O'Brien Shortle Reynolds & Sabotka, PC
Certified Public Accountants in Rutland, VT
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Accounting & Audit
Accounting & Audit Services
You need reliable information to make confident decisions. Trust us to provide accurate information on a timely basis with our complete range of accounting, auditing and business advisory services, including:
Maintaining accounting and sales records
Financial statement preparation
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Tax Planning & Preparation
Tax Planning & Preparation Services
Current tax laws are not only extremely complex, but as they continuously change they become even more difficult to keep up with while meeting the day-to-day demands of running your business. Our tax planning professionals create strategies to take advantage of new tax laws and legislation to minimize your current and future tax liabilities.
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Financial Planning
Financial Planning
The world of increasing options makes it challenging to understand and make good choices for safely investing your hard-earned money and other assets for your future. Our advisors make the job easier by helping you make informed choices about your investments, your taxes and your future. Including:
Family Wealth & Estate Planning
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Retirement Planning, and
Risk Management
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Accounting for Condos & HOAs
Compliance & Reporting for Condos and HOAs
We are certified compliance and reporting experts in the complexities associated with today’s condominium and homeowner associations including Form 5500 for homeowner associations. Our services include:
Monthly bookkeeping
Payroll and payroll tax preparation
Billing for association dues, and collections.
Compile, review, audit, and file annual financial statements
Prepare tax returns, and offer
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Litigation Support & Expert Witnesses
We provide litigation support and expert witness testimony for business valuation matters. Whether a general business valuation, divorce settlement, or some other economic related issue, we can provide expert witness and consulting services — in and out of the courtroom.
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Certified QuickBooks
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ProAdvisors
Certified QuickBooks
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ProAdvisors
As Certified QuickBooks ProAdvisors we help businesses get the most out of their QuickBooks software. We provide a wide range of services including:
QuickBooks setup
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We also provide QuickBooks support to in-house bookkeepers through our QuickBooks Certified experts.
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We have assembled a wide range of links to to provides you with tools and information to complement our tax services.
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Tax Planning Guide
Tax Planning Guide
Recent tax reform has provided significant savings to individuals, families, investors and businesses. But, many of the opportunities are temporary. To help you make the most of the current tax breaks, our tax guide offers tips for minimizing your tax liabilities and maximizing your potential saving.
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2022-2023 Tax Planning Guide
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Insights & Perspective
Two important tax deadlines are coming up — and they don’t involve filing your 2022 tax return
April 18 is the deadline for filing your 2022 tax return. But a couple other tax deadlines are coming up and they’re important for certain taxpayers: 1) April 1 is the last day to begin receiving required minimum distributions (RMDs) from IRAs, 401(k)s and similar workplace plans for taxpayers who turned 72 during 2022. 2) April 18 is the deadline for making the first 2023 quarterly estimated tax payment, if you’re required to make one. You may have to make estimated payments if you receive interest, dividends, self-employment income, capital gains or other income. Contact us if you have questions about RMDs and estimated tax payments. We can help you stay on track and avoid penalties.
The 2022 gift tax return deadline is coming up soon
Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a gift tax return by April 18 (Oct. 16 if you file for an extension). The annual gift tax exclusion has increased in 2023 to $17,000 but was $16,000 for 2022. Generally, you’ll need to file a return if you made 2022 gifts that exceeded the $16,000-per-recipient gift tax annual exclusion (unless to your U.S. noncitizen spouse) and in certain other situations. But sometimes it’s desirable to file a gift tax return even if you aren’t required to. Contact us if you’re not sure whether you must (or should) file a 2022 gift tax return.
Claiming losses on depreciated or worthless stock
Have you bought stock that later became worthless? At least you can claim a deduction on your tax return. You can claim a capital loss equal to your basis in the stock, which is generally what you paid for it. The stock is treated as if it was sold on the last day of the tax year. This date is important because it determines whether the loss is long- or short-term. You may not discover that a stock is worthless until after you’ve filed your return for the year. In that case, you can amend your return for that year to claim a credit or refund due to the loss. This can be done for 7 years from the date your original return was due, or 2 years from the date you paid the tax, whichever is later.
Awarded money in a lawsuit or settlement? It’s only tax-free in certain circumstances
You generally must pay federal tax on all income you receive but there are some exceptions. For example, compensatory awards and judgments for “personal physical injuries or physical sickness” are free from federal income tax under the tax code. This includes amounts received in a lawsuit or a settlement and in a lump sum or in installments. However, not all awards are tax-free. For example, punitive damages and awards for unlawful discrimination or harassment are taxable. And the tax code states that “emotional distress shall not be treated as a physical injury or physical sickness.” If you receive a court award or out-of-court settlement, consult with us about the tax implications.
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(802) 773-6351
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Claiming losses on depreciated or worthless stock
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Stock Losses
Stock Losses
By
kasia
on
March 11, 2023
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Claiming losses on depreciated or worthless stock
