We are a Tax & Accounting CPA firm. We care about our clients and want them to get the most current information. Hope you’ll come back often.
COVID-19 | Emergency Family Medical Leave Payroll Tax Credit
There are tax credit relief options available to small business owners under the Families First Coronavirus Relief Act (FFCRA) covering Emergency Family Medical Leave. The FFCRA’s paid leave provisions are effective on April 1, 2020, and apply to leave taken between April 1, 2020, and December 31, 2020.
Pass on Wealth to Heirs Using These Strategies
Individuals with significant assets who want to transfer wealth to heirs tax-free, as well as minimize estate taxes, should take advantage of proven tax strategies such as gifting and direct payments to educational institutions; however low-interest rates and a volatile stock market are creating additional opportunities.
Loan Forgiveness Under the Paycheck Protection Plan
If the loan proceeds are used as specified, business owners may apply to have the loan forgiven. Here’s what you need to know about loan forgiveness under the PPP.
What Should Be Included in the PPP Loan
We now have more clarity on what expenses we can apply to applications and what is considered accepted payroll expenses.
COVID-19 | Accounting for the PPP Loan
For purposes of the Paycheck Protection Program (PPP) loan and how it’s calculated there have been a lot of discussions around how to properly document your financial need.
COVID-19: Latest on the Paycheck Protection Program
The form is simple enough as any loan application, but some intricacies warrant an in-depth understanding of current state laws and regulations when making requests.
Important Federal Tax Deadline Change
The deadline for filing federal tax returns, as well as the tax payment deadline, has been extended from April 15 to July 15 due to the disruption caused by the coronavirus pandemic. Don’t hesitate to call with any questions or concerns.
It’s Not Too Late to Make an IRA Contribution
Generally, you can contribute up to $6,000 of your earnings for the tax year 2019 (up to $7,000 if you are age 50 or older in 2019). You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.
The Nonprofit – How Not To Lose Your 501(c)(3) tax-exempt status
Once an organization receives tax-exempt status from the IRS, there are certain requirements that must be adhered to in order to maintain tax-exempt status.
What’s New for the 2020 Tax Filing Season
While the 2020 tax filing season promises to be less confusing than 2019, there are still a number of changes that taxpayers should be aware of.