your 2025 taxes in light of the OBBBA. 1. Reevaluate the standard deduction Taxpayers can choose to itemize certain deductions or take the standard deduction based on their filing status. Itemizing deductions saves tax if the total exceeds the standard deduction. The number of taxpayers who itemize dropped dramatically after  [...]
- [Minimize your business’s 2025 federal taxes by implementing year-end tax planning strategies](https://rmmc-cpa.com/minimize-your-businesss-2025-federal-taxes-by-implementing-year-end-tax-planning-strategies/): The One Big Beautiful Bill Act (OBBBA) shifts the landscape for year-end tax planning. The law has significant implications for some of the most tried-and-true tax-reduction measures. It also creates new opportunities for businesses to reduce their 2025 tax liability before December 31. Here are potentially some of the most beneficial ones. Investments in capital assets Thanks to bonus depreciation, businesses have commonly turned to year-end capital asset purchases to cut their taxes. The OBBBA helps make this strategy even more powerful for 2025. Under the Tax Cuts and Jobs Act (TCJA), 100% first-year bonus depreciation declined by 20 percentage points each year  [...]
- [IRS releases critical guidance on calculating tips and overtime deductions for 2025](https://rmmc-cpa.com/irs-releases-critical-guidance-on-calculating-tips-and-overtime-deductions-for-2025/): The One Big Beautiful Bill Act (OBBBA) introduces new federal income tax deductions for qualified cash tips and overtime compensation for tax years 2025 through 2028. If you earn tips or receive overtime pay, you may be wondering whether you qualify for these deductions and how much of a tax benefit they could provide. To address early implementation questions, the IRS has issued guidance explaining how taxpayers can calculate their deductions for 2025. This guidance is necessary because employers are not required to report detailed tip and overtime information until the 2026 tax year. Below is an overview of what  [...]
- [New information return and payroll tax reporting rules require attention](https://rmmc-cpa.com/new-information-return-and-payroll-tax-reporting-rules-require-attention/): The One Big Beautiful Bill Act (OBBBA) introduced or updated numerous business-related tax provisions. The changes that are likely to have a major impact on employers and payroll management companies include new information return and payroll tax reporting rules. Let’s take a closer look at what’s new beginning in 2026 — and what businesses need to do in 2025. Increased reporting thresholds go into effect in 2026 Businesses generally must report payments made during the year that equal or exceed the reporting threshold for rents; salaries; wages; premiums; annuities; compensation; remuneration; emoluments; and other fixed or determinable gains, profits and  [...]
- [IRS releases guidance on changes to R&E expensing](https://rmmc-cpa.com/irs-releases-guidance-on-changes-to-re-expensing/): Among its numerous tax provisions, the One Big Beautiful Bill Act (OBBBA) reinstated immediate deductions for research and experimental (R&E) expenditures under Internal Revenue Code Section 174, beginning in 2025. The IRS has recently issued transitional guidance (Revenue Procedure 2025-28) on how this change will be implemented. The guidance addresses several critical issues. Here’s what businesses of all sizes need to know. The reinstatement R&E expenditures generally refer to research and development costs in the experimental or laboratory sense. They include costs related to activities intended to discover information that would eliminate uncertainty about the development or improvement of a product. Since 2022,  [...]
- [How will the changes to the SALT deduction affect your tax planning?](https://rmmc-cpa.com/how-will-the-changes-to-the-salt-deduction-affect-your-tax-planning/): The One Big Beautiful Bill Act (OBBBA) shifts the landscape for federal income tax deductions for state and local taxes (SALT), albeit temporarily. If you have high SALT expenses, the changes could significantly reduce your federal income tax liability. But it requires careful planning to maximize the benefits — and avoid potential traps that could increase your effective tax rate. A little background Less than a decade ago, eligible SALT expenses were generally 100% deductible on federal income tax returns if an individual itemized deductions. This provided substantial tax savings to many taxpayers in locations with higher income or property tax  [...]
