Richardson, Steere & Associates, CPA

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Richardson, Steere & Associates, CPA

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12/12/2025

The new tax law introduced deductions for qualified tips and qualified overtime compensation. Specifically, for 2025 through 2028, it creates a deduction of up to $25,000 for tips income in certain industries. It also creates a deduction of up to $12,500 ($25,000 for joint filers) for qualified overtime pay. Because employers and payors may not yet have adequate procedures to comply with the new rules, the IRS has designated 2025 as a transition period and is providing penalty relief. Notice 2025-62 offers relief to employers and payors for not filing correct information returns and not providing correct payee statements to employees and other payees. For more information, call us at (401) 941-0900.

12/10/2025

The chart of accounts is the foundation of a company’s bookkeeping. It organizes every dollar that comes in or goes out. But if your chart is cluttered, inconsistent or poorly structured, your financial reports will be, too. Clear account groupings, consistent labels and alignment with your reporting goals are essential for meaningful financial insights. Contact us at (401) 941-0900 to help design a chart of accounts tailored to your business. We’ll make it detailed enough to guide decision-making, but simple enough to stay manageable.

12/09/2025

For cash-based businesses, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they increase the risk of underreporting income and attracting IRS scrutiny. The IRS closely monitors such businesses, using tools like cash flow analysis, bank deposit comparisons and lifestyle audits to estimate actual income. If discrepancies arise, the IRS may calculate your income based on estimates, potentially resulting in higher taxes than necessary. Contact us for help with your business at (401) 941-0900.

12/08/2025

Starting in 2026, tax law changes could increase the risk of getting hit by the alternative minimum tax (AMT). This is especially true for high earners. At least some income-based phaseout thresholds for the AMT exemption will drop, and the exemptions will be phased out twice as fast as in 2025. Add to that the impact of larger state and local tax deductions (which aren’t AMT-deductible), and more taxpayers could face the AMT. Call us at (401) 941-0900 for help assessing your risk and finding strategies you can implement now to minimize your taxes.

12/05/2025

The Social Security Administration said that Social Security benefits for 2026, including Old-Age, Survivors, and Disability Insurance (OASDI), and Supplemental Security Income (SSI) payments, will increase 2.8%. These changes reflect cost-of-living adjustments based on inflation. Social Security retirement benefits will increase by about $56 per month on average starting in January. Increased payments to SSI recipients will begin on Dec. 31, 2025. (Note: Some people receive both Social Security benefits and SSI.) The maximum earnings subject to Social Security tax (the so-called “wage base”) will increase $8,400, from $176,100 to $184,500. Have questions about the Social Security tax? Call us at (401) 941-0900.

12/03/2025

A strong personal financial strategy isn’t just about numbers. It’s about peace of mind. We can help you achieve it with tax strategies that maximize savings, retirement planning that fits your goals, and estate planning that protects your legacy. Ready to build a more secure future? Contact us at (401) 941-0900.

12/02/2025

Tax penalties can feel like dragging a ball and chain. They may happen even when you’ve done your best to comply with tax law. Don’t panic. Penalty relief may be available. For example, if you suffered a serious illness, were a victim of a natural disaster, or relied on bad advice from the IRS, you may qualify for penalty abatement. A penalty may arise from actions such as filing late, making a late tax payment or missing a deposit. If you receive an IRS notice that you think is incorrect or unjust, you don’t have to tackle it alone. Contact us at (401) 941-0900 for help with this matter.

12/01/2025

Starting in 2025, the cap on state and local tax (SALT) deductions increases from $10,000 ($5,000 for married couples filing separately) to $40,000 ($20,000 for separate filers). If your 2026 property taxes have already been assessed, prepaying them in 2025 could help you maximize your 2025 deduction. But keep in mind that the cap is reduced for taxpayers with modified adjusted gross incomes over $500,000 ($250,000 for separate filers). Let us help you determine how to incorporate the increased SALT deduction limit into your tax planning. Call us at (401) 941-0900.

11/28/2025

The IRS has issued transitional guidance to auto lenders required to report certain vehicle loan interest for 2025. Under the tax legislation signed into law in July, interest on qualified passenger vehicle loans originated after Dec. 31, 2024, generally is deductible up to $10,000. Lenders must provide eligible taxpayers with the appropriate information to claim the deduction on their 2025 tax returns. According to the guidance, the IRS will consider that lenders have met their reporting obligations for interest received on a qualified vehicle loan in 2025 if they make statements available to buyers indicating the total amount of interest received. To learn more about the new vehicle loan interest deduction, contact us at (401) 941-0900.

11/26/2025

Did you celebrate your 73rd birthday in 2025? If you have money in an IRA, 401(k), SEP or SIMPLE plan, you must take your first required minimum distribution (RMD) by Dec. 31 (or, potentially, by April 1, 2026). RMDs are annual withdrawals of specified amounts based on your age and the account’s value at the end of the last tax year. For more information about managing retirement income, contact us at (401) 941-0900.

11/25/2025

With the standard deduction permanently doubled, far fewer taxpayers itemize deductions. That means many people won’t be able to deduct their 2025 charitable gifts. But starting with cash donations made in 2026, nonitemizers can claim a deduction up to the applicable limit. However, itemizers will face a new adjusted gross income floor on their charitable deductions. If your giving typically exceeds these limits but not your standard deduction, bunching donations into alternating years may offer tax savings. Contact us at (401) 941-0900 to learn more. A proactive review now can help you plan wisely.

11/24/2025

Are you suffering from “retirement sprawl?” You might be if you’ve switched jobs several times and left 401(k) plan accounts behind. You may even have a few traditional or Roth IRAs out there. Over time, having many accounts can make managing and tracking retirement investments increasingly difficult. So it’s time to round up those accounts and consolidate them! Contact us at (401) 941-0900 for advice on avoiding negative tax consequences in the process.

Address

300 Centerville Road 205W
Warwick, RI
02886

Website

http://rsacpari.com/

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