Election watchouts

As I have shared in the past, it is not my role (nor would it be appropriate) to share my political views. It would also be presumptuous of me to assume the election result will be determined soley on the basis of the candidates view of tax policy. I think we have all learned that certain headlines can be misleading and a particular position on taxes may change dramatically between now, the election and if/when it ultimately becomes law.

As you consider your options and do your own research for this upcoming election (Presidential or otherwise), I share two tax related areas I feel you ought to be aware of:

• TCJA - As shared previously, the Tax Cut and Jobs Act (TCJA) that was passed in 2017 is set to expire at the end of 2025. Generally speaking, TCJA lowered most taxes for both individuals and businesses. If this expires and Congress does nothing, we revert back to the pre-TCJA tax environment with higher taxes. Pay attention to what candidates plan to do with TCJA (let it expire, replace it, etc.).
• Government spending & debt - As a nation, we have a very high level of debt and it continues to grow. Seperate from any impact TCJA has, it is important to understand a candidate's view of government spending and how to pay for it. In the end, taxes are the primary source of funding so you need to assess if a particular candidate's agenda will likely lead to higher or lower taxes in the future.

We are growing!!

We recenlty completed an acquisition of a local CPA firm called DiLorenzo and Kinsey CPA's. This acquisition will add two new members to our team (Amie Gardner and Dani Collins) as well as the prior owner's expertise (Elya Kinsey, CPA) on an as needed basis.

We are excited about this change and if you happen to talk to one of the new members when you call us, please welcome them to the family!

More Accounting Humor

Have you heard the one about the fun accountant?

• Me neither!

Why did Sherlock Holmes get audited by the IRS?

• He had too many deductions