- [Individual taxpayers and The One, Big, Beautiful Bill Act](https://rmmc-cpa.com/individual-taxpayers-and-the-one-big-beautiful-bill-act/)
- [Business friendly tax provision under The One, Big, Beautiful Bill Act](https://rmmc-cpa.com/the-one-big-beautiful-bill-act-extends-many-business-friendly-tax-provisions/)
- [What taxpayers need to know about the IRS ending paper checks](https://rmmc-cpa.com/what-taxpayers-need-to-know-about-the-irs-ending-paper-checks/): The federal government has announced a major change that will affect how numerous Americans receive their tax refunds and federal benefit payments. The U.S. Treasury Department, the IRS and the Social Security Administration (SSA) will soon stop issuing paper checks. This transition is designed to increase efficiency, reduce fraud and lower administrative costs — but it also means that taxpayers must prepare for an all-electronic system. Background information Many taxpayers still receive paper checks for tax refunds. This is also the case with some Social Security benefits and other federal payments. Under an executive order (EO) signed by President Trump,  [...]
- [President Trump signs his One, Big, Beautiful Bill Act into law](https://rmmc-cpa.com/president-trump-signs-his-one-big-beautiful-bill-act-into-law/)
- [EV buyers, beware! House GOP bill ends clean vehicle tax credits after 2025](https://rmmc-cpa.com/ev-buyers-beware-house-gop-bill-ends-clean-vehicle-tax-credits-after-2025/)
- [Corporate Transparency Act](https://rmmc-cpa.com/corporate-transparency-act/)
- [Ease the financial pain of natural disasters with tax relief](https://rmmc-cpa.com/ease-the-financial-pain-of-natural-disasters-with-tax-relief/)
- [Interest tracing](https://rmmc-cpa.com/interest-tracing/)
- [Travel in the US, abroad and spouses accompanying](https://rmmc-cpa.com/travel-in-the-us-abroad-and-spouses-accompanying/)
- [Real estate like kind exchange](https://rmmc-cpa.com/real-estate-like-kind-exchange/)
- [Converting a personal residence to a rental property](https://rmmc-cpa.com/converting-a-personal-residence-to-a-rental-property/)
- [Health Savings Accounts (HSAs)](https://rmmc-cpa.com/health-savings-accounts-hsas/)
- [Automobiles as a business expense](https://rmmc-cpa.com/automobiles-as-a-business-expense/)
- [Missouri Farm Tax Deduction](https://rmmc-cpa.com/missouri-farm-tax-deduction/)
- [2024 - 07/26 - IRS issues final regulations on inherited IRAs](https://rmmc-cpa.com/2024-07-26-irs-issues-final-regulations-on-inherited-iras/)
- [Credit for employee tips](https://rmmc-cpa.com/credit-for-employee-tips/)
- [IRS ramps up compliance enforcement against certain businesses](https://rmmc-cpa.com/irs-ramps-up-compliance-enforcement-against-certain-businesses/)
- [Meals](https://rmmc-cpa.com/meals/)
- [Donate appreciate stock to charity](https://rmmc-cpa.com/donate-appreciate-stock-to-charity/)
- [SECURE 2.0: Which provisions went into effect in 2024?](https://rmmc-cpa.com/secure-2-0-which-provisions-went-into-effect-in-2024/)
- [IRS extends relief for inherited IRAs](https://rmmc-cpa.com/irs-extends-relief-for-inherited-iras/)
- [Federal regulators expand overtime pay requirements, ban most noncompete agreements](https://rmmc-cpa.com/federal-regulators-expand-overtime-pay-requirements-ban-most-noncompete-agreements/)
- [IRS issues guidance on tax treatment of energy efficiency rebates](https://rmmc-cpa.com/irs-issues-guidance-on-tax-treatment-of-energy-efficiency-rebates/):   The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adoption of a range of energy efficient improvements. In particular, the law includes funding for nearly $9 billion in home energy rebates. While the rebates aren’t yet available, many states are expected to launch their programs in 2024. And the IRS recently released some critical guidance (Announcement 2024–19) on how it’ll treat the rebates for tax purposes. The rebate programs The home energy rebates are available for two types of improvements. Home Efficiency Rebates apply to whole-house projects that are  [...]
