Douglas N Rice CPA,PA

Douglas N Rice CPA,PA Douglas N. Rice C.P.A., P.A. Rice, C.P.A., P.A. At Douglas N. Rice, C.P.A., P.A., we recognize that the parameters of each client’s situation are unique.

based in Coconut Grove, FL is a full service accounting organization dedicated to a wide range of clients, chief among them, start-up, small and medium-sized companies and high-net worth individuals. is a full service accounting organization dedicated to a wide range of clients, chief among them, start-up, small and medium-sized companies and high-net worth individuals. We offer clients the integr

ation and bundling of professional accounting and tax services so critical in today’s fast-paced business climate. We provide a specialist’s approach to a wide range of business-related needs, from record keeping and filing requirements, estate tax planning, business consultancy and valuation, investment review and strategic asset allocation to achieve the most beneficial tax position and maximize after-tax cash flows. We act to provide the appropriate level and type of service required by each client, reacting quickly to changing business conditions and tax law, to provide intelligent, informed and effective solutions to meet your personal and business needs.

As a small business owner, managing health care costs for yourself and your employees is challenging. So you may want to...
01/06/2025

As a small business owner, managing health care costs for yourself and your employees is challenging. So you may want to provide some benefits through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs are a tax-advantaged way to set aside funds (or have their employers do so) to meet medical needs. An eligible employee must be covered by a “high deductible health plan.” For 2025, a high-deductible health plan has an annual deductible of at least $1,650 for self-only coverage, or $3,300 for family coverage. For self-only coverage, the 2025 limit on deductible contributions is $4,300. For family coverage, the 2025 limit on deductible contributions is $8,550. Contact us. 305-860-9910

Family businesses often start out small, with casual operational approaches. However, informal (or nonexistent) policies...
01/03/2025

Family businesses often start out small, with casual operational approaches. However, informal (or nonexistent) policies and procedures can become problematic as such companies grow. If you’re ready to take your company to the next level, take aim at these four areas: 1) Performance management; write job descriptions, provide training and implement an equitable employee performance management system. 2) Business processes; document and enhance every process to reduce manual effort and redundancies. 3) Strategic planning; build a leadership team, hold regular meetings and share goals with staff. 4) Information technology; work on integrating your systems and fortifying cybersecurity. Contact us. 305-860-9910

Are you age 70½ or older and want to give to charity? You can make cash donations directly from your IRA to IRS-approved...
01/01/2025

Are you age 70½ or older and want to give to charity? You can make cash donations directly from your IRA to IRS-approved charities free of federal income tax. These are called qualified charitable distributions (QCDs). In contrast, other traditional IRA distributions are wholly or partially taxable. Unlike regular charitable donations, you can’t claim itemized deductions for QCDs. But they aren’t included in your adjusted gross income (AGI). That lowers the odds that you’ll be affected by unfavorable AGI-based rules or hit with the 3.8% net investment income tax. The annual QCD limit is now adjusted for inflation. In 2024, the limit is $105,000. In 2025, it will increase to $108,000. Contact us. 305-860-9910

Business-related meal deductions can be valuable, but the rules can be complex. Under current law, your business can’t d...
12/30/2024

Business-related meal deductions can be valuable, but the rules can be complex. Under current law, your business can’t deduct most entertainment expenses. For example, you can’t deduct any part of the cost of taking clients out for a round of golf. You can still generally deduct 50% of the cost of food and beverages when they’re business-related or consumed during business-related entertainment. In a handful of cases, you can deduct more. For example, you can deduct 100% of food, beverage and entertainment costs incurred for recreational, social, or similar activities that primarily benefit all employees (for example, at a company holiday party). Contact us if you want more information. 305-860-9910

One way that growing businesses can invest in their employees is by sponsoring a qualified retirement plan. But picking ...
12/27/2024

One way that growing businesses can invest in their employees is by sponsoring a qualified retirement plan. But picking the right one isn’t always easy. For example, there’s the ever-popular traditional 401(k). Available to all employers, it offers flexibility in plan design but challenging administration. Another option is sponsoring SEP-IRAs for participants. Any business can do so, and administering these accounts is less complicated. But you must fund SEP-IRAs entirely. If your company employs 100 or fewer employees, consider sponsoring SIMPLE IRAs. You must fund these as well, but there are a couple of different ways of doing so. Contact us for help picking the right plan. 305-860-9910

The IRS recently announced next year’s inflation-adjusted tax amounts. The 2025 standard deduction will increase to $15,...
12/25/2024

