IRS Extends Payment Date

Treasury Secretary Steven Mnuchin announced that the IRS will allow taxpayers to defer payments for 2019 tax returns until July 15, subject to certain caps. For individuals, the amount of tax which can be deferred is up to $1 million. Corporations can defer up to $10 million.  These limits w..........

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L&H CPAs
L&H CPAs

25 May, 2020

IRS Extends Payment Date

Treasury Secretary Steven Mnuchin announced that the IRS will allow taxpayers to defer payments for 2019 tax returns until July 15, subject to certain caps. For individuals, the amount of tax which..........

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L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians

There’s still time to make a deductible IRA contribution for 2019

Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended ..........

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Scott Henvey
Scott Henvey

25 May, 2020

Business Owners & Entrepreneurs, Business Owners

Business charitable contribution rules have changed under the CARES Act

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Sec..........

Read More
L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Business Owners, Physicians, Divorcees and Widows

Do you have tax questions related to COVID-19? Here are some answers

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now.

My employer closed the office and I’m..........

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L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Business Owners

The CARES Act liberalizes net operating losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming c..........

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L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Business Owners

Hiring independent contractors? Make sure they’re properly classified

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified for fede..........

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L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Physicians, Divorcees and Widows

IRA account value down? It might be a good time for a Roth conversion

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a..........

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L&H CPAs
L&H CPAs

25 May, 2020

Estate Planning

The rules have changed regarding your IRAs, RMDs and estate plan

Many people’s estates typically include IRAs. Be aware that two major laws passed into..........

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L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Executives, Retirees, Physicians, Divorcees and Widows

Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part ..........

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L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting

New COVID-19 law makes favorable changes to “qualified improvement property”

The law providing relief due to the coronavirus (COVID-19) pandemic contains a benefic..........

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L&H CPAs
L&H CPAs

25 May, 2020

Estate Planning

Your legacy: Charitable giving is vital during the COVID-19 crisis

Your legacy: Charitable giving is vital during the COVID-19 crisis

The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable org..........

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L&H CPAs
L&H CPAs

25 May, 2020

Executives, Retirees, Business Owners, Physicians, Divorcees and Widows

COVID-19: IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range..........

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L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting

Relief from not making employment tax deposits due to COVID-19 tax credits

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to..........

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L&H CPAs
L&H CPAs

25 May, 2020

Estate Planning

Review your estate plan in the midst of a major life shock

Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan.

..........
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L&H CPAs
L&H CPAs

25 May, 2020

Retirement Planning

CARES ACT changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax..........

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L&H CPAs
L&H CPAs

25 May, 2020

Answers to questions about the CARES Act employee retention tax credit

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the ..........

Read More
L&H CPAs
L&H CPAs

25 May, 2020

Business Owners & Entrepreneurs, Business Consulting

The new COVID-19 law provides businesses with more relief

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which..........

Read More
L&H CPAs
L&H CPAs

25 May, 2020

Planning, Text Preparation Planning, Accounting Services, Investment Advisory & Wealth Mangement

Sec. 529 vs. Roth IRA plans - Choosing a college savings tool

Many people assume that a Section 529 plan is the ideal college savings tool. But the Roth IRA can also help parents save for college expenses. This article reviews the strengths of each. For examp..........

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L&H CPAs
L&H CPAs

26 April, 2020

Investment Advisory & Wealth Mangement

How to make market volatility your friend

Maintaining positions in a well-diversified portfolio is the best response to market volatility. But there may be something else investors can do: Use falling prices as an investment opportunity. A..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Business Owners & Entrepreneurs, Business Owners, Business Consulting, Investment Advisory & Wealth Mangement

Naming a trustee - It's one of the most important decisoins of your life

One of the major decisions that need to be made when establishing a trust is who will act as trustee. This article talks about the responsibilities of the position as well as the qualities (such as..........

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L&H CPAs
L&H CPAs

24 January, 2020

Retirement Planning, Traditional IRA, Retirees, Investment Advisory & Wealth Mangement

Planning for a tax-efficient retirement

As this article explains, tax planning for retirement is critical to ensuring that savings last. Retirees are urged to estimate cash needs, coordinate Social Security benefits with other income sou..........

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L&H CPAs
L&H CPAs

24 January, 2020

Traditional IRA, Retirees

Using the 4% rule to make retirement fund withdrawals

Determining how much to withdraw from a retirement nest egg annually can be stressful. As this article argues, the 4% rule can help reduce uncertainty. Retirees withdraw 4% of a portfolio in the fi..........

