Thompson Greenspon

Thompson Greenspon

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Congrats everyone on a hard tax season, just a few hours left!

Metro DC CPA firm and a trusted name in audit, accounting, tax, and advisory services for businesses and individuals. Located within the Washington, DC metropolitan area in Fairfax, VA, Thompson Greenspon has become a trusted name in audit, accounting, tax, and advisory services and providing forward-thinking solutions to help our clients improve their business and achieve their goals.

Operating as usual

Timeline Photos 11/04/2021

As we approach the end of the year, be aware that taxpayers are allowed a special charitable contribution deduction for 2021 even if they don’t itemize. Ordinarily, people who claim the standard deduction on their tax returns can’t claim a deduction for their charitable donations. But a temporary law change permits them to claim a limited deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns. Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify. Here are more details from the IRS: https://hubs.ly/H0-DrQP0

As we approach the end of the year, be aware that taxpayers are allowed a special charitable contribution deduction for 2021 even if they don’t itemize. Ordinarily, people who claim the standard deduction on their tax returns can’t claim a deduction for their charitable donations. But a temporary law change permits them to claim a limited deduction of up to $300 for cash contributions made to qualifying charities during 2021. The maximum deduction is increased to $600 for married individuals filing joint returns. Nearly nine in 10 taxpayers now take the standard deduction and could potentially qualify. Here are more details from the IRS: https://hubs.ly/H0-DrQP0

Timeline Photos 11/01/2021

Taxpayers who receive Child Tax Credit (CTC) payments can now update their income using the online CTC Update Portal. But act fast! The portal launched on Nov. 1, and the IRS urges those with significant income changes to enter them by midnight Nov. 1. That will allow the changes to be reflected in their Nov. 15 payment. Those who miss the deadline but enter the information by Nov. 29 will see the changes in their Dec. payment. Once updates are made, the IRS will adjust the remaining payment amounts to ensure the total advance payment for the year is received. Only those already eligible for advance CTC payments can use the portal for updating. Here’s the portal: https://hubs.la/H0-p7pX0

Taxpayers who receive Child Tax Credit (CTC) payments can now update their income using the online CTC Update Portal. But act fast! The portal launched on Nov. 1, and the IRS urges those with significant income changes to enter them by midnight Nov. 1. That will allow the changes to be reflected in their Nov. 15 payment. Those who miss the deadline but enter the information by Nov. 29 will see the changes in their Dec. payment. Once updates are made, the IRS will adjust the remaining payment amounts to ensure the total advance payment for the year is received. Only those already eligible for advance CTC payments can use the portal for updating. Here’s the portal: https://hubs.la/H0-p7pX0

Thinking About Participating In Your Employer’s 401(k) Plan? Here’s How It Works - Thompson Greenspon CPA 11/01/2021

Thinking About Participating In Your Employer’s 401(k) Plan? Here’s How It Works - Thompson Greenspon CPA

If you’re fortunate to have an employer offering a 401(k) plan, you may wonder if you should participate. Here are the basic features of these plans.

Thinking About Participating In Your Employer’s 401(k) Plan? Here’s How It Works - Thompson Greenspon CPA https://hubs.la/H0-nB-b0

Thinking About Participating In Your Employer’s 401(k) Plan? Here’s How It Works - Thompson Greenspon CPA Interested in participating in a 401(k) plan offered by your employer? Under a 401(k), you have the option of setting aside a certain amount of your wages in a qualified retirement plan. By making this election, you’ll reduce your gross income, and defer tax on the amount until the cash (adjusted ...

Get Your Piece Of The Depreciation Pie Now With A Cost Segregation Study - Thompson Greenspon CPA 10/30/2021

Get Your Piece Of The Depreciation Pie Now With A Cost Segregation Study - Thompson Greenspon CPA

Your business may gain substantial tax benefits with a cost segregation study, but they’re not right for everyone. Here’s how this strategy can help accelerate depreciation tax deductions on the building that houses your operation.

Get Your Piece Of The Depreciation Pie Now With A Cost Segregation Study - Thompson Greenspon CPA https://hubs.la/H0-jXCH0

Get Your Piece Of The Depreciation Pie Now With A Cost Segregation Study - Thompson Greenspon CPA If your business is depreciating over a 30-year period the entire cost of constructing the building that houses your operation, you should consider a cost segregation study. It might allow you to accelerate depreciation deductions on certain items, which can reduce taxes and boost cash flow. Under c...

