It is Still Time to Withdraw from your 401(k) without penalty!

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows withdrawal up to $100,000 from certain retirement plans without 10% early distribution penalty. Distribution should be made by December 30, 2020.

To find out whether you qualify, and how to plan your income in 2020 and succeeding years using this distribution, please contact Eileen Guber, CPA at (215) 876-9800.



Under The Coronavirus Aid, Relief, and Economic Security (CARES) Act Net Operating Losses (NOLs) for tax years 2018-2020 are required to be carried back five years. NOLs can fully offset taxable income, not just 80% as under the TCJA.

There are two options for filing NOL carryback claims: Form 1045 and amended return form 1040X. Taxpayer may elect to forgo carryback back period and carry losses forward instead.

To discuss which solution will be more beneficial to you and to your business, please contact Eileen Guber, CPA at (215) 876-9800.

Want to Escape being Audited?

Have your business operate as an S-corporation or a partnership!

The IRS continues to struggle to audit S-corp and partnership returns. This situation is likely to get worse as the more experienced IRS business auditors continue to retire. Audit rates for S corps and partnerships are both 0.22 percent — or, put another way, one in every 455 passthrough entities were examined in 2018. It is no wonder that the number of S corporations have increased by 38 percent from 2005 to 2018 (3.5 million in 2005 versus 4.85 million in 2018).

IRS Confirms Tax break For Large Gifts

The Tax Cuts and Jobs Act temporarily increased the basic exclusion amount for gifts (BEA) from $5 million to $10 million for tax years 2018 through 2025, with both dollar amounts adjusted for inflation. For 2019, the inflation-adjusted BEA is $11.4 million. In 2026, the BEA will revert back to the 2017 level of $5 million, as adjusted for inflation.

On November 22, 2019 IRS issued Final Regulations that individuals who take advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 won’t be penalized after year 2025. They will be allowed to use higher of BEA applicable to the period the gifts were made in.

Tax Accountants Who Make A Difference

Before you look further, it’s important to consider a business in total, including its history, its services, and its reputation. The position of business helps make a decision regarding its future potential and current trajectory.

Truth is, there are multiple outsourcing firms that handle accounting and tax-related services in the market. Sometimes, it’s very difficult for a businessman to figure out the best one. Fortunately, Guber & Company is at the top. As the most recommended and certified public accountant and business adviser in Pennsylvania, Guber & Company know what to do and how to do it. We handle accounting and tax filing for individuals, small and medium businesses, and large-sized enterprises and corporations of multiple sectors and government entities across the Philadelphia area.

Guber & Company provides the Tax Services Philadelphia trusts. This includes a wide range of services to individual and business clients. Our professionals are well experienced, and highly knowledgeable, and provide personalized quality service for every client.

Bottom line: we provide smart planning and strategies according to every client’s personal or business accounting, tax, and financial circumstances. We offer a full range of services that ensure a positive direction for your financial future.

Without professional accounting and bookkeeping services, the financial future of your business is at risk. At Guber & Company, we handle payroll, bookkeeping, and small business accounting. Our business incorporation services are top-notch. Because every sector of industry demands a different set of skills and requirements, we cater. For example, a manufacturing company complies with different standards than an HVAC company.

Our professionals will work hard to save your money. Through our expertise and experience, we can facilitate maximum tax refunds adherent to our clients’ financial obligations. We are the Tax Accountant Bucks County leans on. Our experts use their in-depth understanding of the complex code of laws to guide clients through the tax process. We save you time and money, as well as ensuring legal compliances. We ensure you that your financial future is bright, safe and secure.

You can get our free advice and support at any time, reminding you of all pertinent deadlines and notifications. Avoid penalties and remain fully compliant. If you require an urgent service and consultation, we will assist.

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Trump Tax Law and Millennials

Concerning the recent Tax Cuts and Jobs Act (TCJA, 2017),  74 % of  millennials  indicated  that they  have a little knowledge  about it:  33 percent admit to knowing only “a little”; 29 percent claim to have “some” knowledge and how it will impact them; and 12 percent claim they know “a lot” about the TCJA. If you want to know how you and your business can benefit from Trump Tax Law, contact Eileen Guber, CPA at (215) 876-9800.

Workers prefer benefits over more pay

The American Institute of CPAs released the results of its “2018 Employee Benefit Report” this week, which polled 2,026 U.S. adults (1,115 of whom are employed) about their views on workplace benefits. The report found that   80% of workers would choose a job with benefits over an identical job that offered 30 percent more salary with no benefits.

Employed adults estimated that their benefits represented 40 percent of their total compensation package, according to the study. The Bureau of Labor Statistics, though, states that benefits average 31.7 percent of a compensation package. Still, workers in the report see benefits as a vital part of their professional lives.

Don’t give up on year-end planning

It is not Dec. 31 yet, so while it’s time to start thinking about the filing process, it’s not too late for some last-minute adjustments. There are plenty of collections of suggestions for year-end strategies; here are just a few.

To start, don’t forget the usual tax-loss harvesting and maximizing contributions to 401(k) plans and other retirement and savings accounts.
And then there are plenty of parts of the TCJA to dig into, like planning around the new standard deduction.  Should you want to know more and to use the services of the professional for reduction of your taxes, contact Eileen   Guber, CPA at (215) 876-9800.

Foreign Tax Credits in 2018

he Internal Revenue Service recently issued proposed regulations on foreign tax credits for businesses and individuals after major changes in last year’s tax overhaul . The proposed regulations offer guidance on calculating foreign tax credits, and include rules for allocating and apportioning deductions that determine taxable income from foreign sources.  If you have foreign source income from work or investments, Guber and Company, CPAs will be happy to help you with new rules. Please call Eileen Guber, CPA at (215) 876-9800.