Explaining the ERC with Tanner Roberson of The Romine Group

Several weeks ago, the IRS announced the details of a special withdrawal process for taxpayers who filed an Employee Retention Credit (ERC) claim. To give some context, the IRS paused all processing of ERC claims in a historic news release in mid-September due to a flood of improper ERC claims. The main concern is these […]

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A Comprehensive Guide to 2024 Retirement Account Changes by The Romine Group

Today, we’re delving into some significant changes coming in 2024 for retirement accounts, brought to you by The Romine Group, a leading CPA firm. In this blog post, we’ll unravel the key modifications affecting 401(k)s, 403(b)s, 457 plans, the Federal Thrift Savings Plan, IRAs, and more. Understanding these changes is essential for maximizing your retirement […]

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The Romine Group’s Guide to Paying Your Kids in Your Business

In this blog post, we’ll delve into the topic of paying your kids within your business—a unique approach that can help them save for significant milestones like their first house, car, or even college. However, as with any financial strategy, there are important considerations and guidelines to ensure both compliance and mutual benefit. The Key […]

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A Guide to Prepaid Expenses – Insights from The Romine Group

In today’s blog post, we’ll explore the realm of prepaid expenses from the perspective of a cash-based taxpayer. As a Certified Public Accountant (CPA) firm, The Romine Group specializes in tax planning, and we’ll uncover how prepaying expenses can be a strategic move to lower your income and navigate the complexities of taxation. Understanding Prepaid […]

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Navigating the 1099 Maze: A Comprehensive Guide from The Romine Group

In this blog post, we’ll unravel the complexities of 1099 reporting, focusing on the two most common types—1099 NEC (non-employee compensation) and 1099 miscellaneous. Understanding these forms is crucial for businesses that engage contractors or make specific types of payments, and The Romine Group is here to shed light on the essentials. The Basics of […]

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A Guide to Bookkeeping from The Romine Group with Emily

In this blog post, we’ll explore valuable tips to streamline your bookkeeping practices, ensuring that your business and personal expenses stay distinct and your financial records remain in top-notch shape. Tip 1: Separate Business and Personal Expenses The Romine Group’s first tip is a fundamental but often overlooked one—maintain a clear separation between your business […]

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