Victor Dozzi, Author at Crawford Ellenbogen

What might be ahead as many tax provisions are scheduled to expire?

By Victor Dozzi
Taxes
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Buckle up, America: Major tax changes are on the horizon. The reason has to do with tax law and the upcoming elections. Our current situation The Tax Cuts and Jobs Act (TCJA), which generally took effect in 2018, made sweeping changes. Many of its provisions are set to expire on December 31, 2025. With this

By Victor Dozzi
Business
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The IRS recently released the inflation-adjusted amounts for Health Savings Accounts (HSAs) next year. For 2025, the annual contribution limit for an individual with self-only coverage under an HDHP will be $4,300. For an individual with family coverage, the amount will be $8,550. These are up from $4,150 and $8,300, respectively, for 2024. For calendar

By Victor Dozzi
Business
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A recent study found that background checks on job candidates aren’t always accurate, but that doesn’t mean employers should give up on them. Comprehensive and legally compliant background checks, properly conducted by either your organization or a trusted third party, can still reveal noteworthy information about job applicants. Examples include resumé inaccuracies, financial difficulties, and

Dec 6, 2023

Smaller companies: Explore pooled employer plans for retirement benefits

By Victor Dozzi
Business
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Smaller businesses may struggle with the financial and administrative burdens of sponsoring their own retirement plans. Thanks to the Setting Every Community Up for Retirement Enhancement Act of 2019, however, a relatively new solution is available: pooled employer plans (PEPs). PEPs are a variation on an existing retirement plan model, multiple employer plans (MEPs), which

Nov 30, 2023

Naming a guardian is critical for parents of young children

By Victor Dozzi
Estate
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If you’re like most parents of young children, you’ve put a lot of thought into raising your kids. But have you considered what would happen to them if you (and your spouse if you’re married) should suddenly die? You can avoid a worst-case scenario by appointing a guardian in your will. This can be done

Nov 28, 2023

Choosing a business entity: Which way to go?

By Victor Dozzi
Business
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If you’re planning to start a business or thinking about changing your business entity, you need to determine what will work best for you. Should you operate as a C corporation or a pass-through entity such as a sole-proprietorship, partnership, limited liability company (LLC) or S corporation? There are many issues to consider. Currently, the corporate federal

Nov 9, 2023

Casualty loss tax deductions may help disaster victims in certain cases

By Victor Dozzi
Taxes
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This year, many Americans have been victimized by wildfires, severe storms, flooding, tornadoes and other disasters. No matter where you live, unexpected disasters may cause damage to your home or personal property. Before the Tax Cuts and Jobs Act (TCJA), eligible casualty loss victims could claim a deduction on their tax returns. But currently, there

Aug 22, 2023

How secure is your accounts receivable department?

By Victor Dozzi
Fraud
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Asset misappropriation schemes make up more than half of all occupational fraud schemes, according to the Association of Certified Fraud Examiners. It’s a broad category that includes everything from skimming cash to stealing inventory to paying “ghost” employees. One hotspot for asset misappropriation is the accounts receivables department, where dishonest staffers could potentially divert customer

Aug 15, 2023

Pocket a tax break for making energy-efficient home improvements

By Victor Dozzi
Taxes
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An estimated 190 million Americans have recently been under heat advisory alerts, according to the National Weather Service. That may have spurred you to think about making your home more energy efficient — and there’s a cool tax break that may apply. Thanks to the Inflation Reduction Act of 2022, you may be able to

Aug 9, 2023

Receive more than $10,000 in cash at your business? Here’s what you must do

By Victor Dozzi
Business
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Does your business receive large amounts of cash or cash equivalents? If so, you’re generally required to report these transactions to the IRS — and not just on your tax return. The requirements Each person who, in the course of operating a trade or business, receives more than $10,000 in cash in one transaction (or