700 N. Fairfax St. Suite 400 Alexandria, VA 22314

Ph: 703.535.1200 | Fx: 703.535.1205

700 N. Fairfax St. Suite 400 Alexandria, VA 22314 Ph: 703.535.1200 Fx: 703.535.1205

Tax Tip: Protect Your Tax Information with an IP PIN

Renner Individual News; June 2, 2023 In this day and age of passwords, pins and two-step authentication, one security tool can make all the difference for taxpayers. Identity Protection PINs are the No. 1 security tool available from the IRS, according to the Electronic Tax Administration Advisory Committee. Taxpayers who participate in the program are … Continued

New GAAP for Leases and Who Needs to Apply It

Renner Business News; December 15, 2022 — Joan M. Renner, CPA, CGMA For years, you’ve been hearing about the new accounting principles that change how organizations account for leases. Although accounting standard setters have postponed the effective date of these requirements for years, there’s no more delay.  The new standard, contained in Accounting Standards Codification … Continued

Virginia Enacts Tax Savings Measure for Owners of Pass-Through Entities

Renner Business News; December 13, 2022 — Joan M. Renner, CPA, CGMA The 2022 Virginia General Assembly has enacted a new law for 2021-2025, which allows qualifying pass-through entities (PTEs) to elect to shift the income tax burden from the individual PTE owners (who may not be able to deduct the tax) to the PTE … Continued

Tax Tip: Deductible or Not? That is Question for First-Time Homeowners

Renner Individual News; December 12, 2022 Buying your first home can be an anxious experience. Filing your first tax return as a homeowner doesn’t have to be, though, if you know what’s deductible. As a first-time homeowner, you should make yourself familiar with authorized deductions, programs that can assist with home ownership and the use … Continued

Time to Prepare for 1099 Filing

Renner Business News; December 8, 2022 — Paul Kentes, Manager Whether you are a business owner, employer, self-employed, the director of a nonprofit organization, or in charge of an estate or trust, getting ready for 1099 season is probably at the bottom of your list of things to do. With the holidays quickly approaching, adding … Continued

Qualified Charitable Distributions Save Tax for Seniors

Renner Individual News; December 2, 2022—Joan M. Renner, CPA, CGMA As the end of the year approaches, many individuals make charitable contributions to reduce their tax bill. Generally, this strategy pays off with higher deductions for those who itemize. However, what about those who take the standard deduction? If you’ve reached age 70½, you may … Continued

Charitable IRA Distributions Offer Donors Tax Benefits

Renner Nonprofit News; December 2, 2022—Joan M. Renner, CPA, CGMA Donors make the charity world go around, supporting important mission-related impact with their time, talent and treasures. Your donors don’t expect a reward, but you can thank them by passing along this valuable tax information. In the right situation, a donor’s charitable support can also … Continued

Tax Tip: Lessen Sting of Spring Deadline with Fall Foresight

Renner Individual News; November 21, 2022 It’s never too early to start planning and preparing for the next tax season. The deadline to file your 2022 return may still be months away, but there’s plenty you can do to get out in front. “November and December are the best months to start thinking about your … Continued

Tax Tip: Consider Opening a 529 Savings Plan for Your Child

Renner Individual News; October 3, 2022 When something sounds too good to be true … well, you know the rest. Sometimes, though, if it sounds like a good thing, it actually is. Sometimes, there really is no downside. This can be said for 529 plans — tax-advantaged savings plans designed to encourage saving for future … Continued

Tax Tip: Inflation Reduction Act Provides Credits for Electric Vehicles

Renner Individual News; September 7, 2022 As we drive into the future, it seems inevitable that we’ll be doing so in electric vehicles. Electric vehicles represent less than 1% of vehicles in the U.S. today, but the numbers continue to rise exponentially. At the end of 2021, more than 10 million vehicles worldwide were battery … Continued