- [Independent contractor vs. employee status: The DOL issues new final rule](https://rmmc-cpa.com/independent-contractor-vs-employee-status-the-dol-issues-new-final-rule/)
- [Businesses: Do you have to comply with the new corporate transparency reporting rules?](https://rmmc-cpa.com/businesses-do-you-have-to-comply-with-the-new-corporate-transparency-reporting-rules/)
- [5 strategies to cut your company’s 2023 tax bill](https://rmmc-cpa.com/5-strategies-to-cut-your-companys-2023-tax-bill/)
- [Take action now to reduce your 2023 income tax bill](https://rmmc-cpa.com/take-action-now-to-reduce-your-2023-income-tax-bill/): A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may reduce your income tax bill for the year. Here are some steps to consider as 2023 comes to a close. Manage your itemized deductions The standard deduction for 2023 is $13,850 for single filers, $27,700 for married couples filing jointly and $20,800 for heads of households. Those levels  [...]
- [IRS offers a withdrawal option to businesses that claimed ERTCs](https://rmmc-cpa.com/irs-offers-a-withdrawal-option-to-businesses-that-claimed-ertcs/)
- [IRS issues guidance on new retirement catch-up contribution rules](https://rmmc-cpa.com/irs-issues-guidance-on-new-retirement-catch-up-contribution-rules/): In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new catch-up provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling to institute the necessary processes and procedures to comply. In recognition of taxpayer concerns, the IRS recently provided some relief in Notice 2023-62. In addition to extending the deadline, the new guidance corrects a technical error in SECURE 2.0 that had left taxpayers and their advisors confused about the continued  [...]
- [IRS warnings about the Employee Retention Credit (ERC)](https://rmmc-cpa.com/irs-warnings-about-the-employee-retention-credit-erc/)
- [IRS provides transitional relief for RMDs and inherited IRAs](https://rmmc-cpa.com/irs-provides-transitional-relief-for-rmds-and-inherited-iras/)
- [Virtual currency lands in the IRS’s crosshairs](https://rmmc-cpa.com/virtual-currency-lands-in-the-irss-crosshairs/)
- [LLC Entities that have elected S status](https://rmmc-cpa.com/llc-entities-that-have-elected-s-status/)
- [Year-end spending package tackles retirement planning, conservation easements](https://rmmc-cpa.com/year-end-spending-package-tackles-retirement-planning-conservation-easements/)
- [Inflation Reduction Act expands valuable R&D payroll tax credit](https://rmmc-cpa.com/inflation-reduction-act-expands-valuable-rd-payroll-tax-credit/)
- [Clean Vehicle Credit comes with caveats](https://rmmc-cpa.com/clean-vehicle-credit-comes-with-caveats/)
- [IRS offers penalty relief for 2019, 2020 tax years](https://rmmc-cpa.com/irs-offers-penalty-relief-for-2019-2020-tax-years/)
- [The Inflation Reduction Act includes wide-ranging tax provisions](https://rmmc-cpa.com/the-inflation-reduction-act-includes-wide-ranging-tax-provisions/)
- [CHIPS Act poised to boost U.S. businesses](https://rmmc-cpa.com/chips-act-poised-to-boost-u-s-businesses/)
- [Businesses: Act now to make the most out of bonus depreciation](https://rmmc-cpa.com/businesses-act-now-to-make-the-most-out-of-bonus-depreciation/)
- [Missouri Fuel Tax Credit](https://rmmc-cpa.com/missouri-fuel-tax-credit/)
- [Standard business mileage rate will increase for the second half of 2022](https://rmmc-cpa.com/standard-business-mileage-rate-will-increase-for-the-second-half-of-2022/): The IRS recently announced that it’ll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year. In fact, as of June 13, the nationwide average price of regular unleaded gas was $5.01 a gallon, according to the AAA Gas Prices website. This is compared with $3.08 a gallon a year ago. Beginning July 1, 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the 58.5 cents-per-mile rate effective for the first six months of the year. The  [...]
