Weekly Update–April 26th 2024 & Our Bags are Packed Again💼🧳✈️🏔️🚠⛷️😎
This morning we are headed home after a much needed after tax season vacation; it’s so much easier to pack when all we are adding to our luggage are a few logo tee shirts (heads up NYS they are each under $110 so no additional sales tax is due, but I do check the box each year on my personal tax return to report the recommended sales tax).
It’s been a great week, traveling to Utah to meet up with my “kids”; my 2 daughters and their significant others. We have a time share at the Cliff Lodge at the base of Snowbird Ski Resort and plan our annual “after tax season” vacation here a year in advance. This year was extra special as it coincided with Passover and my husband David’s birthday. No beach sunrises this week so I took this one from the balcony of our room and yes that is snow…
David never smiles for photos but at least I got him to stand still for a minute for a selfie…
Jessie and I got a late start after an 8:30 yoga class, a quick shower, breakfast and wrapping Jessie’s shins to protect them from brusing…
We met up with Emily & Jeff at the base and took the tram to the top together. A “local” took our picture with the snowbird rock formation in the background over our right shoulder…..
Our time share is a 3 room unit with a full kitchen so we prepared our Passover seder, complete with my mom’s seder plate (the edges were so sharp airport security searched my backpack. It’s wrapped in many layers and in my checked bag for the return flight)…
A BIG THANK YOU to our friends who invited us to their homes for Passover and for sharing photos of their beautifully set tables.
True to our holiday rituals with Wayne, Lois and their family, this photo showed up in my texts right before they sat down to eat…
(I am hoping that Lois has some of her amazing matzo ball soup left over, I will check in with her Saturday morning).
My friend Julie planned a “goddess” seder for the first Passover without her dad. I love the decorations and the Richard Avedon vintage Beatles posters on the wall by the table. Her mom was thrilled….
Jeannie and Bish host Passover for friends and family every year in their home in Astoria Queens; this year was no different with this beautiful table…
When Renee and Vic lived in New York we did spend some Passovers together. This year they hosted Passover in their home in Ashville, NC …
It’s so nice to see the traditions carried on year after year. I am known for being a good cook but a “wreck” in the kitchen, so it was no surprise when smoke stared billowing out of the oven as we read from our Haggadahs (I was making my mom’s brisket recipe), glad there was enough of a breeze from the terrace and the alarm did not go off! Nothing burned but we did learn a lesson about roating and baking at high altitudes (8,000 feet).
We had a great surprise on Tuesday as my sister Monica and brother-in-law Lou flew in from NJ to spend a few days with us. Jessie was on a remote meeting with her office; they knocked and pretended they were room service…
How wonderful to be able to spend the holidays with friends and family. I am hoping that those of you who celebrate Passover were able to be with friends and family this year.
I am hoping that you have some wonderful plans for the weekend. I am thnking it’s time to plan our gardens and bar-b-ques, or just enjoy the spring weather …with NO SNOW!!!
WEEKLY TAKE AWAY
There were several this week but probably most critical for me was to plan for my vacation with my kids. I was impressed with my aerobic capacity (daily interval training on my concept II rower, even during tax season was a huge help), but I know to stop and head back to base when my legs feel like sphagetti!!!
I must add that I was glad my laptop was set to connect securely with my own hot spot so I was able to attend pre-set weekly meetings and huddles and didn’t miss an amazing N/S NCCPAP Chapter webinar scheduled for this week (it ended well before it was time to hit the slopes)…
TAX ISSUES/TAX PLANNING
Tax Issues to Watch For If Your Business Uses Crypto Currency for Payroll or Other Transactions
According to this recent article in Accounting Today: “As we move through 2024, there are new tax developments to watch out for including technology updates, pending tax regulations and the recognition of cryptocurrency on some tax forms.”
Something new to consider (for your 2023 tax and business reporting as well) are the requirements for:
- Employees who are being paid with digital assets are now required to report the value of the assets they receive as wages.
- Those individuals who are working as independent contractors and being paid with digital assets are required to report that income on Schedule C (Form 1040), “Profit or Loss from Business (Sole Proprietorship).
- Taxpayers will need to use Schedule C if they sold, exchanged or transferred digital assets to customers in connection with a trade or business (in addition to reporting the results from regular operations).
Best practices indicate that those of you who are doing business this way should contact your tax professional so you are in compliance with federal rules and regulations.
ECONOMY
Yellen Says the US is Working to Mitigate Risks to the Global Economy
U.S. Treasury Secretary Janet Yellen on Tuesday said a stronger-than-expected U.S. economic growth had helped power the global economy, and Washington was working to mitigate remaining risks to the global outlook and ensure sustainable long-term growth.
Small Business Optimism Reaches Lowest Level Since 2012
Two newly released surveys do not paint a pretty picture. As it does the second week of every month, the National Federation of Independent Business (NFIB) released its latest Small Business Economic Trends (SBET) report (also known as the Optimism Index) on the state of the small business economy nationwide.
Beige Book – April 2024
The April 2024 Beige Book has been published by the Federal Reserve, giving an overview of economic conditions around the country.
Many CEOs are Optimistic About the Economy
Many CEOs are confident in the growth prospects of the economy and of their companies in the next year, according to KPMG’s 2024 CEO Outlook Pulse Survey.
Prices and Interest Rates are Standing in the Way of Home Ownership
Total home sales fell more than 4% in March despite a rise in the number of aspiring home buyers as would-be shoppers struggle with sky-high interest rates and rising home prices, a new report from the National Association of Realtors said Thursday.
GENERAL RESOURCES
- News about the Child Tax Credit
- The best source for up-to-date and accurate health information is the Center for Disease Control (CDC)
- Our prior blog posts, videos and prior weekly newsletters
- Entrepreneur put together a listing of free tech resources for remote work
- The Consumer Financial Protection Bureau has warnings about COVID-related scams
- The New York Times has an online newsletter on K-12 and higher education
- The Wall Street Journal has a collection of articles on education
- The Louvre has digitized 482,000 artworks from its collection
- How to create a strong password