The post Succession Planning: Maximizing a Business’s Value appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

The IRS issued the optional standard mileage rates for calculating the deductible costs of operating a car for 2023. The post Business Mileage Rate Increase appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

The IRS announced a delay in reporting thresholds for third-party settlement organizations (TPSOs) set to take effect for the upcoming tax filing season. The post Delay for implementation of — 600 reporting threshold appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

​​The IRS treats cryptocurrency as property, not money, and taxes it like a stock. Taxpayers must disclose gains and losses on investments in digital assets. The post The Tax Treatment of Cryptocurrency appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

Charitable contributions are a great way to give back not only to your community, but to yourself around tax time! The IRS allows taxpayers to itemize charitable contributions in order to write them off–in most cases, you’re allowed to write off up to 60% of your Adjusted Gross Income. This number was changed to 100% […] The post Individual Charitable Deductions appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

Board and executive diversity continue to be a top priority for many corporate directors and investors as diversity, equity, and inclusion (DEI) initiatives have been linked to improved company performance. Source: FM (Financial Management) The post Leadership Diversity Can Improve Financial Outcomes appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

The IRS doesn’t require every citizen to file come tax time. It depends on your age, filing status, income level, and the source of your income. You can refer to the below table to see if you meet the requirements for filing a tax return. Filing Status Age As Of The End of the Tax […] The post Who Meets The Filing Threshold? appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

Tax time can be a stressful one for business owners. Luckily, since the 2018 tax year, small business owners and self-employed taxpayers have been able to take advantage of the qualified business income deduction (QBI) to deduct up to 20% of their qualified business income on their taxes. The IRS places limits on how much […] The post Qualified Business Income Deduction appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

LRSCPA is a well-rounded CPA firm that offers corporate accounting services to New Jersey small and medium-sized businesses. To make sure your business isn’t falling behind, we’ve put together a comprehensive corporate financial checklist for your business to adhere to. If you aren’t checking off all these boxes, get in touch with LRSCPA so you […] The post Corporate Financial Checklist appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more

Financial audits guarantee that a business’ finances are accurate and that their reports and operations are fully functioning according to plan. They also verify that the information being collected contains no errors that could potentially cause problems both in the short and long term. If you work in a heavily regulated industry, financial audits also […] The post Financial Audit appeared first on Lawson, Rescinio, Schibell & Associates, P.C ..read more