- [Proposed regs for inherited IRAs bring unwelcome surprises](https://rmmc-cpa.com/proposed-regs-for-inherited-iras-bring-unwelcome-surprises/)
- [New tax reporting requirements for payment apps could affect you](https://rmmc-cpa.com/new-tax-reporting-requirements-for-payment-apps-could-affect-you/)
- [Pregnancy Care Center](https://rmmc-cpa.com/pregnancy-care-center/)
- [Tax Credits for Alternative Energy Property](https://rmmc-cpa.com/tax-credits-for-alternative-energy-property-2/)
- [Businesses must navigate year-end tax planning with new tax laws potentially on the horizon](https://rmmc-cpa.com/businesses-must-navigate-year-end-tax-planning-with-new-tax-laws-potentially-on-the-horizon/)
- [Potential tax law changes hang over year-end tax planning for individuals](https://rmmc-cpa.com/potential-tax-law-changes-hang-over-year-end-tax-planning-for-individuals-2/)
- [The Infrastructure Investment and Jobs Act includes tax-related provisions you’ll want to know about](https://rmmc-cpa.com/the-infrastructure-investment-and-jobs-act-includes-tax-related-provisions-youll-want-to-know-about/)
- [COVID-19 Economic Injury Disaster Loan (EILD) program](https://rmmc-cpa.com/covid-19-economic-injury-disaster-loan-eild-program/)
- [Congress continues to debate over proposed tax changes](https://rmmc-cpa.com/congress-continues-to-debate-over-proposed-tax-changes/)
- [IRS issues ERC guidance as Congress mulls early termination](https://rmmc-cpa.com/irs-issues-erc-guidance-as-congress-mulls-early-termination/): The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The guidance comes as Congress weighs ending the ERC early to help offset the costs of the pending infrastructure bill. As of now, the credit is worth as much as $28,000 per employee for 2021, or $7,000 per quarter. ERC essentials The CARES Act generally made  [...]
- [Disasters and your taxes: What you need to know](https://rmmc-cpa.com/disasters-and-your-taxes-what-you-need-to-know/)
- [PPP forgiveness and repayment: What businesses need to know now](https://rmmc-cpa.com/ppp-forgiveness-and-repayment-what-businesses-need-to-know-now/)
- [Changes to the Child Tax Credit in 2021](https://rmmc-cpa.com/changes-to-the-child-tax-credit-in-2021/)
- [SBA Loan necessity questionnaire may be going away soon](https://rmmc-cpa.com/sba-loan-necessity-questionnaire-may-be-going-away-soon/)
- [The Biggest Winners and Losers in President Biden's Proposed Individual Tax Plan](https://rmmc-cpa.com/the-biggest-winners-and-losers-in-president-bidens-proposed-individual-tax-plan/)
- [Vaccine Hesitancy: Why We Have It and How It Affects Employers and Employees](https://rmmc-cpa.com/vaccine-hesitancy-why-we-have-it-and-how-it-affects-employers-and-employees/)
- [Will The Federal Reserve Create a Taper Tantrum in 2021?](https://rmmc-cpa.com/will-the-federal-reserve-create-a-taper-tantrum-in-2021/)
- [Real Estate Opportunities in 2021](https://rmmc-cpa.com/real-estate-opportunities-in-2021/)
- [6 Ways to Make Saving Money Fun](https://rmmc-cpa.com/6-ways-to-make-saving-money-fun/)
- [How to Choose the Right Accounting Software for your Business](https://rmmc-cpa.com/how-to-choose-the-right-accounting-software-for-your-business/)
- [How Senate's Rules Shape Tax Laws](https://rmmc-cpa.com/how-senates-rules-shape-tax-laws/)
- [Addressing Hate Crimes, Banks Serving the Cannabis Industry and Unilateral Power to Restrict Immigration](https://rmmc-cpa.com/addressing-hate-crimes-banks-serving-the-cannabis-industry-and-unilateral-power-to-restrict-immigration/)
- [The Biden administration proposes far-reaching tax overhaul](https://rmmc-cpa.com/the-biden-administration-proposes-far-reaching-tax-overhaul/): President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for families, offset with tax increases on high-income individual taxpayers and corporations. Proposed tax changes for the wealthy The AFP would reverse many of the provisions in 2017’s Tax Cuts and Jobs Act and other parts of the tax code that benefit higher-income taxpayers. These taxpayers  [...]