Timeline Photos 10/30/2021

Hurricane Ida victims in Mississippi get more tax relief. The IRS announced expanded relief to areas newly designated for individual or public assistance by FEMA. Victims in parts of MS now have until Jan. 3, 2022 to file various returns and make tax payments. The relief applies to Amite, Claiborne, Copiah, Covington, Franklin, Georgia, Hancock, Harrison, Jackson, Jefferson, Jefferson Davis, Lawrence, Lincoln, Pearl River, Pike, Simpson, Walthall, Wayne and Wilkinson counties. Previously, the IRS provided relief for individuals in all 82 MS counties and the Choctaw Indian Reservation that postponed deadlines occurring from Aug. 28 until Nov. 1, 2021. To learn more: https://hubs.la/H0-jZMK0

Hurricane Ida victims in Mississippi get more tax relief. The IRS announced expanded relief to areas newly designated for individual or public assistance by FEMA. Victims in parts of MS now have until Jan. 3, 2022 to file various returns and make tax payments. The relief applies to Amite, Claiborne, Copiah, Covington, Franklin, Georgia, Hancock, Harrison, Jackson, Jefferson, Jefferson Davis, Lawrence, Lincoln, Pearl River, Pike, Simpson, Walthall, Wayne and Wilkinson counties. Previously, the IRS provided relief for individuals in all 82 MS counties and the Choctaw Indian Reservation that postponed deadlines occurring from Aug. 28 until Nov. 1, 2021. To learn more: https://hubs.la/H0-jZMK0

Timeline Photos 10/29/2021

There’s been a lot of talk in Washington about the Build Back Better bill but still no vote as of Oct. 29. The House released a revised bill that reflects the president’s “framework.” The revised bill eliminates some provisions, keeps some and adds some new ones. For example, a series of credits for renewable energy and carbon reduction remain, as well as an extension and modification of the Child Tax Credit. The bill eliminates paid family and medical leave. Instead of increasing the corporate tax rate, there’s a 15% corporate alternative minimum tax. There’s also a 1% tax on corporate stock buybacks, a surcharge on high-net-worth individuals and a limit on excess business losses.

There’s been a lot of talk in Washington about the Build Back Better bill but still no vote as of Oct. 29. The House released a revised bill that reflects the president’s “framework.” The revised bill eliminates some provisions, keeps some and adds some new ones. For example, a series of credits for renewable energy and carbon reduction remain, as well as an extension and modification of the Child Tax Credit. The bill eliminates paid family and medical leave. Instead of increasing the corporate tax rate, there’s a 15% corporate alternative minimum tax. There’s also a 1% tax on corporate stock buybacks, a surcharge on high-net-worth individuals and a limit on excess business losses.

Vacation Home: How Is Your Tax Bill Affected If You Rent It Out? - Thompson Greenspon CPA 10/28/2021

Vacation Home: How Is Your Tax Bill Affected If You Rent It Out? - Thompson Greenspon CPA

A special federal income tax break is available if you rent your vacation home for less than 15 days during the year. Here are the rules.

Vacation Home: How Is Your Tax Bill Affected If You Rent It Out? - Thompson Greenspon CPA https://hubs.la/H0-dXmn0

Vacation Home: How Is Your Tax Bill Affected If You Rent It Out? - Thompson Greenspon CPA If you own a vacation home, you may want to rent it out for part of the year. The tax treatment can be complex. It depends on how many days it’s rented and your level of personal use. Personal use includes vacation use by you, certain relatives and nonrelatives if market rent isn’t charged. Howe...

