Maillie LLP

Job opening alert! 📢  We’re hiring talented Audit/Assurance associates across multiple specializations. If you have 3+ years of experience and are looking to take your career to new heights with an accounting firm that prioritizes employee growth and a tight-knit culture, you can apply on our website or find out more about our current opportunities.

If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income.https://bit.ly/3WmcQvV

The high federal estate tax exemption ($13.61 million in 2024) means that many people aren’t concerned with estate tax. But you should still consider saving income tax for your heirs. For example, be careful making lifetime transfers of appreciated assets. It’s true that the assets and future appreciation generated by them are removed from your estate. But a gift carries a potential income tax cost because the recipient receives your basis upon transfer. He or she could face capital gains tax on the future sale of the gifted property. If the appreciated property is held until your death, under current law, the heir will get a “step-up” in basis that will reduce or wipe out capital gains tax.https://bit.ly/4cIz2Gc

Controlling costs is a fundamental task for every business. But where and how to address this challenge can change over time based on various factors. One recent survey revealed three top categories for cost-cutting initiatives: 1) Supply chain; identify your top vendors and see whether you can consolidate spending with them to put yourself in a stronger position to negotiate volume discounts. 2) Labor; be sure you know precisely how much you’re truly spending. A metric called labor burden rate can help. Outsourcing and tech upgrades may help, too. 3) Marketing and sales; choosing and monitoring the right metrics is essential for controlling these costs as well. Contact us for help. https://bit.ly/4bJJZpT

Bookkeeping refers to the systematic storing of financial documentation and recording of daily financial transactions. Bookkeepers record journal entries for each transaction using accounting software. They also may be responsible for sending invoices, processing payments and payroll, conducting banking activities, and reconciling accounts. The records maintained by the bookkeeper are used to generate historic and prospective financial statements. These reports provide financial insights that help management and external stakeholders evaluate financial performance. Contact us to help you set up and maintain a reliable system of reporting financial transactions in an accurate, timely manner. https://bit.ly/4bFx5ZP

Can you tell we like to swing for the fences? Last week, the Big Bad Bookkeepers wrapped up another pitch-perfect softball season, and we're already looking forward to the next. 🤝 Want to join our winning team at Maillie? Visit maillie.com/careers. #nowhiring #joinourteam #publicaccountants

Unlocking the secrets of social media mastery! 📚✨ Our HR team had an enriching experience at the TriCounty Area Chamber of Commerce Marketing Summit. We learned invaluable tips and tricks to grow our presence through social media, storytelling, and branding across all platforms. A big thank you to guest speakers Terese Brittingham and Rizzo, Samantha Cole, Lisa Baldi, and Bill Haley for sharing their expertise. Excited to put our new knowledge into action! 🚀

A board of directors is critical to keeping a not-for-profit focused over the years as it grows. But how do nonprofit boards change over time? In the early stages, they tend to be entrepreneurial and play an active role in day-to-day operations. As organizations mature, they usually add members who are wealthier and more influential, often with specialized expertise. They also typically add committees and shift to setting strategic objectives and dealing with governance issues, such as audits. To help ensure your board remains open to new ideas and perspectives, ask board members to agree to serve limited terms.https://bit.ly/3xKWjIA

When companies are ready to sponsor a qualified retirement plan, they have many options. One under-the-radar choice is a 412(e)(3) plan. Unlike 401(k) plans, these are defined benefit plans funded with insurance and annuity contracts. Older business owners who want to maximize retirement savings in a short time may want to check out 412(e)(3)s. Why? Because, assuming they have few if any highly compensated employees, owners can take a large share of the financial benefits while also enjoying tax deductions for plan contributions. As is the case with defined benefit plans, however, sponsors must have the financial stability to support the plan indefinitely. Contact us for more information.https://bit.ly/3Lae1s4

Are you philanthropic? If you’re 70½ or older, you may want to consider making a cash donation from your IRA to an eligible charity. This potential tax-saving strategy is called a qualified charitable distribution (QCD). How does it save tax? When required minimum distributions (RMDs) are taken out of traditional IRAs, federal income tax (and possibly state tax) must be paid. But not if you transfer IRA assets to charity via a QCD. In 2024, you can direct up to $105,000 of RMDs to charity. The money given to charity counts toward your RMDs but doesn’t increase your adjusted gross income (AGI), which may allow you to qualify for other tax breaks. Questions? Contact us.https://bit.ly/3Y81ZHt