In the realm of taxes, understanding who is required to pay self-employment tax and who is exempt is crucial for individuals navigating their financial responsibilities. Whereas employees have Social Security and Medicare taxes withheld from wages–often referred to as FICA taxes– individuals who work for...
As our population ages, seniors increasingly become targets for a variety of scams. These fraudulent schemes can have devastating financial and emotional impacts on older adults, who may be more vulnerable due to factors such as isolation, cognitive decline, or simply a trusting nature. The...
In an era where digital transactions and online interactions have become the norm, the specter of identity theft looms large, posing significant challenges and potential financial hazards for individuals. Among the various forms of identity theft, tax-related identity theft is particularly insidious. It occurs when...
Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it's crucial to recognize that handling an audit is...
As college recruitment season kicks into high gear, Blackman & Sloop is reflecting on the importance of these efforts in shaping the firm's future. Several team members, including Laura Bennett, Adrienne Collins, Logan Miller-DeBrosky, Heather Fullagar, and Amy Ford, play pivotal roles in campus recruiting....
We are thrilled to feature Justin Stremme in our Employee Spotlight this month. Justin joined Blackman & Sloop in 2023 as a Senior Audit Associate. He chose Blackman & Sloop because of the welcoming atmosphere he experienced during the interview process. The ease of conversation...
Here is what the firm has been up to since our last newsletter. Promotions / New Hires: On May 14, we welcomed our four summer Interns: Vincent Ruggiero, Todd Hammett, Aji Njie, and Bri Berry. On that same day we also welcomed Lindsey Beane, who...
The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep an individual from using gifts to avoid the estate tax that is imposed upon the assets owned by the...
When tax season rolls around every year, many pet owners wonder if they can get a tax break for their furry companions – after all, “pet parents” often consider their fur babies to be as much a part of the family as actual children. Pet expenses...
A frequent question, and a situation where taxpayers often make tax mistakes, is whether it is better to receive a home as a gift or as an inheritance. It is generally more advantageous tax-wise to inherit a home rather than to receive it as a...
