Eric J. Cohen CPA

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Eric J. Cohen CPA Boca Raton CPA firm serving all of South Florida

When employees change jobs, they often leave behind balances in a previous employer’s 401(k) plan. If your plan accepts ...
10/27/2026

When employees change jobs, they often leave behind balances in a previous employer’s 401(k) plan. If your plan accepts rollovers, making it easier for eligible employees to move those balances into your plan can boost participation and engagement. Rollovers may also increase plan assets, which could help you negotiate lower plan services and fees. Meanwhile, providing departing and former employees with rollover instructions may reduce abandoned accounts and plan administration costs. Call us at (561) 948-0706 for guidance on managing your employer-sponsored retirement plan effectively.

As your business grows, more people may need access to your accounting system. But when was the last time you reviewed t...
10/26/2026

As your business grows, more people may need access to your accounting system. But when was the last time you reviewed the system’s user permissions? Outdated or excessive access can increase the risk of fraud, errors and unauthorized changes to your financial records. Year end is a good time to do some housekeeping. Confirm that employees and outside service providers have only the access they currently need. Pay special attention after employees change roles or leave your business, or when you switch vendors. We can help evaluate your accounting system’s security settings and strengthen internal controls. Call us at (561) 948-0706 to get started.

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created in 2025. ...
10/23/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created in 2025. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Call us for help preparing for the new requirements.

If your business offers employees a 401(k) plan, be sure to comply with all applicable regulations. Misunderstanding or ...
10/21/2026

If your business offers employees a 401(k) plan, be sure to comply with all applicable regulations. Misunderstanding or inadvertently ignoring eligibility rules — for example, when workers must be allowed to start participating — can result in IRS penalties. It can also harm employees who are mistakenly excluded. Contact us at (561) 948-0706 with questions.

Reconstructing business mileage records months after the fact can be frustrating — and unreliable. If you or your employ...
10/20/2026

Reconstructing business mileage records months after the fact can be frustrating — and unreliable. If you or your employees use personal vehicles for business, establish a system for logging trips as they occur. QuickBooks users can take advantage of mobile tools that automatically track trips and classify business vs. personal mileage. Other mileage apps or a well-maintained manual log can also work. As year end approaches, make sure your records include key details, such as mileage and business purpose. Timely, accurate documentation is essential for bookkeeping, employee reimbursements and tax reporting. Call us at (561) 948-0706 for help improving your mileage tracking process.

If you own a life insurance policy and your estate exceeds the gift and estate tax exemption amount, a portion of its pr...
10/19/2026

If you own a life insurance policy and your estate exceeds the gift and estate tax exemption amount, a portion of its proceeds could be lost to estate tax. If you don’t own the policy, the proceeds won’t be included in your taxable estate. Using an irrevocable life insurance trust (ILIT) can keep life insurance policies out of your estate. An ILIT owns one or more policies on your life, and it manages and distributes policy proceeds according to your wishes. You aren’t allowed to retain any powers over the policy, such as the right to change the beneficiary. Contact us at (561) 948-0706 to discuss whether an ILIT might be appropriate for your situation.

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware...
10/16/2026

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your actions must be “willful,” meaning you’ve been, or should have been, aware of the responsibility and either intentionally disregarded the law or were indifferent to it. According to the IRS, no “evil intent or bad motive” is required. Call us at (561) 948-0706 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

We’re more than just tax and accounting professionals. We’re your partners in business growth. Beyond preparing your tax...
10/14/2026

We’re more than just tax and accounting professionals. We’re your partners in business growth. Beyond preparing your tax returns and keeping your books in order, we can help you improve cash flow, safely plan for expansion and make smarter financial decisions. Let’s talk about how our advisory services can strengthen your strategic planning, streamline operations, and uncover new opportunities for long-term growth and success. Call us today at (561) 948-0706 to schedule a consultation.

Many businesses allow customers to pay with credit and debit cards, payment apps, and other electronic payment methods. ...
10/13/2026

Many businesses allow customers to pay with credit and debit cards, payment apps, and other electronic payment methods. Payment processors and platforms often deduct their fees before transferring funds, but you generally shouldn’t report the net amount as revenue. Instead, record the full amount of each sale as revenue and post the processing fee as an operating expense. Keeping these amounts separate shows how much you’re spending to accept electronic payments and whether rising processing costs are eating into your profits. Contact us at (561) 948-0706 for help reconciling processor statements with your accounting records and evaluating your payment mix.

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee ev...
10/12/2026

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee every disaster, you can put together a comprehensive business continuity plan that addresses most potential threats. If you don’t have a plan in place, implement basic protections immediately, such as an evacuation strategy and insurance. But, from there, take your time to get it right. Call us at (561) 948-0706 for help identifying and managing the costs associated with a business continuity plan.

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5255 N Federal Highway, Suite 204
Boca Raton, FL
33487

Opening Hours

Monday 7:30am - 7:30pm
Tuesday 7:30am - 7:30pm
Wednesday 7:30am - 7:30pm
Thursday 7:30am - 7:30pm
Friday 7:30am - 7:30pm

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