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L&H CPAs
L&H CPAs

24 January, 2020

Accounting Services, Investment Advisory & Wealth Mangement

Substantiating charitable gifts Do you know the rules

Recently, the IRS issued charitable contribution substantiation regulations. To avoid costly mistakes, it’s important for philanthropic individuals to familiarize themselves with the rules. This ar..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform, Traditional IRA

What to do if you’re audited by the IRS

Taxpayers don’t necessarily need to panic when they receive an IRS letter. Often, returns are chosen for examination randomly, or because the IRS needs additional information. This article provides..........

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L&H CPAs
L&H CPAs

24 January, 2020

Estate Planning

A trust can be a mighty financial fortress

Trusts are often established to achieve estate planning goals, including reducing taxes. But they can also help protect assets from creditors, former business partners, ex-spouses and “spendthrift”..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Removing money from a qualified plan, Accounting Services, Investment Advisory & Wealth Mangement

3 options if your term life insurance is expiring

A term life insurance policy can be a powerful, cost-effective tool for helping families meet their financial obligations following the death of a spouse or parent. But what happens when the term e..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Accounting Services, Investment Advisory & Wealth Mangement

Intrafamily loans offer family value

When children or other family members need financial assistance, it may be tempting to simply hand them a check. But as this short article argues, lending — rather than giving — m..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Planning, Traditional IRA, Retirees

Take it or leave it - How to handle your 401(K) plan when you retire

A major decision for those who are newly retired, or planning on retiring soon, is deciding what to do with the savings accumulated in their company’s 401(k) plan. This article takes a look at vari..........

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L&H CPAs
L&H CPAs

24 January, 2020

Business Owners & Entrepreneurs, Estate Planning, Business Owners, Business Consulting

Estate planning and business succession planning - The lines blur when a family business comes into play

For many business owners, estate planning and succession planning go hand in hand. An owner of a closely held business likely has a significant portion of his or her wealth tied up in the business...........

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L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform, Text Preparation Planning

Asset protection is just as important as tax planning

Many financially savvy individuals are already thinking about filing their tax returns next year. But they shouldn’t overlook another critical and equally important aspect of financial planning: as..........

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L&H CPAs
L&H CPAs

24 January, 2020

Traditional IRA, Retirees

Living the dream of early retirement

Many people dream of retiring early so they can pursue activities other than work. But making this dream a reality requires careful planning and diligent saving during the years leading up to retir..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform, Text Preparation Planning

Making gifts to loved ones Don’t forget tax planning

Many people want to pass assets to the next generation during their lifetimes, whether to reduce the size of their taxable estates, to help family members or to see their loved ones enjoy the gifts..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform

Planning for the net investment income tax

Despite its name, the Tax Cuts and Jobs Act didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. Th..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform

Vacation homes Do you understand the tax nuances

A vacation home can provide a welcome retreat from the hustle and bustle of everyday life. But that’s not all: It can also offer valuable tax benefits. This article sorts out the rules for claiming..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Planning, Removing money from a qualified plan, Business Owners, Business Consulting

Running your personal finances like a business

Most individuals don’t regard themselves as businesses, trying to turn a profit and beat the competition. But, occasionally, it may help to look at one’s financial situation this way to determine w..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform

Do you know your tax bracket

The Tax Cuts and Jobs Act generally reduced individual tax rates through 2025, but some taxpayers have actually seen their taxes go up because of reductions or eliminations of certain tax breaks. T..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Accounting Services, Business Owners, Business Consulting, Investment Advisory & Wealth Mangement

Every business owner needs an exit strategy

Business owners must monitor the cash flow and tax positions of their companies, while also looking out for their own personal financial futures. This article looks at how to lay the foundation for..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Physicians

Improve the efficiency of your practice - 8 steps to a better flow

Many medical practices suffer from a range of bottlenecks and redundancies that waste time and energy. These broadly fall into several practice areas, including the front office, the back office an..........

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L&H CPAs
L&H CPAs

24 January, 2020

Physicians

3 keys to providing terrific patient service

Excellent patient service needs to go beyond simply fulfilling patient demands. This article suggests three steps that will help ensure good service, including designing service that meets various ..........

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L&H CPAs
L&H CPAs

24 January, 2020

Physicians

Does your practice run like a well-oiled machine

To run smoothly, medical practices need efficient operations that can maximize revenue with low overhead. They must leverage these factors for the best overall quality of patient care. This article..........

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L&H CPAs
L&H CPAs

24 January, 2020

Physicians

Do you want a dynamic practice - Choose and use the right key performance indicators

Within a medical practice, it’s possible — though not necessarily desirable — to measure anything and everything, ranging from the number of patients per day to the amount of time spent on phone ca..........

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L&H CPAs
L&H CPAs

24 January, 2020

Planning, Physicians

5 ways to improve practice efficiency

Practice efficiency is tied to practice profitability — and it can help physicians and staff members continue to provide good health care over time. This article lists five specific ways physicians..........

