Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

July 27, 2023

Maximizing Savings with Roth Conversions

Saving for retirement is a critical financial goal for every individual. Traditional Individual Retirement Accounts (IRAs) have long been popular choices, but Roth IRAs and conversions offer unique advantages that can significantly benefit taxpayers and their heirs. The major...

July 20, 2023

Preparing For the Sale of Your Business

For business owners, many succession plans ultimately lead to the sale of their business. How this looks can depend on your business structure, entity type, and ownership. Although preparing for the sale of a business can be a complex...

July 12, 2023

The Rippling Effects of Accounting Turnover

Authored Content by Matt Schoenholtz, Client Advisory Services Partner As the group responsible for the financial health of the company, an accounting department—whether it’s a single bookkeeper or a CFO—is vital to every organization. The accounting team is responsible...

June 22, 2023

Employee Retention Credit Fraud Continues to Grow

Although the money was meant to act as a lifeline for struggling businesses, the Employee Retention Credit (ERC) has become a hotspot for fraud as pop-up firms take advantage of business owners. Despite the IRS’s warnings and recent convictions,...

June 13, 2023

U.S. Tax Court Ruling May Affect U.S. Taxpayer’s International Tax Filing Requirements

A recent U.S. Tax Court ruling has significant implications for U.S. taxpayers who have been assessed penalties for late or omitted U.S. international tax filings or are currently delinquent with respect to such international tax filings. Case background The...

June 6, 2023

Tax Considerations for Retirees: Is Relocating to Another State the Right Move?

As retirement approaches, there’s a lot to consider. Many individuals contemplate a change of scenery and want to move to a different state in pursuit of a more relaxed and fulfilling lifestyle. While the allure of a new location...

May 30, 2023

Moving a Parent into a Nursing Home

If you have a parent entering a nursing home, there may be more things on your mind than how it will affect your taxes. Assisted living costs are expensive, and prices are continuing to rise every year—but some of...

May 23, 2023

Inflation Raises the 2024 HSA Amounts

In an era of escalating healthcare costs and ever-changing insurance landscapes, Americans are increasingly turning to Health Savings Accounts (HSAs) as a powerful tool to take control of their medical expenses. The IRS recently released guidance providing the 2024...

May 17, 2023

The Tax Effects of Renting Out Your Vacation Home

Before jumping into the vacation rental market, it’s important for homeowners to understand the tax implications of renting out their vacation home. From rental income to deductions and depreciation, the tax effects of renting out a vacation home can...

May 9, 2023

Mowery & Schoenfeld Honored with Multiple Accolades

Mowery & Schoenfeld, LLC is proud to announce it has been recognized with several prestigious accolades for its outstanding contributions to both the accounting industry and the local community. With a team of highly skilled professionals and commitment to...

May 3, 2023

Will You Owe Tax on the Profits of Your Home Sale?

From capital gains taxes to the 3.8% Net Investment Income Tax (NIIT), the tax implications of a home sale can be significant and impact the bottom line. But with the right knowledge and planning, homeowners can make the most...

April 26, 2023

How Small Businesses Can Thrive by Tapping International Customers

In today’s interconnected world, small businesses have unprecedented access to fast growing global markets. From opening up new revenue streams and sources of supply to reducing operational and tax costs, expanding into international markets has never been easier and...

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Matter & Substance

Thoughts from our industry to help Businesses and Individuals

Thoughts from our industry
to help Businesses and Individuals