Andrew Kielty

Andrew Kielty
Andrew is a Senior Accountant who joined CRR as a staff accountant in September 2021. Prior to working at CRR, Andrew gained experience as an accountant at two other CPA firms. Andrew also served our country as a soldier in the US Army.
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Recent Posts

Utilizing Federal Tax Breaks to Optimize Tax Savings

It is generally a best practice for businesses to maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal—the first-year Section 179 depreciation deduction, and the first-year bonus depreciation deduction. These two deductions can potentially allow businesses to write off some or all of their qualifying asset expenses in Year 1. However, they’re moving targets due to annual inflation adjustments and tax law changes that phase out bonus depreciation. With that in mind, here’s how to coordinate these write-offs for optimal tax-saving results.

A Tax-Smart Way To Develop And Sell Appreciated Land

Let’s say you own highly appreciated land that’s now ripe for development. If you subdivide it, develop the resulting parcels and sell them off for a hefty profit, it could trigger a large tax bill.

Are You Taking Advantage of Employee Compensation Deductions?

Did you know that there is a tax advantage to taking money out of a C corporation as compensation rather than as dividends? A corporation can deduct the salaries and bonuses that it pays executives, but not dividend payments. If funds are paid as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is only taxed once — to the employee who receives it. 

Have You Filed Forms W-2 and 1099-NEC Yet?

With the 2023 filing season deadline drawing near, be aware that the deadline for businesses to file information returns for hired workers is even closer.

Is your business closing? Here are your final tax responsibilities

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors:

Is Your Business Required to Report Employee Health Coverage?

You may be aware that certain employers are required to report information related to their employees’ health coverage. Does your business need to comply? If so, what must be done?

Relief for Business Travelers: Standard Milage Reimbursements Increasing July 1st

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. The average nationwide price of a gallon of unleaded regular gas on June 17 was $5, compared with $3.08 a year earlier, according to the AAA Gas Prices website. A gallon of diesel averaged $5.78 a gallon, compared with $3.21 a year earlier.

The election to apply the research tax credit against payroll taxes

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to eligible businesses. Claiming the credit involves complex calculations, which we can take care of for you. But in addition to the credit itself, be aware that the credit also has two features that are especially favorable to small businesses: