Is your accounting software living up to the hype?

Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course. So, is your accounting software living up to the hype? If not, there are a couple of relatively simple steps you can… Read more »

What is the Legacy You are Leaving to Your Family?

As a CPA, I often talk to our clients about wealth transfer, avoiding probate, and minimizing estate and income tax. Understanding client desires and family dynamics has always been a part of that process. However, rarely do we discuss the stories, wisdom, and recipes accumulated over a lifetime and passing that to the next generation…. Read more »

Qualified Opportunity Funds and the Opportunity for Large Tax Savings

Background Congress enacted a new provision as part of the Tax Cuts and Jobs Act that provides tax incentives for investment in economically distressed communities. This provision allows for both gain deferral and gain exclusion, which have the potential to generate large tax savings for investors. To access these tax savings, investors need to understand… Read more »

Converting IRAs from traditional to Roth

Converting your traditional IRA funds into a Roth IRA could have significant tax benefits to yourself and your family members, if planned correctly. Thanks to the Tax Cuts and Jobs Act (TCJA), there is an opportunity to take advantage of historically low tax rates before the rates are scheduled to reset to the previous levels… Read more »

Will You Need to Amend Your 2018 Tax Return?

Most taxpayers believe that when they file their taxes each year that they are done. The exceptions to this would be receiving corrected information, forgetting to include an item of income or claiming a missed deduction. For the 2018 tax year, there is one more reason. There were several provision in the IRS tax code… Read more »

The Dreaded Tax Notice – What To Do Next

The relief of filing your tax return can be short lived if a tax notice is received. Technology and additional filing requirements have increased the amount of data the IRS and your home state has to compare to your tax filing. Although your tax filing may not be wrong, it may not match up to… Read more »

New Tax Law Impacts Gold Star Families

An unintended consequence of a provision in the Tax Cuts and Jobs Act (TCJA) that went into effect last year was the heavy increase in the taxation of military survivor benefits received by a child of U.S. service member who died while serving in a conflict (Gold Star family member).   Below I will explain… Read more »

Tax Tips for Your Child’s Summer Job

One of the rights of passage for many high school and college students is a summer job. Not only does it put a little extra cash in their pockets and teach them work ethic, it provides them with their first opportunity to make some tax decisions. This article will provide a little guidance and some… Read more »

YHB Welcomes Alex Fleming and Julie Carper Hay as Partner

Winchester, VA (June 1, 2019) — The shareholders of Yount, Hyde and Barbour (YHB) have voted to admit Alex Fleming and Julie Carper Hay as principals into the Firm effective June 1, 2019. “We are proud to welcome Alex and Julie as partners of YHB. Alex’s tax expertise and strong leadership contributed to the smooth… Read more »

Do As I Say, Not as I “Did”

Summer is upon us, and so comes the time for picnics, reunions, and oh yes, vacations! As I was getting ready for a short trip this weekend (without my family), I was busy making lists of what I needed to pack and the tasks my family would need to take care of at the house… Read more »