- [ROTH - what's so attractive?](https://rmmc-cpa.com/roth-whats-so-attractive/)
- [New Rules and Ways to Use HSAs/FSAs](https://rmmc-cpa.com/new-rules-and-ways-to-use-hsas-fsas/)
- [President Biden details his tax proposals for individuals](https://rmmc-cpa.com/president-biden-details-his-tax-proposals-for-individuals/)
- [Tax-Free Student Loan Forgiveness is Part of the Latest Covid-19 Relief Bill](https://rmmc-cpa.com/tax-free-student-loan-forgiveness-is-part-of-the-latest-covid-19-relief-bill/): The recently passed American Rescue Plan (ARP) Act of 2021 includes a provision making nearly all student loan forgiveness tax-free, at least temporarily. Before the ARP, student loan forgiveness was tax-free only under special programs. Before we look at the changes to come under the ARP, let’s look back at what the previous law provided. The Old Rules Under the earlier measure, student loan forgiveness was tax-free under certain circumstances. These special programs included working in certain public sectors, some types of teachers as well as some programs for nurses, doctors, veterinarians, etc. Essentially, you had to work in a  [...]
- [How Companies Can Become More Nimble During the Product Lifecycle](https://rmmc-cpa.com/how-companies-can-become-more-nimble-during-the-product-lifecycle/): The majority of U.S. industrial product company CFOs have shared concerns that COVID-19 would impact their businesses negatively. For companies that develop and manufacture products, understanding the product lifecycle and how to work around crises like the COVID-19 pandemic can be effective to help improve the longevity and success of companies. Market Development Stage According to the Harvard Business Review (HBR), the first stage of the product lifecycle is market development. This normally happens when a company introduces a new product for sale. There is usually little demand at this point; instead, demand has to be cultivated among consumers. Factors  [...]
- [How Will the Projected Commodity Super-Cycle Impact Investors in 2021?](https://rmmc-cpa.com/how-will-the-projected-commodity-super-cycle-impact-investors-in-2021/): As the January 2021 World Bank Pink Sheet documented, prices increased month-over-month from November 2020 to December 2020. Highlights include the price of oil jumping by 15 percent. The cost of fertilizer jumped 2.2 percent, grains increased by 3.8 percent and iron ore jumped by 25 percent. While there’s been no official “commodity super-cycle,” according to economists or financial analysts, the trend certainly shows commodity prices increasing. 2020 caught the world off-guard with the coronavirus pandemic, sending the price of oil negative. According to Rice University’s Baker Institute for Public Policy, on April 20, 2020, “the prompt contract price” or  [...]
- [Roth Conversion in 2021?](https://rmmc-cpa.com/roth-conversion-in-2021/): In 2020, a year when all income brackets benefited from lower tax rates, the stock market took a nosedive at the beginning of the pandemic. For investors sharp enough to see the opportunity, this was an ideal time to convert a traditional IRA into a Roth IRA. When you conduct a Roth conversion, the assets are taxed at ordinary income tax rates in the year of the conversion. So, the best time to do this is when your current income tax rate is low and when your IRA account balance loses money due to declining market performance. Once you convert  [...]
