Uncategorized Archives - Robert P. Russo CPA

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Avoiding Inadvertent S Corp Termination

January 9, 2026January 2, 2026

S corporation structure provides most of the tax benefits of a partnership plus the liability protection of a corporation. But because of the strict requirements that apply to these entities, preserving S corporation status requires due diligence. Reap the Benefits Like …

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10 Small Business Tax Tips from the IRS

July 18, 2025July 3, 2025

To help ensure small businesses take advantage of all potential tax breaks, the IRS Taxpayer Advocate Service (TAS) summarizes the types of taxes you may owe and provides a list of 10 federal tax tips.

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Marriage and Taxes: Key Changes After Saying ‘I Do’

June 15, 2025June 9, 2025

It may not be as fun to plan as the wedding venue, invitations, and attire, but marriage can result in changes affecting essential tax issues that need prompt attention following the wedding:

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Maximize Your Kids’ or Grandkids’ Future with Tax Code Benefits

June 15, 2025June 8, 2025

If you’re thinking about helping a child or grandchild pay for school, you’re not alone, and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient.

Stay Ahead of Business Cybercrime

March 10, 2025March 5, 2025

Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever.

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Surprise IT Failures Pose a Major Financial Risk to Companies

November 17, 2024

It’s every business owner’s nightmare. You wake up in the morning, or perhaps in the middle of the night, and see that dreaded message: “We’re down.”

It could be your website, e-commerce platform or some other mission-critical information technology (IT) system. All you know is it’s down, and your company is losing money by the hour.

RUSSO CPA Blog: Standard vs. itemized deductions

Recovering Lost Documents & Tax Relief After a Natural Disaster

November 16, 2024

It’s common for individual and business taxpayers to lose financial records during a natural disaster. Unfortunately, you usually need such records to document losses for your insurance company and to qualify for federal assistance.

Tax Implications to Be Aware of After a Job Loss

September 6, 2023September 4, 2023

Despite the generally robust job market, some people are still losing their jobs. If you’re laid off or terminated from employment, taxes are probably the last thing on your mind. However, you may face tax implications due to your changed personal and professional circumstances. Depending on your situation, these can be complex and require you to make decisions that may affect your tax picture, both this year and in the future.