Timeline Photos 10/28/2021

As the holidays draw closer, many taxpayers are beginning to think about giving to charities. Naturally, you want the dollars you give to do as much good as possible for the causes you care about. To help you avoid scams and find charities that are legitimate, the IRS has provided a resource called the “Tax Exempt Organization Search” tool. Before you donate, you can use the tool to ensure the charity is in good standing with its federal tax status and filings. That includes learning when a charity’s tax-exempt status has been revoked. You can also determine whether the organization you give to is eligible to receive tax-deductible contributions. Here’s the tool: https://hubs.la/H0-bymj0

As the holidays draw closer, many taxpayers are beginning to think about giving to charities. Naturally, you want the dollars you give to do as much good as possible for the causes you care about. To help you avoid scams and find charities that are legitimate, the IRS has provided a resource called the “Tax Exempt Organization Search” tool. Before you donate, you can use the tool to ensure the charity is in good standing with its federal tax status and filings. That includes learning when a charity’s tax-exempt status has been revoked. You can also determine whether the organization you give to is eligible to receive tax-deductible contributions. Here’s the tool: https://hubs.la/H0-bymj0

Timeline Photos 10/27/2021

Additional victims of Hurricane Ida in Pennsylvania now qualify for tax relief. The IRS has announced that tax relief is available to an expanded number of counties affected by the hurricane that began Aug. 31, 2021. The expansion includes the counties of Bedford, Dauphin, Fulton, Huntingdon, Luzerne, Northampton and Schuylkill. Impacted taxpayers in these areas (and counties previously designated in the disaster area) have until Jan. 3, 2022 to complete tax-related tasks. This includes filing 2020 extended tax returns (due Oct. 15). However, tax payments related to those returns aren’t postponed, as they were due May 17, 2021. For more details about available relief: https://hubs.la/H0-byhC0

Additional victims of Hurricane Ida in Pennsylvania now qualify for tax relief. The IRS has announced that tax relief is available to an expanded number of counties affected by the hurricane that began Aug. 31, 2021. The expansion includes the counties of Bedford, Dauphin, Fulton, Huntingdon, Luzerne, Northampton and Schuylkill. Impacted taxpayers in these areas (and counties previously designated in the disaster area) have until Jan. 3, 2022 to complete tax-related tasks. This includes filing 2020 extended tax returns (due Oct. 15). However, tax payments related to those returns aren’t postponed, as they were due May 17, 2021. For more details about available relief: https://hubs.la/H0-byhC0

Timeline Photos 10/26/2021

To help address labor shortages, the IRS reminds employers that they won’t jeopardize the tax status of pension plans if they rehire retirees or permit distribution of retirement benefits to current employees who’ve reached age 59½ or a plan’s normal retirement age. Due to the pandemic, “many employers, including governmental employers (such as public school districts) are looking for ways to encourage retirees to return to the workforce to fill open positions and experienced employees to stay on the job,” the IRS explained. The tax agency is providing Q&As to help public and private employers in this situation that sponsor pension plans for employees. To read them: https://hubs.la/H0-5M8h0

To help address labor shortages, the IRS reminds employers that they won’t jeopardize the tax status of pension plans if they rehire retirees or permit distribution of retirement benefits to current employees who’ve reached age 59½ or a plan’s normal retirement age. Due to the pandemic, “many employers, including governmental employers (such as public school districts) are looking for ways to encourage retirees to return to the workforce to fill open positions and experienced employees to stay on the job,” the IRS explained. The tax agency is providing Q&As to help public and private employers in this situation that sponsor pension plans for employees. To read them: https://hubs.la/H0-5M8h0

Timeline Photos 10/25/2021

Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business purpose of trips and miles driven. One married couple deducted actual auto expenses of $28,520 for the wife’s work as a personal trainer for the tax year in question. That represented 97% of the total use of the family’s only car, which she drove for work-related trips. She kept no contemporaneous mileage logs or other details to support the business use. The IRS limited the vehicle expense deduction to $8,898 and the U.S. Tax Court agreed. (TC Memo 2021-111)

Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business purpose of trips and miles driven. One married couple deducted actual auto expenses of $28,520 for the wife’s work as a personal trainer for the tax year in question. That represented 97% of the total use of the family’s only car, which she drove for work-related trips. She kept no contemporaneous mileage logs or other details to support the business use. The IRS limited the vehicle expense deduction to $8,898 and the U.S. Tax Court agreed. (TC Memo 2021-111)

Timeline Photos 10/22/2021

Millions of taxpayers still work from home, due to the pandemic. This has some wondering if they can claim home office deductions on their 2021 tax returns. Those who qualify may be able to deduct expenses such as mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent, though limits may apply. An IRS tax tip lists conditions that must be met, including the fact that employees aren’t eligible for deductions. Self-employed persons who otherwise qualify may claim deductions. The home must be the taxpayer’s principal place of business, and the portion of the home claimed must be used exclusively and regularly for business. Here’s more: https://hubs.la/H0ZXhHJ0

