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A few weeks back, this space discussed the benefits of being a generous person and my article "The Benefits of Generosity", and of course, part of that discussion was about being financially generous by donating to charity.  To encourage such generosity, the tax code incentivizes donations to qualified charitable organizations by allowing tax deductions for donating not only money, but also other property. To benefit from this incentive, you must be someone who (1) itemizes ...

Starting May 26th through August 11th EGP CPAs will close all offices at noon on Fridays. Mon - Thurs 8:00 - 5:00Friday 8:00 - 12:00 "Work" and "Life" are interdependent elements that are increasingly intertwined, given the changing demographics and increased pressures from work and family responsibilities. At EGP, our leadership continues to strive for Work-Life Harmony.

An estimated nearly 1.5 million people across the USA have unclaimed tax refunds for the year 2019 that they could be in danger of losing due to unfiled 2019 tax returns, according to the IRS. If that's you, you face a July 17 deadline to submit your tax return and claim your money! The average median refund is $893 for that year, per a special state-by-state calculation the IRS did to show how many people ...

Having a generous spirit, and being generous with our financial resources, time, and talents, can have many benefits. Given the recent tragic tornado event that took place in Arkansas and witnessing the outpouring of generosity by our fellow Arkansans, this seemed a fitting time to discuss these benefits, and to point out that, while giving of yourself and your resources is critically important at times like these, during the holidays when need is so keenly ...

It has become a fact of life, especially as life expectancy has increased dramatically in modern times, that people often find themselves in the situation of needing to care of aging parents. While for the vast majority of us, this is very much an act of love and gratefulness, it is not without its challenges to be sure.  It can be even more complicated for the many, like my wife and I, who are part ...

Digital assets (or DA for short) are becoming increasingly viewed as not just novelties, but as legitimate investment vehicles and currencies of trade.  When most people think of digital assets, they think cryptocurrency, such as Bitcoin or Ethereum. But the term digital asset has greater breadth of meaning than that. The IRS definition of a DA is to me as good as any. It basically defines them as digital representations of value that are recorded ...

EGP Certified Public Accountants and Consultants, a leading audit, tax, and business advisory firm serving the state, further expands its growth with the promotion of Michael Van Hooser, CPA, to Partner, effective January 1, 2023. Michael joined the firm in June 2020 and provides in-depth tax and consulting services to mid-sized and large companies. He has been an essential resource to the industry, including assisting clients' needs with COVID-related tax credits, managing growth, and weighing ...

David brings not only a wealth of knowledge to EGP but also great leadership. He has 40 years of experience, most in public accounting. David's previous experience was as an audit partner for a respected local Arkansas CPA firm as well as some time as a CFO for a large multi-state organization. The addition of David will expand EGP's tax, assurance, and advisory services across Central Arkansas. "I am proud to join the audit division ...

Each year we host Spring internships in nearly every location. We host top-notch students from Harding, the University of Arkansas at Little Rock and Central Arkansas, Hendrix, and more. When students close their books and no longer work on school projects, they turn their attention toward the much bigger and more important project of life itself. EGP, PLLC understands that recent graduates are looking to launch successful careers, and success is often measured by the ...

If you are in business, chances are you use a passenger automobile for business purposes, either one owned by the business itself or one owned by you and for which the business reimburses you for business use. Either way, with costs for everything going up, including (or maybe especially) the cost of new or used vehicles, oil, gas, etc., use of the vehicle for business reasons can really pinch the budget.  Fortunately, the tax law ...

We all know about, and many of us like to make, New Year's resolutions. But if we're honest with ourselves, for most, they end up being just good intentions and that's just about it. Many owners of fitness centers, for instance, will tell you that they need to bring in extra equipment for about the first ten days to two weeks to handle the extra crowd, after which things go back to normal and they ...

While most of Americans were celebrating year-end holidays this past December, a tax and spending package was passed and signed into law. Such last-minute legislation has seemingly become a holiday tradition of Congress, and this past season was no exception with the $1.7 trillion omnibus appropriations bill becoming law. So late in the holiday season was this passed that President Biden signed it into law from his vacation destination in St. Croix. Surprising to many ...

My last column touched on the importance of year-end tax planning for businesses. Individuals can also benefit from moves that may help lower tax bills, not only this year but possibly next.  This year, the time-tested approach of deferring income and accelerating deductions to minimize taxes will work for most taxpayers, as will the bunching of expenses into this year or next to avoid restrictions and maximize deductions. But word of warning, we have a ...

If you're in business, you know that year-end is the time to start making moves to lower your business's taxes, both for this year and next. Tax planning is challenging enough, and this year is no exception. There is some uncertainty about what a lame-duck Congress might attempt before it adjourns, especially with control of the House changing party hands. For example, will tax extender legislation pass, reinstating tax provisions that have technically expired? That's ...

As the stock markets declined throughout 2022, many investors sought safety by selling stock and other securities and moving to less volatile investments or even cash. Such sales often generated realized taxable capital gains, as investors cashed in on previous appreciation. As we approach the end of the year, and facing the prospect of having to pay income tax on these gains, I had a discussion with a financial advisor recently about the advisability of ...