Laufer LLP

The IRS has increased the optional business mileage rate used to calculate tax deductions by 3 cents a mile for 2023. The increase brings the IRS rate to 65.5 cents per mile driven for business use, which comes after two increases in tax year 2022. Beginning on January 1, 2023, the standard mileage rates for the use of an automobile for business, charitable, medical or moving purposes are listed below. These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.

Happy New Year! As we make the leap into a new year, we toast to a joyful present, a fondly-remembered past and tomorrow’s bright future. We look forward to discovering the opportunities that lie ahead for our clients and team members and are eager to share the journey together. May 2023 be a year when our dreams turn into realities and our efforts into achievements.

If you haven’t already paid your 4th quarter Federal estimated tax payment for 2022, it is due by January 17, 2023. As a reminder, estimated tax payments are typically made quarterly to the IRS by people whose income isn’t subject to income tax withholding and need to be submitted on time in order to avoid penalties. If you own a business, operate on a cash basis and are located in a state that has a Pass-Through Entity Tax (PTET), you can make your 4th quarter estimated tax payment to the State by 12/31/22 so the payment is deductible against your 2022 business income. For your convenience, we invite to visit our website to make easy tax payments by clicking here: https://www.lauferllp.com/tax_payments.php

On behalf of all of us at Laufer LLP, we warmly wish all who celebrate the happiness, hope and harmony of Kwanzaa.

Merry Christmas from Laufer LLP! We wish our clients, colleagues and friends of the firm a very merry Christmas and Happy New Year! May you be filled with the joy and excitement of the season, and the hope of a new year.

In preparation for the holiday season, team members made the leap over to Topgolf in Holtsville, NY last week where they celebrated the holidays together over lunch and a high-tech golf game. It was great spending time with one another and celebrating all we have accomplished in 2022 while also getting excited about the new year ahead. Back at the office, we hosted a fundraiser for Toys for Tots and thank everyone who so generously donated. Happy Holidays!

Happy Hanukkah! We wish all who celebrate a most joyous Hanukkah filled with healthy, peace and happiness.

On behalf of everyone at Laufer LLP, we wish our clients, business partners and community a very happy and healthy Thanksgiving. May peace, health and happiness be among your many reasons to give thanks during this season of gratitude.

It was such a privilege partnering with Restaurant365 for their Restaurant Transformation Tour NYC earlier this week. As a sponsor and panelist, Laufer team members joined their clients on stage to deliver valuable best practices and insights into this premier restaurant technology platform. To learn more about how the software can create efficiencies, optimize labor and lower costs, click here: https://lnkd.in/eQ2uBXdd

This Veterans Day we honor all current and former members of the Armed Services. Our country’s greatness is built on the foundation of your courage and sacrifice. Thank you for protecting our freedom!

We are thrilled to be partnering with Restaurant365 on Monday, November 14th for their Restaurant Transformation Tour which promises to deliver valuable best practices and insights on the future of restaurant technology. For more information about the event and a special discount code, click here: https://conta.cc/3gLVIgD

Have you heard that the IRS increased the estate tax basic exclusion and gift tax annual exclusion for 2023? With the exemption amounts due to expire in 2026, it is critically important to engage in strategic tax plan now to take advantage of one of the largest increases in almost 40 years. We invite you to read our latest article for all of the details. Click here: https://conta.cc/3getVVV

Attention McDonald's Owner Operators: Be sure to save the date for this important upcoming webcast featuring Andy Laufer, CPA who will provide insight into how the current economic conditions and operating polices impact the value of your restaurants.

If you are considering the purchase of an electric vehicle, you will want to determine whether a vehicle qualifies for the Federal Electric Vehicle Tax Credit and decide whether you should buy it before year-end or after January 1, 2023 when many of the new rules enacted by the Inflation Reduction Act take effect. We invite you to read our latest article to learn how you can maximize the allowable credit. Click here: https://conta.cc/3dDTqza

Happy Labor Day! Today, and every day, our thoughts turn gratefully to our amazing team members whose contributions, dedication and unwavering commitment to our clients and each other, makes Laufer LLP one of the most successful public accounting firms serving clients all across the country. Thank you for all you do!

Important Reminder: Third quarter Federal and State estimated tax payments, typically made quarterly to the IRS by people whose income isn’t subject to income tax withholding, are due on September 15, 2022. Be sure to submit your state and federal payments on time to avoid penalties. If paying online, we invite you to visit our website for easy, step-by-step instructions: https://www.lauferllp.com/tax_payments.php

The Inflation Reduction Act was signed into law yesterday. While the sweeping package is designed to lower energy and healthcare costs and combat climate change, it also includes provisions impacting taxpayers. We invite you to read our article which summarizes how they will impact you. Click here: https://conta.cc/3Ae1fTg

We are always so incredibly proud of our team members, the great work they do and the difference they make in our clients’ lives. Last week we expressed our gratitude with a firm wide outdoor luncheon so we could enjoy the summer season. A great time was had by all!

