With other firms, you may not always know who is in charge of your engagement. At Krupsky + Company, our relationships with our clients are our top priority. You'll know who you're working with, and that's who will be on the other end of the line when you call.
Our expertise doesn't end with income taxes. Krupsky + Company provides a full spectrum of services, including audit and assurance services, estate planning, and accounting and bookkeeping services.
With the 2013 tax season behind us for most, the priority now is to start thinking about 2014. The good news for 2014 is that no major tax legislation has been passed this year, and prospects for anything passing between now and the end of the year are unlikely. The bad news is that a collection of tax provisions—some that have provided significant benefits to many taxpayers—expired as of December 31, 2013. As of this date, the House of Representatives has passed a bill to extend most of these provisions, but that legislation is still awaiting action in the Senate. The consensus is that since the election is over and no perceived political risk will be taken (or advantage given away) the Senate will act. Our bet is sometime around New Year’s Day.
As we start the filing season for 2013 tax returns, we wanted to remind you of a few compliance issues and update some information regarding 1099 forms for businesses.
We would like share with you some information that we received while attending a recent educational seminar. The seminar, sponsored by the American Institute of CPA’s, was titled Sophisticated Tax Planning for Wealthy Clients. However, the title is somewhat of a misnomer, as the speakers touched on many areas that concern us all, not just those in the upper brackets. It is true, however, that the upper brackets will be impacted the most by the changes in tax law taking effect in 2013 and beyond.
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