Sweeping new IRS "repair regulations" impact most businesses
The IRS has released much-anticipated temporary and proposed
regulations on the capitalization of costs incurred for tangible
property. They impact how virtually any business writes off costs
that rep...
IRS launches third version of voluntary offshore disclosure program
The IRS reopened its offshore voluntary disclosure program in early
2012 in response to what the government described as strong
interest among taxpayers. The reopened program, the third of its
type in...
FAQ: What tax breaks come with raising a child?
Taxpayers with children should be aware of the numerous tax breaks
for which they may qualify. Among them are: the dependency
exemption, child tax credit, child care credit, and adoption
credit. As th...
February 2012 tax compliance calendar
As an individual or business, it is your responsibility to be aware
of and to meet your tax filing/reporting deadlines. This calendar
summarizes important tax reporting and filing data for
individuals...
FAQ: What is a pre-tax benefit?
Most pre-tax benefits are ones that an employee elects to pay for
by using a portion of his or her compensation that would have
otherwise been taxed as salary. Other pre-tax benefits are paid by
y...
How do I?…Pay my payroll taxes electronically
The Electronic Federal Tax Payment System (EFTPS) allows
individuals and businesses to make tax payments by telephone,
personal computer or through the Internet....
Making gifts to minors: How generosity can help ease your tax bill
Making gifts is a useful, and often overlooked, tax strategy.
However, when thinking about whether to make a gift, or gifts, to
your children or other minors, the tax consequences must be
evaluated...
Legal considerations in gifts to minors shouldn't be overlooked
Is a property transfer to your child or other minor a possible
event on your horizon? If it is, just don't cover yourself on the
tax consequences of such transfers. There are important legal
considera...
Lots of cash in your business? Watch out for penalty taxes
It's always nice to have extra cash lying around in your business.
Say you've had a good year, but you want to wait awhile before
plowing the profits back into the business. Are there any
potential...
FAQ: The "nanny - housekeeper" tax
Q. My husband and I have a housekeeper come in to clean once a
week; and someone watches our children for about 10 hours over the
course of each week to free up our time for chores...
How do I? Compute my net worth
How much am I really worth? This is a question that has run through
most of our minds at one time or another. However, if you aren't an
accounta...
Newsletters
Welcome to Gallagher & Associates CPAs, PLC and thank you for visiting our Website. In addition to providing you with a profile of our firm and the services we provide, this Website has been designed to become a helpful resource tool to you, our valued clients and visitors. Our dedication to superior client service has brought us to the Internet as we endeavor to continue to provide the highest quality professional service and guidance.
As you browse through our Website, you will see that not only have we highlighted background information on our firm and the services we provide, but have also included useful resources such as informative articles (in our Newsletter section) and interactive financial calculators (in our Financial Tools section). In addition, we have taken the time to gather many links to external Websites that we felt would be of interest to our clients and visitors (in our Internet Links section).
While browsing through our Website, please feel free to contact us with any questions or comments you may have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.
Michelle F. Gallagher, CPA/ABV/CFF
Gallagher & Associates CPAs, PLC * Certified Public Accountants
Accounting, Tax, Business Valuation, Expert Witness & Forensic Accounting Services.