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Helpful Articles

Differential Functioning: Tax Law vs. Form W-4 Withholding Rules

Nov 13, 2019

Many wage earners were stymied last April when they completed their tax filings. Despite the much-touted anticipated tax savings, which should have resulted in a sizable refund, many taxpayers discovered they actually owed taxes.  The reason for this was a shortfall in how much taxes they contributed throughout the year in the form of income […]

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Guaranteed Payments Might Not be Guaranteed (To Your Benefit)

Sep 3, 2019

Partnerships and entities taxed as partnerships, such as some LLCs, often pay partners specific amounts outside of the partnership’s usual income allocation.  This is usually in the form of health insurance, retirement contributions, or additional income for specific partners operating the partnership. These additional amounts are most often reported as guaranteed payments to the receiving […]

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Planting Spring Seeds During A Never-Ending Winter Blizzard

May 1, 2019

The Importance of Financial Planning For Families Affected by Disability Intellectual and physical disabilities affect approximately 10% of the population. A parent’s journey with their disabled child is akin to a never-ending winter storm: spectacularly beautiful and simultaneously stressful. Families affected by disability navigate an endless blizzard of Individualized Educational Plan Meetings (IEPs), therapists, medical […]

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Final Passthrough Deductions Regulations Published-Changes and Clarifications Abound

Jan 28, 2019

The Treasury recently finalized regulations on the 20% 199A passthrough deduction.  While some questions remain unanswered, the new regulations address several areas omitted from the proposed regulations released this past August, alter rules on others, and clarify yet more.  Most of these changes were nuances that only nerds who read tax code and regulations (insert […]

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Vacation Rentals Now Subject to Occupancy Tax

Jan 21, 2019

On December 28th, 2018 the governor signed HR 4327 into law, subjecting short term rentals to the same 5.7% state occupancy tax as hotels, bed and breakfasts, and motels.  Municipalities can also subject these rentals to a local occupancy tax (up to an additional 6%). Further, the new law requires registration with the department of […]

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Qualified Opportunity Zone Tax Incentives: That’s Some Pig

Jan 2, 2019

Much like Wilbur the pig from “Charlotte’s Web”, Qualified Opportunity Zone Tax Incentives have been generating a lot of attention.  Given their ability to defer gain recognition up to 10 years, and exempt subsequent gains entirely, they should be attracting attention.  They also create an incentive for investment in economically distressed areas. While that sounds […]

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Eleventh Hour to Renegotiate Expense Reimbursements

Dec 11, 2018

With 2018 ending, employees with significant unreimbursed expenses are almost out of time to renegotiate their expense reimbursement terms.  The Tax Cuts and Jobs Act removed the ability to deduct all miscellaneous expenses subject to a 2% limitation, including unreimbursed employee expenses.  For most taxpayers, this isn’t an important change, but for a small minority, […]

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When Can I Deduct My Home Equity Interest?

Dec 11, 2018

Last year’s Tax Cuts and Jobs Act removed the itemized deduction for home equity interest for 2018 onward.  At first blush this would appear a straightforward prohibition of the deduction for interest on any loan not used for the original purchase of a home.  As with many things in tax, a laymen’s reading of the […]

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Sales Tax & Internet Sales: Here be Dragons

Aug 10, 2018

In days before the world was fully explored, map makers often placed the words “here be dragons” in uncharted waters as a warning to sailors.  On June 21, 2018, the Supreme Court handed down its ruling on South Dakota v Wayfair, requiring “out-of-state sellers to collect and remit sales tax ‘as if the seller had […]

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Wage Earners Submit Your New W-4 Now Or Pay the Consequences (Read On)

Jan 31, 2018

If you have not updated your Form W-4 to provide for changes in the recently passed Tax Cuts and Jobs Act, you could be in for a surprise.  Your previous Form W-4 likely provided for personal exemptions which were eliminated under the new tax law.  A new Form W-4 should be resubmitted to exclude any […]

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“Waltham Services has been a very happy client with PFC. We consider PFC a most valued business advisor. Dave Lorenzi, as lead auditor and advisor, is terrific. We’ve also tapped into the...
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Clarke Keenan
President at Waltham Services, Inc.