Millions of taxpayers still work from home, due to the pandemic. This has some wondering if they can claim home office deductions on their 2021 tax returns. Those who qualify may be able to deduct expenses such as mortgage interest, insurance, utilities, repairs, maintenance, depreciation and rent, though limits may apply. An IRS tax tip lists conditions that must be met, including the fact that employees aren’t eligible for deductions. Self-employed persons who otherwise qualify may claim deductions. The home must be the taxpayer’s principal place of business, and the portion of the home claimed must be used exclusively and regularly for business. Here’s more: https://hubs.la/H0ZXhHJ0

Timeline Photos 10/20/2021

Some businesses fail or just close for many reasons including the impact of COVID-19 and the resulting labor shortages. Business owners who close their doors must fulfill certain federal tax responsibilities and inform the IRS of their plans. Among the steps to take are: filing a final tax return; paying final compensation to employees and filing related returns; paying taxes owed; reporting payments to contractors that exceed $600; canceling employer ID numbers; closing business accounts and maintaining records for the required number of years. Contact us with questions. We can help ensure that all the bases are covered and loose ends are tied up. Here’s more: https://hubs.la/H0ZGr-c0

Some businesses fail or just close for many reasons including the impact of COVID-19 and the resulting labor shortages. Business owners who close their doors must fulfill certain federal tax responsibilities and inform the IRS of their plans. Among the steps to take are: filing a final tax return; paying final compensation to employees and filing related returns; paying taxes owed; reporting payments to contractors that exceed $600; canceling employer ID numbers; closing business accounts and maintaining records for the required number of years. Contact us with questions. We can help ensure that all the bases are covered and loose ends are tied up. Here’s more: https://hubs.la/H0ZGr-c0

Timeline Photos 10/19/2021

When we give money to charity, we want it to be used wisely. Unfortunately, a great deal of money given to charity is stolen by criminals. Charity Fraud Awareness Week runs from Oct. 18-22 and the IRS is one agency highlighting the dangers. For example, cybercrime is on the rise and includes attacks on charities, their supporters and beneficiaries. In addition, criminals create fake charities. You can find legitimate and qualified charities by using the IRS “Tax Exempt Organization Search” tool. There, you can check an organization’s eligibility to receive tax-deductible charitable contributions and find out other information about its filings. Here’s the tool: https://hubs.la/H0ZGxY30

When we give money to charity, we want it to be used wisely. Unfortunately, a great deal of money given to charity is stolen by criminals. Charity Fraud Awareness Week runs from Oct. 18-22 and the IRS is one agency highlighting the dangers. For example, cybercrime is on the rise and includes attacks on charities, their supporters and beneficiaries. In addition, criminals create fake charities. You can find legitimate and qualified charities by using the IRS “Tax Exempt Organization Search” tool. There, you can check an organization’s eligibility to receive tax-deductible charitable contributions and find out other information about its filings. Here’s the tool: https://hubs.la/H0ZGxY30

Partnering With You for Your Success

Your success is our goal. At Thompson Greenspon we offer award-winning service and pro-active solutions, customized to meet your specific tax, audit, accounting and consulting needs.

Personal relationships are important to us. Since our founding in 1956, the firm has advanced the goal of having you work with the same dedicated team members year after year. As one of the largest CPA firms in the DC metro area, we deliver industry-leading expertise that is competitive with national and regional firms.

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4035 Ridge Top Rd Ste 700
Fairfax, VA
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Thompson Greenspon is one of the largest accounting firms in the Washington, DC, metro area and among the Inside Public Accounting Top 300 in the country. For over 60 years we have provided personalized service and forward-thinking solutions to businesses in a wide range of industries who share something in common—they seek an experienced, trusted partner who will save them time by helping to navigate complex accounting and tax regulations. Construction, real estate, and government contracting entities, professional service firms, and nonprofits are just some of the industries that seek our accounting, audit, and tax services, as do individuals. Our areas of specialization include taxes, financial reporting (audits, reviews, and compilations), advisory services, outsourced accounting, and employee benefit plan audits. Our tax concentrations include strategic tax planning and preparation, IRS representation, state and local tax representation, estate and succession planning, and international tax including transfer pricing studies. [email protected] [email protected]

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