- [3 Best Ways to Save for College](https://rmmc-cpa.com/3-best-ways-to-save-for-college/): What if you could save enough for your child to go to college debt-free? It might sound impossible, but with dedication, hard work, and careful planning, you can do just that. According to Dave Ramsey, American personal finance advisor, here are the top three tax-favored plans to get started. The Education Savings Account (ESA) Otherwise known as the Education IRA, this plan allows you to save $2,000 (after tax) per year, per child. Let’s do that math. If you begin saving when your child is born and put away $2,000 a year until they’re 18, you’ll be investing $36,000. Not  [...]
- [How Cloud Accounting Helps Small Businesses Gain Competitive Edge](https://rmmc-cpa.com/how-cloud-accounting-helps-small-businesses-gain-competitive-edge/): In a continuously changing business environment, small businesses have a challenge to keep up. It’s especially expensive to keep pace with ever changing technology. Luckily, with affordable cloud accounting solutions, small businesses can maintain a competitive edge. What is Cloud Accounting Cloud accounting involves moving your business books online. Unlike desktop accounting systems, cloud accounting permits you to access accounting software from a web browser without the need to install it on your personal computer. Companies that offer cloud computing provide their services on remote servers and applications. For a fee, you gain remote access to the services that fit  [...]
- [Congress has passed The American Rescue Plan Act](https://rmmc-cpa.com/congress-has-passed-the-american-rescue-plan-act/)
- [Employee Retention Credit](https://rmmc-cpa.com/employee-retention-credit/)
- [Four Essential Questions You Should Ask Your Tax Professional This Season Related to COVID-19](https://rmmc-cpa.com/four-essential-questions-you-should-ask-your-tax-professional-this-season-related-to-covid-19/): Good tax professionals ask the right questions to ensure they understand your situation and can help you to the best extent the law allows. Given the host of pandemic-related tax changes for 2020, it’s good to keep these four questions below in mind. If your tax preparer doesn’t ask these questions in your tax organizer or during a meeting, raise them yourself. 1. Did you receive your stimulus payment? Not everyone received all the stimulus they were entitled to. As a result, the amount of your stimulus payments needs to be reconciled on your 2020 tax return to calculate if  [...]
- [How AI Chatbots are Transforming Businesses](https://rmmc-cpa.com/how-ai-chatbots-are-transforming-businesses/): When a business moves its services online, it runs the risk of losing the close connection it had with customers. This affects customer loyalty and sometimes means lost revenue. Thanks to technology, some businesses have deployed artificial intelligence (AI) chatbots to keep customers engaged in a two-way conversation.  What is an AI Chatbot? An AI chatbot is a piece of software powered by artificial intelligence that is placed on websites and other applications to interact with humans. Chatbots are not a new technology, and it’s worth noting that there is a difference between AI chatbots and flow chatbots. Flow chatbots  [...]
- [PPP Recent Changes](https://rmmc-cpa.com/ppp-recent-changes/):   Several reforms to the popular Paycheck Protection Program (PPP) have just recently changed. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans. The PPP in a nutshell The CARES Act, passed in the early days of the COVID-19 pandemic, established the PPP to help employers cover their payrolls during the resulting economic downturn. The program is open to almost every U.S. business with fewer than 500 employees — including  [...]
- [Charitable Donations - 2020 and 2021](https://rmmc-cpa.com/charitable-donations-2020-and-2021/)
- [How can your business benefit from the Consolidated Appropriations Act?](https://rmmc-cpa.com/how-can-your-business-benefit-from-the-consolidated-appropriations-act/)
- [New Year-End Tax Provisions](https://rmmc-cpa.com/new-year-end-tax-provisions/): In late December, Congress passed the Consolidated Appropriations Act, which in addition to providing COVID-19 relief provisions also included many tax provisions and extenders. The Act contained many COVID-related tax provisions, as well as a slew of extenders ranging from one year to permanent. This article will focus on the miscellaneous tax and disaster relief provisions, which are more applicable to most taxpayers. Miscellaneous Provisions Charitable Contributions – For tax years 2020-2022, starting in 2020 non-itemizers can deduct $300 in charitable contributions, and starting in 2021 non-itemizer can deduct $600 for married couples filing jointly. Full Business Meals Deduction – Typically, business  [...]
