Richardson, Steere & Associates, CPA

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Richardson, Steere & Associates, CPA

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01/05/2026

If you itemize deductions, you may be able to claim the medical expense deduction to the extent your eligible expenses exceed 7.5% of your adjusted gross income. This floor can be difficult to exceed, but “bunching” expenses into a single year instead of spreading them over two years can help. Of course, health comes first, so don’t delay essential care just to save taxes. Contact us at (401) 941-0900 to discuss whether a bunching strategy could make sense for you.

01/02/2026

For 2026, the federal gift and estate tax exemption increases to $15 million (up from $13.99 million for 2025). That amount will be adjusted annually for inflation for 2027 and beyond. Without tax legislation signed into law in 2025, the exemption would have returned to an inflation-adjusted $5 million for 2026. The generation-skipping transfer tax exemption amount also increases to $15 million for 2026 and will be annually adjusted for inflation after that. Contact us at (401) 941-0900 to discuss how these changes might affect your estate plan.

12/31/2025

With the standard deduction permanently doubled, far fewer taxpayers itemize deductions. That means many people won’t be able to deduct their 2025 charitable gifts. But starting with cash donations made in 2026, nonitemizers can claim a deduction up to the applicable limit. However, itemizers will face a new adjusted gross income floor on their charitable deductions. If your giving typically exceeds these limits but not your standard deduction, bunching donations into alternating years may offer tax savings. Contact us at (401) 941-0900 to learn more. A proactive review now can help you plan wisely.

12/30/2025

Like race car drivers, business owners need to keep their eyes on certain gauges as they look to outpace the competition. Another term for such gauges is key performance indicators (KPIs). These measurements allow you to track your business’s performance in a wide variety of contexts. We can help you choose the optimal KPIs for your operations and strategic goals. Please contact us at (401) 941-0900.

12/29/2025

Did you receive an IRS audit notice but believe you did nothing wrong? Some audits are random, and some can be resolved by mail. Others are triggered by red flags that may put the IRS spotlight on your tax return. Keeping up with ever-evolving tax laws can be challenging, but one common red flag that may draw attention is a sudden, unexplained spike or drop in your reported income from one year to the next. While legitimate income changes do happen, it’s important to be prepared to justify them. Contact us for help with this matter at (401) 941-0900.

12/24/2025

In many respects, estate planning for single parents is similar to estate planning for families with two parents. Single parents want to provide for their children’s care and financial needs after they’re gone. But when only one parent is involved, certain aspects of an estate plan demand special attention. One example is selecting an appropriate guardian. What if you become incapacitated or die suddenly and the other parent is unavailable to take custody of your children? Does your estate plan designate a suitable, willing guardian to care for them? Contact us at (401) 941-0900 for assistance.

12/23/2025

Tax penalties can feel like dragging a ball and chain. They may happen even when you’ve done your best to comply with tax law. Don’t panic. Penalty relief may be available. For example, if you suffered a serious illness, were a victim of a natural disaster, or relied on bad advice from the IRS, you may qualify for penalty abatement. A penalty may arise from actions such as filing late, making a late tax payment or missing a deposit. If you receive an IRS notice that you think is incorrect or unjust, you don’t have to tackle it alone. Contact us at (401) 941-0900 for help with this matter.

12/22/2025

Fraud often hides in plain sight. Some red flags to watch for include reporting delays, unexplained cash shortages, missing inventory, inconsistent financial reports, duplicate payments and vendors you don’t recognize. You may also notice employees who resist sharing responsibilities, override company policies or avoid taking vacations. Don’t ignore your instincts. We can help investigate financial anomalies, identify weak controls and recover losses. Call us at (401) 941-0900 to strengthen your internal controls and gain peace of mind.

12/19/2025

Does your business provide relocation benefits for employees? Under current tax law, employers can deduct payments to employees for relocation costs, such as moving services, storage expenses and transportation. But these amounts are generally taxable to employees, except for active-duty military personnel. That means employers are required to include relocation benefits in the employee’s gross income and withhold and pay applicable payroll taxes on the payments. 2025 legislation made this tax law provision permanent, but it added another exception for “intelligence community members” that starts in 2026. Contact us if you have questions.

12/17/2025

If you have a health care FSA, you may need to use your 2025 balance by Dec. 31 or lose it. But some FSAs offer a 2 1/2-month grace period or let you roll over up to $660 for use in 2026. Check with your employer to see what your FSA allows. We can answer questions about what expenses can be paid or reimbursed by your FSA and help you determine whether there are additional year-end tax planning steps you can take related to health care expenses. Call us at (401) 941-0900.

12/16/2025

If you ever wonder how your company’s financial results stack up against others in your industry, consider a benchmarking study. It can show you exactly where you stand. Contact us at (401) 941-0900 to get started. We'll help you compare key financial metrics, highlight what you're doing well and uncover areas that need attention. From there, we’ll build a strategy to strengthen your financial footing, seize growth opportunities and minimize threats in an ever-changing market. Let’s turn your financial statements into action plans!

12/15/2025

A sound succession plan is a must for every business owner. But even the best-laid strategies can go awry. In fact, it’s not unusual for changing circumstances to affect the feasibility of a succession plan. We’d be happy to review the strengths and potential weaknesses of yours. And if you don’t have a succession plan yet, we can help you create one. Please contact us at (401) 941-0900.

Address

300 Centerville Road 205W
Warwick, RI
02886

Website

http://rsacpari.com/

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