Information Type: Press Releases

Andy Holman, CPA Receives WICPA Distinguished Career Award

Posted on May 6, 2022 by -

“Receiving this award is the culmination of my winding and rewarding journey as a CPA. I was a latecomer to public accounting. I started my career as a community service worker and then worked for a nonprofit for more than 12 years. Although my late father was co-founder of our firm, RitzHolman CPAs, I never thought I wanted to be a CPA. He convinced me, however, to get a second degree in accounting, and I passed the CPA Exam while working at the nonprofit. Soon, organizations started asking me to help them with their accounting needs.

In those days, the accounting profession did not have a focus in the nonprofit sector, so I decided to transition to public accounting. I am proud of the work I did to help my firm develop a major nonprofit practice in response to a growing need. I also started teaching accounting workshops for nonprofits in the community and at UW-Milwaukee. As a CPA, I can use the profession’s hard skills to help many organizations.

I came into public accounting in a nontraditional way and encourage other latecomers to do the same. It is a great honor to be recognized by the WICPA for my career achievements.” Andrew C. Holman

 

Watch Andy’s WICPA Distinguished Career Award Video

RitzHolman CPAs Promotes Brian Wilson to Partner

Posted on January 11, 2022 by -

We are pleased to announce the promotion of Brian Wilson, CPA to partner at RitzHolman CPAs. With over 20 years of public accounting experience, Brian has a talent and passion for building client relationships. Our clients leverage his knowledge and experience to navigate the complexities of individual, trust and estate income taxes. Brian’s natural transition into the partner team will help expand the firm’s resources while enhancing our ability to serve tax clients.

Please join us in congratulating Brian on his expanded role.

Read Brian’s Biography

Cash payments and tax relief for individuals in new law

Posted on April 13, 2020 by -

A new law signed by President Trump on March 27 provides a variety of tax and financial relief measures to help Americans during the coronavirus (COVID-19) pandemic. This article explains some of the tax relief for individuals in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Individual cash payments

Under the new law, an eligible individual will receive a cash payment equal to the sum of: $1,200 ($2,400 for eligible married couples filing jointly) plus $500 for each qualifying child. Eligibility is based on adjusted gross income (AGI). Individuals who have no income, as well as those whose income comes entirely from Social Security benefits, are also eligible for the payment. The AGI thresholds will be based on 2019 tax returns, or 2018 returns if you haven’t yet filed your 2019 returns. For those who don’t qualify on their most recently filed tax returns, there may be another option to receive some money. An individual who isn’t an eligible individual for 2019 may be eligible for 2020. The IRS won’t send cash payments to him or her. Instead, the individual will be able to claim the credit when filing a 2020 return.

The income thresholds

The amount of the payment is reduced by 5% of AGI in excess of: $150,000 for a joint return, $112,500 for a head of household, and $75,000 for all other taxpayers. But there is a ceiling that leaves some taxpayers ineligible for a payment. Under the rules, the payment is completely phased-out for a single filer with AGI exceeding $99,000 and for joint filers with no children with AGI exceeding $198,000. For a head of household with one child, the payment is completely phased out when AGI exceeds $146,500. Most eligible individuals won’t have to take any action to receive a cash payment from the IRS. The payment may be made into a bank account if a taxpayer filed electronically and provided bank account information. Otherwise, the IRS will mail the payment to the last known address.

Other tax provisions

There are several other tax-related provisions in the CARES Act. For example, a distribution from a qualified retirement plan won’t be subject to the 10% additional tax if you’re under age 59 ½ — as long as the distribution is related to COVID-19. And the new law allows charitable deductions, beginning in 2020, for up $300 even if a taxpayer doesn’t itemize deductions. Stay tuned These are only a few of the tax breaks in the CARES Act. We’ll cover additional topics in coming weeks. In the meantime, please contact us if you have any questions about your situation. © 2020

Individuals get coronavirus (COVID-19) tax and other relief

Posted on April 13, 2020 by -

Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

Taxpayers can also defer making federal income tax payments, which are due on April 15, 2020, until July 15, 2020, without penalties and interest, regardless of the amount they owe. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. They can also defer their initial quarterly estimated federal income tax payments for the 2020 tax year (including any self-employment tax) from the normal April 15 deadline until July 15.

No forms to file

Taxpayers don’t need to file any additional forms to qualify for the automatic federal tax filing and payment relief to July 15. However, individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868. Businesses who need additional time must file Form 7004. Contact us if you need assistance filing these forms.

If you expect a refund

Of course, not everybody will owe the IRS when they file their 2019 tax returns. If you’re due a refund, you should file as soon as possible. The IRS has stated that despite the COVID-19 outbreak, most tax refunds are still being issued within 21 days. New law passes, another on the way On March 18, 2020, President Trump signed the “Families First Coronavirus Response Act,” which provides a wide variety of relief related to COVID-19. It includes free testing, waivers and modifications of Federal nutrition programs, employment-related protections and benefits, health programs and insurance coverage requirements, and related employer tax credits and tax exemptions.

If you’re an employee, you may be eligible for paid sick leave for COVID-19 related reasons. Here are the specifics, according to the IRS: An employee who is unable to work because of a need to care for an individual subject to quarantine, to care for a child whose school is closed or whose child care provider is unavailable, and/or the employee is experiencing substantially similar conditions as specified by the U.S. Department of Health and Human Services can receive two weeks (up to 80 hours) of paid sick leave at 2/3 the employee’s pay. An employee who is unable to work due to a need to care for a child whose school is closed, or child care provider is unavailable for reasons related to COVID-19, may in some instances receive up to an additional ten weeks of expanded paid family and medical leave at 2/3 the employee’s pay. As of this writing, Congress was working on passing another bill that would provide additional relief, including checks that would be sent to Americans under certain income thresholds. We will keep you updated about any developments. In the meantime, please contact us with any questions or concerns about your tax or financial situation.

© 2020

Senate Passes $2.2 Trillion Bill to Support Economy During Virus Pandemic

Posted on March 30, 2020 by -

Here is a special report published by Wolters Kluwer.  

 

As COVID-19 continues to upend nearly every aspect of life in the United States, Congress has been working to relieve suffering Americans. Having passed the Families First Coronavirus Response Act on March 18 in an effort to limit the spread of the pandemic and support relief efforts, Congress turned to stabilizing the economy. After days of furious negotiations between Republicans and Democrats on the Hill and Trump Administration officials, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. With a $2.2 trillion price tag, the bill is the most expensive piece of legislation ever passed.

Read the full report here

Contact us with any specific questions.