Tax and Accounting Blogs

Ready For Your Mid-Year Check-In? For those of you on our monthly maintenance advisory package, this is just a friendly reminder that we’ll be reaching out to you soon to schedule your mid-year check-in. Why? To make sure your business is on the right track, opportunities for tax savings are not overlooked, and to communicate […]

New Tax Breaks for Individuals The PPP loans and stimulus checks have attracted most of the attention from the new 5,600+ page stimulus package. However, there were some small new or extended tax breaks for individuals. Charitable Donations – Normally, you could only deduct charitable contributions on the federal tax return if you had itemized […]

PPP Loan Forgiveness The US Small Business Administration (SBA) and Treasury finally published the updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less. The interesting part of this one-page form is that the instructions are four pages long. That […]

The IRS announced it will start accepting and processing 2020 tax returns on Friday, Feb. 12. This is later than in most previous years when tax season has started in late January. The IRS says the delay is due to the extra time it needs for programming and testing its systems following the tax law […]

Stimulus Payments – What you need to know Between migrating to virtual work, dealing with the joys of unemployment, and setting up kids for remote learning those stimulus payments in the spring seem like they were issued years ago. Many people have told me they do not remember exactly how much they received. In order […]

FORM 1099-NEC (non-employee compensation formerly reported on 1099-MISC) The IRS requires business owners to file a Form 1099-NEC by February 1, 2021, for every individual or non-corporate business that was paid over $600 in 2020 for nonemployee compensation and legal services.  It’s very important to meet these requirements, as late filings could result in penalties. […]

Tax Organizers We will be sending out tax organizers during the week of January 11th, 2021. Please let our office know if you do not receive one by January 15th, 2021 or if you want one sooner. IRS Opening Date for 1040 Electronic Filing At the present time, the IRS is continuing to update its […]

To Our Clients and Friends: 2020 has been quite a challenge,  to say the least. The COVID-19 crisis brought massive unemployment, business closures, and an enormous amount of uncertainty. All of this has made 2020 seem like the year that never ends. In fact, I’m sure some of us can’t wait for it to be […]

Upcoming Deadlines 11/15/20 As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2020 takes place against the backdrop of COVID 19 and a laundry list of legislative tax changes that […]

The latest PPP Loan bill that has been passed by the Senate and the House adds much-needed relief around planning for PPP Loan Forgiveness. I have broken down the changes below with observations on what that means for small business owners. Optional 24-Week Extended Period Businesses that have already been funded prior to the law […]