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Visit our blog frequently to read our take on developments and news about taxes, accounting, financial and retirement planning.

IRS Launches ‘Balance Due’ Online Tool

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation!

By Tax News

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The Internal Revenue Service (IRS) has announced the launch of an online application that will assist US taxpayers with tax account balance inquiries.

The new and secure tool, available on the IRS website, allows taxpayers to view their IRS account balance, which will include the amount they owe in tax, penalties, and interest. Taxpayers can take advantage of the various online payment options available.

“This new tool is part of the IRS’s commitment to improve and expand taxpayer services by providing additional online taxpayer options,” said IRS Commissioner John Koskinen. “The new ‘balance due’ feature, paired with the existing online payment options, will increase the availability of self-service interactions with the IRS. This will give taxpayers another way to take care of their tax obligations in a fast and secure manner.”

Before accessing the tool, taxpayers must authenticate their identities through the Secure Access process. This is a two-step authentication process, which means returning users must have their credentials (username and password), plus a security code sent as a text to their mobile phones.

Paul S. Herman CPA, a tax expert for individuals and businesses, is the founder of Herman & Company, CPA’s PC in White Plains, New York.  He provides guidance and strategies to improve clients’ financial well-being.

Responsive and Knowledgeable White Plains Accounting Firm With a Personal Touch

White Plains Accounting Firm

In business and personal finance, accountants are often unsung heroes. They can find legal means of saving you money on your taxes. They protect companies from theft and prevent costly financial blunders. And, they can make sure that your family members will be provided for after you’re gone.

Today, accounting software may be plentiful, but there’s still no substitute for human judgment when it comes to monetary matters. In fact, it’s more important than ever to work with a top-notch local accounting firm, one that offers a variety of personalized services. That’s because simple business decisions, routine financial transactions and shortcuts to financial stability and success no longer exist.

In the Metropolitan New York, Connecticut and New Jersey area, Herman & Company CPA’s, P.C. is just such a firm. We’ll get to know you well and we’ll learn about your business and investments to provide top-notch service.

Help With QuickBooks

You may rely on an accounting program such as QuickBooks to handle your transactions. Indeed, QuickBooks is an outstanding choice, as it lets you track expenses, automate payments, create reports and bill clients. However, this program is not a sufficient replacement for the experience and prowess of a knowledgeable CPA.

If you do use QuickBooks, we can provide you and your employees with individual or group training sessions. We could also install this software ― on a computer or a network ― so that one or more people may use it. Further, we can set up each component of the program or enhance the setup you already have.

As time passes, if you have questions or problems regarding QuickBooks payroll or accounting, we’ll gladly aid you with those features. Additionally, we can look over your QuickBooks reports and other documents to make sure they’re accurate and that you know how to use them to run your business efficiently and profitably. If you would like, we will conduct those reviews on a monthly or quarterly basis.

A Wide Range of Resources

Finally, we offer each of our prospective clients a free consultation with no obligations. Other than sending you a note of thanks, we won’t contact you after this meeting unless you request to hear from us again. And that consultation could be a major step toward reaching your personal or business’s financial goals!

 Paul S. Herman CPA, a tax expert for individuals and businesses, is the founder of Herman & Company, CPA’s PC in White Plains, New York.  He provides guidance and strategies to improve clients’ financial well-being.

Trump Confirms US Withdrawal From Trans Pacific Partnership

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation!

By Tax News

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President-elect Donald Trump has confirmed that, during his first day in office, he will withdraw the United States from the Trans-Pacific Partnership (TPP) trade treaty.

In a short video on YouTube, he said that he would immediately “issue a notification of intent to withdraw from the TPP – a potential disaster for our country. Instead, we will negotiate fair, bilateral trade deals that bring jobs and industry back onto American shores.” The decision was expected, but perhaps not as one of the first executive actions “he would take on day one.”

Covering some 40 percent of the global economy, TPP was signed in February this year by Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam. Approximately 86 percent of tariffs on industrial goods will be eliminated if the agreement enters into force.

With TPP in doubt, China has been pushing for a completion of negotiations for the Regional Comprehensive Economic Partnership (RCEP), as part of its longer term objective to oversee the formation of a wider Free Trade Area of the Asia Pacific.

While it is unlikely to have the same level of market access benefits as TPP, RCEP aims to bring together the existing free trade agreements of China, Japan, South Korea, India, Australia, and New Zealand with the Association of Southeast Asian Nations (ASEAN) into a single enhanced comprehensive agreement. ASEAN comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.

Paul S. Herman CPA, a tax expert for individuals and businesses, is the founder of Herman & Company, CPA’s PC in White Plains, New York.  He provides guidance and strategies to improve clients’ financial well-being.

Any U.S. tax advice contained in the body of this website is not intended or written to be used, and cannot be used, by the recipient for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code or applicable state or local tax law provisions.