Our Financial Blog
Restaurants and Businesses Benefit from Temporary Tax Break
Congress has provided businesses with a temporary tax break as a means of helping the restaurant industry, which has been devastated by the COVID pandemic. Although the Tax Cuts and Jobs Act eliminated the business deduction for entertainment, it continued to allow a...
Raising Capital for Your Startup: The Basics
Creating a successful business requires a good idea combined with skill, talent, and ambition. But even if you have all of those elements, you may end up falling short if you can’t raise the capital that you need to move forward. No entrepreneur wants to think about...
IRS Unveils Online Tool to Register for Monthly Child Tax Credit Payments
Congress has made substantial changes to the child tax credit (CTC) for 2021. The CTC has been increased to as much as $3,000 per child ages 6 through 17 at the end of 2021, and$3,600 per child age 5 and under at the end of 2021. For taxpayers who have their main...
Advance Child Credit Payment Online Tools
We highly recommend that our clients with children who might receive these funds, unenroll from receiving the monthly payments. Tax projections made during the preparation of the 2020 tax return already took into account the child tax credit in the calculation....
The IRS is Resuming Collection & Enforcement Activities That Were Paused During COVID-19
The IRS is reporting that it is resuming “certain collection and enforcement processes that had been suspended because of the coronavirus pandemic.” On June 15, 2021, this process kicked off as the IRS started contacting taxpayers who have not responded to prior...
Haven’t Received Your Tax Refund Yet?
You are not alone. We have been hearing from clients who are still waiting on refunds from returns filed early in the year. In normal times, unless there is an error, the IRS will issue most refunds in less than 21 calendar days. However, 2021 is far from being a...
7 Different Types of Income Streams for Your Business
No matter what type of business you operate, you rely on having a predictable flow of income to keep your bills paid. If you only have a single source of income and it suddenly falters, you’re going to be in trouble. Having more than one income stream is an insurance...
Made a Mistake on Your Tax Return – What Happens Now?
Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and COVID tax relief has made many changes; the paperwork required to file proper tax returns is often convoluted. This is especially true if you're...
Don’t Lose Your Passport Because of Unpaid Federal Debt!
The IRS has begun issuing notice CP508C to taxpayers with “seriously delinquent” tax debt and the service has resumed its program of notifying the State Department of taxpayers’ unpaid federal debts. The U.S. Department of State generally will not...
Recordkeeping Tips to Keep the IRS Away
With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep...
The US Loses Out on $1T/Year Due to Tax Cheats, IRS Estimates
As part of its oversight role, Congress is constantly assessing the economic health of the United States, so hearing from Internal Revenue Service Commissioner Chuck Rettig that the country may be losing up to $1 trillion a year in evaded taxes is an obvious cause for...
How Biden’s American Families Plan Might Affect You
President Biden presented his proposed American Families Plan (AFP) during his Joint Session of Congress address on April 29, 2021. What follows is an overview of what is included in the plan. But this is only his wish list; Congress will need to draft proposed...
IRS Provides Information about Advance Child Tax Credit Payments
The IRS has published a webpage to provide guidance to taxpayers on advance child tax credit (CTC) payments in 2021. Some background about the child tax credit - Taxpayers are allowed a CTC - temporarily expanded and made refundable for 2021 by the American Rescue...
Owe Taxes and Can’t Pay by the Due Date?
The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing? The IRS encourages you to pay the full amount of your tax liability on time by imposing significant penalties and interest on late...
Important Due Dates for Individuals & Businesses
May 10 - Report Tips to Employer - IndividualIf you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. Your employer is required to withhold FICA...
How To Pay Off Your SBA EIDL Loan
UPDATED 7/21/22: All COVID-EIDL Loans approved in calendar years 2020, 2021 & 2022 now have a total deferment period of 30 months from the date of the Note. Interest will continue to accrue on the loans during the deferment. After the deferment period ends,...
Writing Off Your Business Start-Up Expenses
Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new businesses will be opening as the economy returns to near normal. New business owners, especially those operating small...
Tax Court Decision Holds Potential Impact for Travel Deductions
There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Opinion...
Don’t be a Victim to IRS-Impersonating Scammers
Thieves and IRS scammers use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick you into divulging your SSN, date of birth, account...
IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income
The IRS announced on March 31, that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent law change made by the American Rescue Plan Act. The American Rescue...