- [How Firms Can Restore Balance Sheets to Better Health](https://rmmc-cpa.com/how-firms-can-restore-balance-sheets-to-better-health/): According to the World Bank Group, for businesses in emerging markets and developing economies, the bottom fourth percentile of the non-financial corporate (NFC) sector saw their balance sheets deteriorate. Looking at these businesses’ Interest Coverage Ratio, the average figure dropped to 0.06 from 0.35 between the fourth quarter of 2019 and in the midst of the coronavirus pandemic’s ongoing effects. The ICR is a measure of a firm’s ability to repay their debt in accordance to existing obligations, whereby a higher ratio indicates a better ability to do so. This is calculated by dividing earnings before interest and taxes by  [...]
- [How Will Single Party Governing Impact the Markets in 2021?](https://rmmc-cpa.com/how-will-single-party-governing-impact-the-markets-in-2021/): About four in 10 Americans (41 percent) look positively toward single-party control at the national level, according to an October 2020 Gallup annual governance survey. This is compared to 23 percent of respondents desiring multiparty control. Breaking it down by party, 43 percent of Democrats want single-party rule, while 52 percent of Republicans desire single-party governance. One notable finding is that, looking back to 2002, 32 percent preferred single-party control when it comes to independents. This was the highest-ranking over the past 18 years. As the Brookings Institution points out, now that Jon Ossoff and the Rev. Raphael Warnock are  [...]
- [While Many Suffer Financially, Some Manage to Profit off Pandemic](https://rmmc-cpa.com/while-many-suffer-financially-some-manage-to-profit-off-pandemic/): The Federal Reserve recently reported that the 50 richest people in the United States increased their net worth by $339 billion during the first half of 2020. There are two primary contributors to this near-unprecedented level of growth. The first is that many either owned or were heavily invested in tech companies that thrived during the pandemic. Increased technology demands for remote work, online shopping, streaming entertainment, and socially-distanced socializing created a lucrative COVID-19 economy in some sectors. Another reason is that the U.S. Treasury and Federal Reserve proactively infused the economy with stimulus capital. That helped mitigate long-term market  [...]
- [How to Budget During a Pandemic](https://rmmc-cpa.com/how-to-budget-during-a-pandemic/): Right now with everything that’s going on, navigating your finances might feel overwhelming. However, there are some strategies that will help you manage cash shortfalls. Mariel Beasley of Duke University’s Common Cents Lab offers ways to help you manage during these trying times. Use Mental Accounting Translated, this means prioritizing what’s most important and cutting back in those areas that aren’t. While pretty obvious, the finer point according to Beasley is this approach will help you stick to your spending plan by reminding you of your opportunity costs — i.e. what trade-offs you might be making with each purchase. For  [...]
- [Business Process Management Systems Provide Variety of Benefits to Owners](https://rmmc-cpa.com/business-process-management-systems-provide-variety-of-benefits-to-owners/): All businesses have one thing in common, and that is processes. Business processes – whether direct or indirect – are crucial when it comes to providing products or services to customers. Business process management (BPM) plays an important role in enhancing processes and offers numerous benefits to businesses. But imagine what greater benefits can be achieved if you choose to implement a technology product that supports your specific business process management. Why BPM Software? First, a little bit about BPM. Business process management was introduced to help accomplish workflow quickly and easily. Simply put, BPM enables users to design, model,  [...]
