Our Financial Blog
The SBA Issues a Simplified PPP Loan Forgiveness Application
If you are the owner of a small business that obtained a Paycheck Protection Program (PPP) loan, you are most likely aware that the loan can be partially or totally forgiven if you used the loan proceeds for the required purposes. Loan forgiveness is not automatic and...
Effect of PPP Loan Forgiveness on Taxable Income
We now have official guidance from the I.R.S. that the advice provided by our Firm related to not being able to deduct eligible expenses related to PPP loans in 2020 is confirmed. While most PPP loans will not be forgiven in 2020 due to the time provided between the...
Don’t Miss Out on Year-End Tax-Planning Opportunities
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship...
The Importance of SEO in Website Design
While it is important to have an aesthetically appealing website, it may be more important to have good “under the hood” structure that supports SEO (search engine optimization) and inbound marketing. One of the primary purposes, if not THE primary purpose, of a...
Marketing, Ideal Customers & Duct Tape Marketing
As a small business owner, who might just be starting out or have had a business for years, marketing is likely on the forefront of your mind; how do I bring new customers to my business, how do I expand my business footprint into other locations within my...
Payroll Tax Deferral – Should You Participate?
The IRS released guidance recently (IRS Notice 2020-65) that provides some clarification on the payroll tax deferral for employees that can be withheld starting September 1, 2020 through December 31, 2020. The Notice indicates that the employer would recapture this...
Social Security Tax Deferral – Benefit or Nightmare?
This deferral, which was intended to put more money in people’s pockets, is troublesome for all. For example, an employee making $800 per week, would see an extra $49.60 in their weekly paycheck until December 31, 2020. Let’s assume their take home net pay was...
Wondering What Happened To Your Correspondence To the IRS?
If you’re wondering what happen to your completed tax return you mailed in months ago or the tax payment you made a few weeks ago hasn’t been cashed yet, do not fret. As of October 2, the IRS is experiencing an unopened mail backlog of around 5 million pieces of...
Attention PPP Loans Recipients Less than $50,000:
The US Small Business Administration & US Treasury Department released guidance this week clarifying that recipients of Paycheck Protection Program (PPP) loans of $50,000 or less will be able to apply for forgiveness using a simplified application form. ...
PPP Loan Payment Start Date Change
The US Small Business Administration released additional guidance on September 30, 2020 clarifying the deferral period for payments on all Payroll Protection Program (PPP) loans. The original promissory note indicated a six-month deferral for payments on the...
Should Your Employees Take Advantage of the Payroll Tax Holiday?
President Trump recently signed an Executive Order calling for a payroll tax holiday on the employees portion of the payroll tax starting on September 1. While this 4-month reprieve might sound enticing to your employees, we discourage all our business clients from...
Health, Economic Assistance, Liability Protection and Schools Act (HEALS) – What could it mean for businesses?
This week, Senate Republicans have proposed the Health, Economic Assistance, Liability Protection and Schools Act (HEALS) in response to the federal governments handling of the COVID-19 crisis. The nearly one-trillion bill will be comprised of a number of components...
Elections. Elections. Elections.
Tax Savings can be found in the elections you make! Every year is an election year when it comes to making decisions on your annual income tax return. Here are four common examples that can create tax savings opportunities if you elect the correct option. 1. Tax...
GREAT NEW OPTION TO REDUCE STUDENT LOAN DEBT
Newly passed tax laws could benefit many! Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K...
2020 Mileage Rates
Mileage rates for travel are now set for 2020. The standard business mileage rate decreases by 0.5 cents to 57.5 cents per mile. The medical and moving mileage rates also decreases by 3 cents to 17 cents per mile. Charitable mileage rates remain unchanged at 14 cents...
Last Minute Tax Law Changes everyone needs to know about!
Late in 2019, a new 1,770 page bill was signed into law. Deep within the pages of the bill are a number of retroactive tax law changes to current and expired tax laws. These new law extenders are in place for both 2019 and 2020. Here is what you need to know: 2019 Tax...
Are you Missing a Tax Form? Not an excuse!
If you don’t receive a W-2 or 1099, is this a defense to protect yourself from not reporting the income during an audit? In short, the answer is no. You are required to report your income whether your employer or customer filed the correct form or not. So what can you...
RECEIVE COPIES OF FRAUDULENT TAX RETURN?
WHAT DID THIEVES TRY TO STEAL? Tax identification theft is becoming all too common. Victims know how frustrating the experience can be. Thankfully, the IRS is willing to help. The frustration If you are a victim of IRS identity theft, your first instinct is to find...
LAST MINUTE TAX-SAVINGS IDEAS
Actions you can take before time runs out! Here are five tax saving ideas that can be used by most taxpayers. But act soon, there's not much time left until our tax year comes to an end. 1. Make late-year charitable donations. Consider making donations with...
IRS Expands ID Protection Program
The IRS is expanding a pilot program that uses Identity Protection Personal Information Numbers (IP PINs) to provide an extra layer of security for taxpayers. The program can be used by residents of the District of Columbia, Florida, Georgia, California, Delaware,...