McLaughlin & Company, LLC

06/30/2025

Did you know the IRS can hold you PERSONALLY liable for the unpaid payroll taxes of your business? The Trust Fund Recovery Penalty (TFRP) targets business owners and responsible parties who willfully fail to remit payroll taxes withheld from employees. Even if the business is struggling, the IRS doesn’t take missed payments lightly. The financial consequences can be severe. If you've received a TFRP notice or are concerned about payroll tax compliance, don’t wait. We help you understand your rights and build a strong defense. Act now before penalties escalate. Contact us at (269) 651-6795.

06/27/2025

Planning your legacy? CPAs are essential partners in estate planning and ex*****on. From tax optimization to asset distribution, we ensure your wishes are honored with precision. https://bit.ly/4ke6KHt

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Estate planning can feel like an overwhelming process, but it's a crucial step to ensure that your financial legacy is protected and distributed according to your wishes. Certified Public Accountants (CPAs) play an integral role in this process. With their financial expertise and strategic planning....

06/25/2025

Effective bookkeeping isn't just about tracking expenses, it's key to business growth! From smarter decisions to easier tax time and stronger cash flow, good records keep your business on track. https://bit.ly/4k92qt2

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As a business owner, managing your finances effectively is one of the most important aspects of running a successful operation. Bookkeeping, the process of recording and organizing financial transactions, provides the foundation for making informed decisions, maintaining compliance, and planning for...

06/23/2025

Suppose you have a spouse with past-due child support or debts to federal or state tax agencies. You file a joint tax return, and the refund is seized or reduced due to your spouse's debts. But what if you aren't responsible for the debts? You may be eligible for "injured spouse" relief. (This differs from "innocent spouse" relief, which may be provided if one spouse understates taxes due on a joint tax return and the other spouse didn't know about the errors.) There are processes to follow for injured spouse relief that we can help with. Contact us at (269) 651-6795.

06/20/2025

Data isn’t just numbers; it’s power! Small businesses can use data analytics to understand customers, spot trends, and grow. Start small, think big, and make data work for you. https://bit.ly/3FiDzDS

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In today's fast-paced digital world, data is everywhere. Every click, purchase, and interaction generates valuable insights that can propel your business forward. By leveraging data analytics, you can unlock hidden opportunities, make informed decisions, and drive sustainable growth. If you're looki...

06/18/2025

A levy is one way the IRS collects taxes that aren't paid voluntarily. It involves the IRS legally seizing money or assets to satisfy a tax debt. A levy could include a person's wages, bank accounts, Social Security benefits and retirement income. The IRS may also levy and sell assets such as a car, boat or real estate. In addition, if a person has an outstanding tax liability, the IRS will take any unpaid federal tax refunds to offset the amount owed. Any state income tax refund due may also be levied, and the proceeds applied to a tax liability. Contact us with questions at (269) 651-6795.

06/17/2025

For those age 50 or older, a great way to make up for not having saved enough for retirement in the past (or to simply maximize your tax-advantaged nest egg) is to make “catch-up” contributions to a 401(k), 403(b), 457 plan, SIMPLE or IRA. New starting in 2025, if you’re age 60 to 63, you can boost your 401(k) or other employer-sponsored retirement plan contribution even more: up to 150% of the regular catch-up limit. For 2025, this means a catch-up contribution of $11,250 ($5,250 for SIMPLEs). Want to make the most of tax-advantaged retirement savings opportunities? Let’s talk! (269) 651-6795

06/16/2025

Estate planning is an ongoing process that requires regular reviews and revisions to ensure it meets your goals. Family changes like marriages, divorces, births, adoptions and deaths, as well as significant health changes, warrant a review. Increased income or net worth may necessitate new wealth protection strategies. Moving to a new state or changes in tax laws can also impact your plan. Contact us at (269) 651-6795 for help achieving your estate planning goals! Ensuring your estate plan stays aligned with your goals means regular reviews and adjustments. Family events, health changes, financial growth, or even relocation can impact your plan. Stay proactive and let us help you achieve your estate planning goals! Contact us at (269) 651-6795 for expert guidance.

06/13/2025

Want to pay less in taxes and grow your savings? Tax-advantaged accounts like IRAs, HSAs, and 529 plans make it possible. Learn how to use them to your advantage! https://bit.ly/4jYBH2h

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Tax-advantaged accounts are powerful tools for growing your savings while reducing your tax burden. These accounts are designed to encourage saving for specific purposes, such as retirement, healthcare, or education, by offering tax benefits. Understanding how these accounts work and choosing the ri...

06/11/2025

The GST tax is a key consideration for estate planning, especially for large estates. With a generous exemption of $13.99 million in 2025, many taxpayers may not be affected. However, for those with substantial wealth, strategic allocation of the GST tax exemption to a dynasty trust can help assets bypass multiple generations of taxation. Contact us at (269) 651-6795 to explore your options.

06/10/2025

Changing jobs? Avoid the tax hit and possible early withdrawal penalties of a lump-sum distribution from your 401(k) or other employer-sponsored retirement plan. If your balance is at least $7,000, leaving it in your old plan is easy. But watch out for additional fees and limited investment options. Alternatively, rolling over the balance to your new employer’s plan simplifies retirement asset management. But investment choices may still be limited. If you don’t mind managing two plans, a rollover to an IRA may be your best option. An IRA offers nearly unlimited investment options. Need guidance? Contact us at (269) 651-6795.

06/09/2025

Attention! Did you know that if you have seriously delinquent tax debt, you could lose your passport? The IRS can "certify" unpaid federal tax debts over $64,000 to the U.S. State Department, which can then deny or revoke your passport. This means no new passport applications or renewals until your tax issues are resolved. If you're overseas, you might only get a limited-validity passport to return to the U.S. What's unpaid federal tax debt? It includes individual income taxes, trust fund recovery penalties, business taxes for which taxpayers are personally liable and other civil penalties. Questions? Contact us at (269) 651-6795.