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L&H CPAs
L&H CPAs

24 January, 2020

Physicians

Enhancing practice success with a board of directors

To achieve a thriving medical practice, physicians may require the assistance of a governing board of directors to help ensure the practice meets technological and regulatory goals, uses resources ..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Business Owners & Entrepreneurs, Business Owners, Physicians

What are the elements of a medical practice business plan

Physicians tend not to get serious about a business plan until they need to go to a bank and ask for money. But there are plenty of other reasons to have a business plan — starting with the fact th..........

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L&H CPAs
L&H CPAs

24 January, 2020

Physicians

The art and science of patient scheduling

How do physicians determine the right amount of time to devote to each patient while limiting wait time? Obviously, efficiency is a goal — but not at the expense of caring for patients. Physicians ..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Divorcees and Widows

Till death do us part - Settling a spouse’s financial affairs

Because the days or weeks immediately following the death of a partner are an emotionally charged time, new widows and widowers usually should avoid making any major financial decisions during that..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Business Owners, Business Consulting

Your business’s real estate Avoiding a costly mistake

Many businesses choose to separate ownership of the building and real estate from the business itself. The strategy shields these assets from claims by creditors if the company ever files for bankr..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Business Owners, Business Consulting

Ownership structures - How should you own your vacation home

Given the unique aspects of vacation home ownership, a limited liability company (LLC) is often the best ownership structure from a management and tax standpoint. This article discusses some of the..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Retirement Planning, Traditional IRA, Retirees

Choosing an employee retirement plan

Abstract: Businesses offering their employees a retirement plan for the first time have some tried-and-true choices. This article spotlights four types of plans: traditional and R..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Accounting Services, Business Owners, Business Consulting

Borrowing alternatives for businesses - Your need for capital will color your financing choice

Bank loans come in a variety of shapes and sizes, but most fall into one of several broad categories. This article sums up lines of credit, term loans, commercial mortgages and government loan prog..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Accounting Services, Business Owners, Investment Advisory & Wealth Mangement

Document storage solutions - Should you use an electronic filing cabinet

Traditionally, important financial and tax documents have been stored in paper form in a filing cabinet, fireproof safe or bank safe deposit box. But in the digital age, electronic document storage..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Investing, Investment Advisory & Wealth Mangement

Raising financially responsible kids

Helping kids understand money when they’re young will help them develop sound financial habits that pay off when they’re adults. Discussions about money can start early, but need to be tailored to ..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Investing, Investment Advisory & Wealth Mangement

Is silence golden - The good and the bad of keeping your trust a secret

It’s common for parents to set aside money or other assets in trust for their children or grandchildren. At the same time, many parents agonize over the impact this wealth may have on their heirs. ..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Business Consulting

Decisions, decisions - Personal circumstances figure into when to begin taking Social Security

There are several individual factors that go into the determination of when the best time is to begin collecting Social Security benefits. Among those factors are the size of one’s estate, the amou..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform

Estate Planning Red Flag - You're splitting gifts with your spouse

The annual gift tax exclusion allows a person to transfer up to $15,000 per beneficiary gift-tax-free. One can double the exclusion to $30,000 per beneficiary if an election is made to split the gi..........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform

7 ways to prevent elder financial abuse

As tax season ramps up, so do the efforts of scam artists looking to steal older people’s financial data and money. This article offers seven ways to prevent elder financial abuse.

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Taxes, Tax Reform

Are income taxes taking a bite out of your trusts

Anyone whose estate plan includes one or more trusts should review them before filing an income tax return. And those who have already filed should look carefully at how their trusts were affected...........

Read More
L&H CPAs
L&H CPAs

24 January, 2020

Business Owners, Business Consulting

LHCPA Post 14

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

30 August, 2019

Retirees, Divorcees and Widows, Business Consulting

LHCPA Post 13

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

27 August, 2019

Retirees, Divorcees and Widows

LHCPA Post 9

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

26 August, 2019

Taxes, Estate Planning, Traditional IRA

LHCPA Post 8

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

23 August, 2019

Taxes, Estate Planning, Traditional IRA

LHCPA Post 7

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

23 August, 2019

Taxes, Estate Planning, Traditional IRA

LHCPA Post 6

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

23 August, 2019

Business Owners & Entrepreneurs

LHCPA Post 1

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

23 August, 2019

Estate Planning

LHCPA Post 2

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

23 August, 2019

Retirement Planning

LHCPA Post 3

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

23 August, 2019

Executives, Tax Reform

LHCPA Post 5

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

Read More
L&H CPAs
L&H CPAs

23 August, 2019

Traditional IRA, Removing money from a qualified plan

LHCPA Post 4

What is Lorem Ipsum?

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text e..........

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L&H CPAs
L&H CPAs

23 August, 2019