Brugere & Co. CPA, PC

Brugere & Co. CPA, PC Brugere & Co. CPA, PC - Much more than Taxes! Coordinating your estate/trust, cash- flow/retirement,

Because of client requests and the nature of the market and economy, we have expanded the scope of our oversight and guidance to be able to give you direction on decisions which can affect you financially. We coordinate your estate/trust, cash-flow/retirement, investment oversight & tax planning!

09/01/2024

I’m still working and available at the same phone number and email address but … I sold my CPA practice to Donald Shaver.
No plans to retire, just more time with family, especially grandkids, and for travel.

08/11/2021

IRS refunds are running slow. Refund from a return filed early April is finally scheduled for August 11. On the bright side, IRS is paying interest. May have been delayed if IRS reviewed unemployment received.
Consider planning for a small refund or owing a small amount. May be a challenge if income is not predictable.

07/21/2021

From the Tax Fraud Blotter:

St. Louis: Tax preparer Tiffany McAllister, 44, of Florissant, Missouri, has been sentenced to 37 months in prison and ordered to pay $902,854 in restitution after pleading guilty to three counts of tax fraud.

McAllister operated a tax prep service from 2009 through the 2019 tax year. During that period, she registered two companies with the Missouri Secretary of State and obtained EINs for them though she never transacted business nor employed anyone through either company.

In 2014 through 2016, she prepared fraudulent returns claiming that she and some of her clients received wages and had taxes withheld with respect to fictitious companies. She also prepared returns for clients that fraudulently claimed wages and withholdings from other fictitious businesses, self-employment business losses and educational expenses to inflate federal refunds.

McAllister was paid for assisting in the fraudulent preparation of 39 tax returns for the tax years of 2014 through 2017. Federal tax losses totaled $920,854.

07/14/2021

from IRS: The IRS recently upgraded the Child Tax Credit Update Portal to enable families to update their bank account information so they can receive their monthly Child Tax Credit payment. The tool also allows families to unenroll from the advance payments if they don’t want to receive them. The Update Portal is available only on IRS.gov.

from John: This may seem obvious but ... if you receive the monthly advance credit payments, the credit will NOT be available on your 2021 tax return. Please consider Not taking the advance credits. Even if you have already received advance credit payments, you can still unenroll.

01/11/2021

It's a good idea to check your social security statement even if you are not retiring because you have only 3 years to correct any error. Go to www.socialsecurity.gov/reviewyourstatement and sign in to your account (or create an account).

12/29/2020

The recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details.

Without this change, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the deduction is limited to 50% of the otherwise allowable expense.

The new legislation adds an exception to the 50% limit for expenses for food or beverages provided by a restaurant. This rule applies to expenses paid or incurred in calendar years 2021 and 2022.

The use of the word "by" (rather than "in") a restaurant makes it clear that the new rule isn't limited to meals eaten on the restaurant's premises. Takeout and delivery meals provided by a restaurant are also fully deductible.

It's important to note that, other than lifting the 50% limit for restaurant meals, the legislation doesn't change the rules for deducting business meals.

If food or beverages are provided at an entertainment activity, either they must be purchased separately from the entertainment or their cost must be stated on a separate bill, invoice, or receipt. This is required because the entertainment, unlike the food and beverages, is nondeductible.

12/22/2020

Last night, Congress passed a $2.3 trillion spending package, including $900 billion for a COVID relief package. The long deliberated relief package includes $600 “stimulus” checks for many adults, as well as a long list of programs and benefits for businesses and individuals.

But that’s just scratching the surface. As is expected with a 5,593 page package, there’s a lot of money going to a lot of different places. And some of this money, billions of dollars actually, is going to foreign aid, in a move that seems irresponsible to say the least.

Breitbart reports on some of the major foreign aid spending.

“$169,739,000 to Vietnam...$198,323,000 to Bangladesh...$130,265,000 to Nepal...$505,925,000 to Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Panama...$461,375,000 to Colombia,” and on and on it goes.

This may sound like a nice way to help other countries, but as Ron Paul once pointed out, “foreign aid is taking money from poor people in rich countries and giving it to rich people in poor countries.” What’s more, this is probably the worst time to be spending taxpayer dollars on initiatives that don’t help taxpayers.

This means $1.3 trillion to foreign countries, 0.9 trillion to US citizens. Shouldn't these be two separate bills?

08/26/2020

Required Minimum Distributions (RMDs) are not required in 2020. If you received an RMD in 2020 you have until August 31 to return it and avoid having it included in your 2020 income.
My CAUTION - consider carefully if you are better off withdrawing form your IRA or retirement plan. If in doubt, you may return previous distributions and still make withdrawals by year end.
ALSO - if 70 1/2 or older in 2020, be careful not to confuse RMDs with QCDs (Qualified Charitable Distributions). Call me for clarification. (A questin via FaceBook Messenger will not reach me since I do not use Messenger).

08/24/2020

So it won't be a surprise ... unemployment compensation is taxable. A Tax Projection will help you plan to have money available to pay the tax as needed.

08/24/2020

IRS is working through a backlog of unprocessed mail including undeposited checks. I've had several people tell me that checks are uncashed from several months ago. The IRS asks that you not stop payment but they will not charge a fee for checks not honored.

07/30/2020

For anyone which an IRA who turned age 70 1/2 in 2020 and older folks, seriously consider the Qualified Charitable Distribution (QCD). It can reduce your tax cost. Consult your tax adviser.

Address

10016 Office Center Avenue, Ste 102
St. Louis, MO
63128

Website

http://www.linkedin.com/in/brugere

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