- [Protecting American Ports, Federal Buildings, Allies, Oceans, and Whistleblowers](https://rmmc-cpa.com/protecting-american-ports-federal-buildings-allies-oceans-and-whistleblowers/): Save Our Seas 2.0 Act (S 1982) – This bill was introduced by Sen. Alan Sullivan (R-AK) on June 26, 2019. The purpose of the legislation is to improve efforts to clean up marine debris, encourage recycling and strengthen domestic infrastructure to prevent the creation of new marine debris. The bill passed in the Senate in January 2020, the House in December, and was signed into law by President Trump on Dec. 18, 2020. Digital Coast Act (S 1069) – This bill revised the National Oceanic and Atmospheric Administration Digital Coast program for critical coastal management and data tracking for  [...]
- [Laws to Enhance Benefits for Service Members, First Responders, Veterans and to Restore National Parks and Public Lands](https://rmmc-cpa.com/laws-to-enhance-benefits-for-service-members-first-responders-veterans-and-to-restore-national-parks-and-public-lands/): A bill to amend the Servicemembers Civil Relief Act to extend lease protections for servicemembers under stop movement orders in response to a local, national, or global emergency, and for other purposes (S 3637) – This bill extends the Servicemembers Civil Relief Act to protect service members who were previously issued orders to change duty stations but had those orders rescinded because of the pandemic. A stop movement order may leave them with a housing and/or car lease in two different locations. This extension allows families who are unable to relocate due to pandemic-related travel restrictions to be released without  [...]
- [How to Make the Most of Digital Marketing](https://rmmc-cpa.com/how-to-make-the-most-of-digital-marketing/): Digital marketing is not a new phenomenon. However, new realities imposed by the COVID-19 pandemic have highlighted the importance of digital marketing for businesses. Basically, digital marketing revolves around using digital channels to advertise. Such channels include mobile devices, search engines, social media, websites, email, and others to help reach consumers. The purpose is to create a relationship with potential online customers to influence their buying decisions. Why Digital Marketing For starters, with digital marketing, you are able to personalize your marketing and target your ideal audience. It offers the ability to target an audience based on location, age, preference,  [...]
- [Five Ways to Manage Back-to-School Stress](https://rmmc-cpa.com/five-ways-to-manage-back-to-school-stress/): If you’re anxious about sending your children back to school, you’re not alone. In fact, a recent poll from ABC News/Ipsos showed that 45 percent of parents don’t want their kids in the classroom at all. But whether your kids are in school or learning at home, there’s still plenty of worry to go around. How do you cope? Here are a few suggestions from a variety of counselors and mental health professionals that can help. Express Your Feelings Noticing the anxiety that’s going on inside is half the battle – then let it out. “I would encourage parents to  [...]
- [Tips for Retiring in the Next 10 Years](https://rmmc-cpa.com/tips-for-retiring-in-the-next-10-years/): The stock market continues to perform with relative resilience, despite the current economic decline. But to be clear, without 100 percent participation in the economy – in terms of small business job creation, consumer spending, and company growth and expansion – the stock market is apt to reposition prices to reflect slower growth. With no containment or control of the pandemic on the horizon, there is plenty of uncertainty associated with future financial planning. Anyone looking to retire in the next 10 years or so may want to take a fresh look at their current retirement income plan. In fact,  [...]
- [How Will Monetary Policy Impact Markets Going Forward?](https://rmmc-cpa.com/how-will-monetary-policy-impact-markets-going-forward/): With gold hitting $2,000 an ounce in recent days, coupled with the Federal Reserve’s monetary policy creating a lot of liquidity, how will markets perform for the rest of 2020 and beyond? Based on a reading from the Federal Reserve’s minutes from its July 28 to July 29 meeting, the Fed remarked that the ongoing pandemic would continue to put a strain on the economy, slowing expansion and causing additional damage to the country’s monetary framework. The Fed highlighted the nation’s GDP drop by 32.9 percent in the second quarter. While Q3 growth is expected to be positive, that was  [...]

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