Archive for July, 2022

Edelstein Sponsored 5th Annual CLE by the Sea

On Wednesday, July 13, 2022, Edelstein was proud to sponsor the fifth annual CLE by the Sea for Solos and Small Law Firms. The conference was put on by the Greater Newburyport Bar Association with

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Posted In: Sponsorships

Tax Alert- Three tax breaks for small businesses

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified

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Posted In: Alerts & Advisories

Accounting & Audit Alert- How to account for collaborative agreements

Today, many companies share research or technology to develop new products. For example, manufacturers might enter into a joint venture to conduct scientific research to design a new medical device. Or a watchdog group might

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Posted In: Alerts & Advisories

Emerging Tax Alert- Businesses: Act now to make the most out of bonus depreciation

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers — but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will

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Posted In: Alerts & Advisories

Tax Alert- The kiddie tax: Does it affect your family?

Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of your higher tax bracket and place

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Remote auditing: A brave new world

The pandemic has presented numerous challenges for businesses, but it also taught us how to be resilient, cost-conscious and adaptable. Over the last few years, we’ve learned that remote working arrangements offer many benefits, including

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Posted In: Alerts & Advisories

Tax Alert- Interested in an EV? How to qualify for a powerful tax credit

Sales and registrations of electric vehicles (EVs) have increased dramatically in the U.S. in 2022, according to several sources. However, while they’re still a small percentage of the cars on the road today, they’re increasing

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Posted In: Alerts & Advisories

Tax Alert- How disability income benefits are taxed

If you’ve recently begun receiving disability income, you may wonder how it’s taxed. The answer is: It depends. The key issue is: Who paid for the benefit? If the income is paid directly to you

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Posted In: Alerts & Advisories

Accounting & Audit Alert- Last call for lease accounting

The updated lease accounting standard is currently in effect for private companies. After several postponements during the pandemic, the Financial Accounting Standards Board (FASB) voted unanimously to move forward with the changes. That means private

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Posted In: Alerts & Advisories