Taxpayer Fails to Prove Compensation Deduction

In this very tight labor market, there can be good reasons for small business owners to hire trusted family members, including potential tax savings for all involved. However, a new Tax Court case (Wolpert, TC Memo 2022-70) spotlighted what truly qualifies for tax deductibility as it varies based on factors such as familial relationship, your children’s ages, and corporate entity structure. We invite you to read about the court case in the article below or simply call us at (631) 226-9600 with any questions you may have.
https://www.accountingweb.com/tax/business-tax/taxpayer-fails-to-prove-compensation-deduction

Taxpayer Fails to Prove Compensation Deduction Certainly, small business clients may know the tax benefits of having family members on the payroll, but a new Tax Court case, Wolpert,

Congratulations to Director of Tax & Technology, Bryan Dempsey, on receiving his Restaurant365 Core Accounting certificate! Bryan excels at helping restaurateurs and franchise owners leverage the latest and greatest in restaurant technology to transform their back offices into profit centers and run better businesses. Way to go, Bryan!

If you are not aware of the recent MA Supreme Judicial Court ruling which entitles employees to recover triple damages for any late payments of final wages, we invite you to read our recent article for information on how to protect your organization. Click here: https://conta.cc/3P1rToA

Happy Independence Day! The entire team at Laufer LLP wishes everyone a very safe and happy holiday celebrating our nation’s freedom and the brave men and women who dedicate themselves to preserving it. To commemorate the holiday and provide team members with an enjoyable long weekend, the office will be closing early on Friday, July 1st and will be closed on Monday, July 4th.

“A father is someone you look up to no matter how tall you grow.” From all of us at Laufer LLP, we wish a very Happy Fathers Day to all of the Dads, Stepdads, Granddads, Great Granddads, Foster Dads, Pet Dads and those who have lost their Dads.

For the first time since 2011, the IRS has made a midyear adjustment to the annual standard mileage rates. As of July 1, 2022, these are the standard mileage rates for the use of an automobile for business, charitable, medical or moving purposes. For more information click here: https://www.irs.gov/newsroom/irs-increases-mileage-rate-for-remainder-of-2022

The second quarter Federal and State estimated tax deadline for 2022 is Wednesday, June 15th and quickly approaching. Be sure to submit your payments on time to avoid penalties. If paying online, we invite you to visit our website for easy, step-by-step instructions: https://www.lauferllp.com/tax_payments.php

This Memorial Day we remember with gratitude and pride all those who have served and died for our country and our freedom. May the courage and dedication of our heroes never be forgotten.

Happy Mothers Day to all of the amazing Moms out there, especially the ones here at Laufer LLP who go above and beyond. We know it’s not easy juggling work and home and we appreciate your commitment. We wish you all of the love, peace and happiness that you so rightfully deserve today, and everyday!

Happy Administrative Professionals Day! Thank you to all of the Laufer LLP Administrative Professionals who do so much to support the firm, team members and our clients. You are appreciated and valued today and every day.

The first quarter Federal and State estimated tax deadline for 2022 is Monday, April 18th and quickly approaching. Be sure to submit your payments on time to avoid penalties. If paying online, we invite you to visit our website for easy, step-by-step instructions: https://www.lauferllp.com/tax_payments.php

Our chicken nugget travel dip trays have been a huge hit at . Be sure to stop by the Laufer booth before the end of the show today to get yours!

What a great week at ! Today is the last day of convention so be sure to stop by and visit with the Laufer team. Safe travels home, everyone!

If you are an individual taxpayer, be sure to accurately answer the virtual currency question that appears on Forms 1040 and 1040-NR prior to submitting your tax return. We invite you to read our latest article to learn more and understand the common transactions involving virtual currency that would determine your answer to this question. Click here: https://conta.cc/3DJArM9

Just a friendly reminder that the deadline for individual taxpayers, C corporations, sole proprietorships (Schedule C), single member LLCs or LLCs taxed as corporations to file their tax returns is Monday, April 18th. If you are a taxpayer located in the state of Maine or Massachusetts, your tax deadline is April 19th due to the Patriots Day state holiday.

The 2022 McDonald's Worldwide Convention is only a few days away! We invite you to read our latest email by clicking the link below to learn more about us and see where you can find us on the exhibit floor. Safe travels and we look forward to seeing everyone soon! Click here: https://conta.cc/3wMKcI2

From a tax perspective, one of the easiest tax planning tips is to check your federal income tax withholding to avoid having too much or too little tax withheld from your wages. Below is a link to a handy Tax Withholding Estimator from the IRS which we encourage you to use and/or share with your employees:
https://www.irs.gov/individuals/tax-withholding-estimator

We missed seeing everyone in 2020 so we are very much looking forward to next month's McDonald's Worldwide Convention. Read our latest email for all of the reasons why you should stop by the Laufer LLP booth! Click here: https://conta.cc/3MHsTO3

IMPORTANT REMINDER: If your business is an eligible entity located in one of the many states that has adopted the elective Pass-through entity tax (PTET), be sure to check when registration and quarterly estimated PTET excise payments are due for tax year 2022. While some states have different deadlines, many are in March, and you’ll want to ensure you qualify for this significant tax savings opportunity.

Just a friendly reminder that the deadline to file business tax returns for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for tax purposes is Tuesday, March 15th. Be sure to file on time to avoid penalties.

Happy Valentine’s Day to our clients, team members and friends of the firm. You are the heart of our business and we love working alongside you each and everyday.

Save It or Shred It?
This is the time of the year when clients often ask us how long they need to keep important documents such as tax returns, statements, receipts, insurance policies, etc. For your convenience, we have included a handy guide to record retention on our website. Read our latest article for all of the details by clicking here: https://conta.cc/35Y2kTX