Patricia Spivak CPA PC

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Drums, PA
Patricia Spivak CPA PC

Income Tax preparation, Accounting, bookkeeping, and payroll services

10/23/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created in 2025. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Call us for help preparing for the new requirements.

10/21/2026

Last year the cap on state and local tax (SALT) deductions increased from $10,000 to $40,000. The 2026 cap is $40,400. If your 2027 property taxes have already been assessed, prepaying them in 2026 could help you maximize your 2026 deduction. But keep in mind that the 2026 cap is reduced for taxpayers with modified adjusted gross income over $505,000. (All amounts are half as large for separate filers.) Let us help you determine how to incorporate the increased SALT deduction limit into your tax planning. Contact us today.

10/20/2026

A well-defined compensation philosophy can do a lot for your business. It may help attract job candidates, retain employees and control payroll costs. Although competitive pay is important, employees consider your full compensation package. This includes bonuses and other performance incentives, benefits and perks, professional development opportunities, and flexible work arrangements. Contact us for guidance on developing a well-rounded strategy that’s aligned with your business goals, workforce needs and budget.

10/19/2026

You may need to make quarterly estimated tax payments if you own a sole proprietorship or an interest in a pass-through entity, which includes partnerships, S corporations and most limited liability companies. Changes in your business’s taxable income, deductions or overall tax situation may have altered your expected tax liability. A year-end projection can help you determine whether you’ll need to adjust your fourth-quarter estimated tax payment that’s due by January 15, 2027. Call us to review your situation.

10/16/2026

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your actions must be “willful,” meaning you’ve been, or should have been, aware of the responsibility and either intentionally disregarded the law or were indifferent to it. According to the IRS, no “evil intent or bad motive” is required. Call us if you receive a letter from the IRS about the TFRP or for help with tax compliance.

10/14/2026

When moving to a different state, changes to your state taxes on income and property may get most of your attention. But state estate taxes should also be part of the equation. Some states impose their own estate or inheritance taxes, often with exemption amounts significantly lower than the current federal exemption of $15 million. State rules also differ on tax rates and residency requirements for being subject to state taxes. Before relocating, call us for help reviewing how your destination state’s tax laws could affect your estate plan.

10/13/2026

According to the Federal Reserve, only 54% of U.S. households have saved money in a dedicated retirement plan. Unfortunately, most people can’t enjoy a secure retirement with Social Security benefits alone. If other priorities have prevented you from investing, contact us at {Phone%}. We can review your income, budget and goals and assist with establishing a retirement savings plan that can help you catch up!

10/12/2026

The IRS says you’re deceased, but you’re very much alive. It sounds unbelievable, but this unusual situation can happen when an incorrect Social Security number (SSN) is entered on your tax return or when Social Security Administration (SSA) records mistakenly indicate that you or your spouse have died. If you receive IRS Notice CP01H, verify that the SSN on the return in question matches your Social Security card. If it does, contact the SSA to see whether its records need to be corrected. Then follow the notice instructions to unlock your IRS account. Call us for help resolving this issue promptly.

10/09/2026

If you’re sending money abroad, beware of a possible 1% excise tax. This new tax generally applies to transfers of cash, money orders or cashier’s checks from U.S. senders to foreign recipients via certain remittance transfer providers such as Western Union and MoneyGram. But transfers made via credit or debit card, bank account transfer, or digital wallet aren’t subject to the excise tax. Essentially, the tax doesn’t apply to transfers from accounts in financial institutions subject to Bank Secrecy Act requirements or to credit or debit cards issued in the U.S. So to avoid the extra expense, consider using a card or ACH transfer from your own bank account.

10/07/2026

When a person dies, his or her executor files an income tax return for the year of death. For purposes of the final return, the tax year begins on Jan. 1 and ends on the date of death. The return is due by April 15 of the following calendar year. But in the year of death, a surviving spouse is generally deemed to be married for the entire calendar year, so he or she can file a joint return with the estate’s cooperation. Filing jointly often provides tax savings, such as from qualifying for a lower tax bracket, larger standard deduction and higher IRA contribution limits. Call us for details.

Address

184 S Hunter Highway
Drums, PA
18222

Website

http://www.spivakcpa.com/

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