Robert E. Long M.A., C.P.A., P.A.

Robert E. Long M.A., C.P.A., P.A. Accounting and Tax Services http://www.completesiteinteractive.com/rlongcpa

Beginning July 4, 2026, parents, grandparents and others can contribute to Trump Accounts (TAs) for the benefit of eligi...
05/27/2026

Beginning July 4, 2026, parents, grandparents and others can contribute to Trump Accounts (TAs) for the benefit of eligible children. Certain children born 2025–2028 may also qualify for a $1,000 starter deposit from the federal government. TA contributions are generally limited to $5,000 per year (not counting the government deposit) and aren’t tax deductible. But earnings grow tax-deferred. At age 18, the TA will become a traditional IRA. For education goals, options like 529 plans may be better, because qualified education withdrawals are tax-free. Contact us at (954) 818-4110 to discuss what fits your family.

The stepped-up basis rules can reduce capital gains tax for family members who inherit your assets. Under these rules, w...
05/26/2026

The stepped-up basis rules can reduce capital gains tax for family members who inherit your assets. Under these rules, when your loved one inherits an asset, its tax basis is “stepped up” to its fair market value at the time of your death. If the heir later sells the asset, he or she will owe capital gains tax only on any appreciation after your date of death, rather than on the entire gain since you acquired it. Investment accounts, business interests, real estate and personal property are among the assets affected by the stepped-up basis rules. Call us at (954) 818-4110 for details.

An IRS levy is a legal action that allows the agency to seize your property to pay a tax debt. This can include taking f...
05/25/2026

An IRS levy is a legal action that allows the agency to seize your property to pay a tax debt. This can include taking funds from your bank accounts, garnishing your wages or claiming other assets, such as your car or house, to cover your tax balance. Levies don’t happen without warning. They generally happen after multiple notices and missed deadlines. Additionally, the IRS must send you a Final Notice of Intent to Levy and give you the right to request a hearing. If you receive notice of a levy, don’t ignore it! Acting quickly may help you prevent or release a levy. We’re here to help. Call us at (954) 818-4110.

The IRS has issued final regulations on the tax deduction for qualified cash tips. The legislation commonly known as the...
05/22/2026

The IRS has issued final regulations on the tax deduction for qualified cash tips. The legislation commonly known as the “One Big Beautiful Bill Act” created the deduction of up to $25,000 per year for 2025 through 2028. Qualified tips generally refer to cash tips received by an individual in an occupation that “customarily and regularly” received tips on or before Dec. 31, 2024. The final regs list more than 70 eligible occupations. In addition to occupations previously listed in the proposed regs, the final regs add visual artists, floral designers and gas pump attendants. The final regs also provide clarifications to the definition of a qualified cash tip. For more details, call us at (954) 818-4110.

In today’s uncertain markets, maintaining an adequate cash reserve provides much-needed financial stability for your bus...
05/20/2026

In today’s uncertain markets, maintaining an adequate cash reserve provides much-needed financial stability for your business. You can access these funds to meet seasonal needs, cover equipment breakdowns and other expenditures, and pursue growth opportunities. But excessive “rainy day” funds could be an inefficient use of capital. After determining your company’s optimal cash balance, consider repurposing any surplus. For example, you might use the excess funds to invest in short-term marketable securities or repay high-interest debt. We can help evaluate your working capital needs and strengthen your balance sheet. Call us at [%Phone] to discuss.

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to ...
05/19/2026

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to assess additional tax, starting from the date the return was filed or due, whichever is later. For example, if you filed your 2022 return by the April 18 deadline in 2023, the IRS generally has until April 18, 2026, to assess a tax deficiency. So you potentially can discard records related to that return after April 2026. But records should be held longer in certain situations. And you should keep copies of your returns forever. Call us at (954) 818-4110 with questions.

Do you dream of retiring early? As in, really early? So do adherents of FIRE (Financial Independence, Retire Early). Man...
05/18/2026

Do you dream of retiring early? As in, really early? So do adherents of FIRE (Financial Independence, Retire Early). Many FIRE followers aim to retire in their 40s or even 30s! They make it happen by saving at least 50% of their current income, which some maximize by working second jobs. Obviously, this requires discipline and planning. But if early retirement is a priority, call us {Phone%} so we can help you make it happen.

The Qualified Opportunity Zone (QOZ) program offers tax breaks on capital gains from eligible long-term investments in d...
05/15/2026

The Qualified Opportunity Zone (QOZ) program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities. The One Big Beautiful Bill Act made the QOZ program permanent and established a new 10-year designation cycle. The IRS has issued guidance on how to nominate population census tracts for designation as QOZs. The next round of QOZs will be effective from Jan. 1, 2027, to Dec. 31, 2036. Generally, state and territory governors can begin nominating eligible census tracts for QOZ designation on July 1, 2026. The nomination period lasts 90 days, with the option of a single 30-day extension. Contact us at (954) 818-4110 with any questions about QOZ tax breaks.

Maintaining healthy operating cash flow helps drive your company’s success. But accomplishing this objective isn’t alway...
05/13/2026

Maintaining healthy operating cash flow helps drive your company’s success. But accomplishing this objective isn’t always easy. One practical approach is to speed up customer payments while carefully managing the timing of your own bills. Prudently shortening your cash conversion cycle can improve liquidity and give your business greater financial flexibility. Please call us at (954) 818-4110 for help identifying opportunities to strengthen your cash position and keep your business moving in the right direction.

Will Social Security benefits be available when you retire? Good question. These benefits are unlikely to disappear enti...
05/12/2026

Will Social Security benefits be available when you retire? Good question. These benefits are unlikely to disappear entirely. But payments may be smaller, and the qualifying age for full benefits (currently 65 to 67, depending on your date of birth) may increase. So it’s critical to take advantage of tax-deferred retirement vehicles and to make age-appropriate investments that can help you accumulate adequate savings. Call us at (954) 818-4110 to discuss your retirement goals and ways to achieve them.

Can business debt become personal? In some cases, yes. If you’re a sole proprietor or a general partner in a partnership...
05/11/2026

Can business debt become personal? In some cases, yes. If you’re a sole proprietor or a general partner in a partnership, you’re personally liable for business debts. Owners of corporations and limited liability companies are generally protected from personal liability, unless they personally guarantee a loan, commit fraud or fail to keep business and personal finances separate. Payroll taxes are different. The IRS can assess the Trust Fund Recovery Penalty to hold owners, officers or other responsible individuals personally liable for unpaid withheld payroll taxes, regardless of the business structure. This applies even if the business declares bankruptcy. Call us at (954) 818-4110 with questions.

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8790 WaterCrest Circle West
Parkland, FL
33076

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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+19548184110

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