The IRS recently announced next year’s inflation-adjusted tax amounts. The 2025 standard deduction will increase to $15,000 for single taxpayers, $30,000 for married couples filing jointly and $22,500 for heads of household. This is up from the 2024 amounts of $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household. For 2025, the highest tax rate of 37% will affect singles and heads of households with income exceeding $626,350 ($751,600 for joint filers). This is up from 2024 when the 37% rate affects single taxpayers and heads of households with income exceeding $609,350 ($731,200 for joint filers). The 2025 gift tax exclusion is $19,000, up from $18,000 in 2024. Contact us. 305-860-9910

Do you own a growing, unincorporated small business, and are you concerned about high self-employment (SE) tax? The SE t...
12/23/2024

Do you own a growing, unincorporated small business, and are you concerned about high self-employment (SE) tax? The SE tax is how Social Security and Medicare taxes are collected from self-employed individuals. The maximum 15.3% SE tax rate hits the first $168,600 of 2024 net SE income. The 15.3% rate is made up of 12.4% for Social Security tax plus 2.9% for Medicare tax. In 2025, the maximum 15.3% SE tax rate will hit the first $176,100 of net SE income. Above that, the 12.4% Social Security tax goes away, but the 2.9% Medicare tax continues for all income. Contact us if you have questions or want more information about the SE tax and ways to reduce it by operating as an S corporation. 305-860-9910

When generating financial statements, classifying information isn’t always easy. This holds especially true as growing b...
12/20/2024

When generating financial statements, classifying information isn’t always easy. This holds especially true as growing businesses’ financial transactions become more complex. Take your statement of cash flows. Under U.S. Generally Accepted Accounting Principles, it’s typically organized into three sections: 1) cash flows from operating activities, 2) cash flows from investing activities, and 3) cash flows from financing activities. That may sound simple enough, but classifying various transactions into those three buckets can get tricky. What if a transaction involves more than one type of activity? Contact us for help with this or any other aspect of your financial reporting. 305-860-9910

The Inflation Reduction Act created several tax credits to promote clean energy. You may want to take advantage of them ...
12/18/2024

The Inflation Reduction Act created several tax credits to promote clean energy. You may want to take advantage of them before it’s too late. President-Elect Donald Trump has pledged to “terminate” the law so it may be repealed in 2025. For example, there’s an Energy Efficient Home Improvement Credit. It covers 30% of the cost of eligible improvements, such as installing energy-efficient windows, doors, and insulation, up to $1,200 a year. There’s also a credit of up to $2,000 for qualified heat pumps, water heaters and biomass stoves or boilers. And there’s a credit for 30% of the cost of installing solar panels. Contact us before making a large purchase to check if it’s eligible. 305-860-9910

How much can you and your employees contribute to your 401(k)s next year? The IRS recently announced the 2025 cost-of-li...
12/16/2024

How much can you and your employees contribute to your 401(k)s next year? The IRS recently announced the 2025 cost-of-living adjustments. With inflation easing, the amounts aren’t increasing as much as in recent years. The 2025 401(k) contribution limit will increase to $23,500 (from $23,000 in 2024). This amount also applies to 403(b) and most 457 plans. The catch-up contribution limit for employees who are age 50 or over and participate in 401(k)s will remain $7,500. However, there will be a new catch-up contribution amount for taxpayers age 60, 61, 62 or 63. For them, the 2025 catch-up amount will be $11,250. This change takes effect next year under the SECURE 2.0 law. Contact us. 305-860-9910

Does your company operate in the business-to-business (B2B) marketplace? If so, your marketing initiatives must reach th...
12/13/2024

Does your company operate in the business-to-business (B2B) marketplace? If so, your marketing initiatives must reach the companies you serve and speak to the right people at those organizations. To accomplish this, you’ve got to choose the right channels. For example, well-written and optimally distributed press releases remain a viable way to announce new products and services or other big news. You (or qualified employees) can also write bylined articles for industry publications. And then there’s digital marketing. Devise a strategy to regularly push out quality content on your optimal channels. These may include your website, blogs, one or more social media platforms, or podcasts. Contact us. 305-860-9910

Employee stock options are a potentially valuable asset for employees who receive them. If you’re one of them, you’ll ev...
12/11/2024

Employee stock options are a potentially valuable asset for employees who receive them. If you’re one of them, you’ll eventually sell shares acquired by exercising nonqualified stock options (NQSOs), hopefully for a nice profit. Your objectives should be to 1) have most or all of the profit taxed at lower long-term capital gain rates and 2) postpone paying taxes for as long as possible. When exercising NQSOs, the “bargain element” (difference between market value and exercise price) is treated as ordinary compensation income. Therefore, it’s subject to federal income tax and payroll tax withholding. You want to unlock the best possible tax results, and we can help with advance planning. Contact us. 305-860-9910

Address

2665 S. Bayshore Drive, Suite 615
Miami, FL
33133

Opening Hours

Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

Telephone

+13058609910

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