Newsletters

Tax Filing Reminders – September 2020

September 15th
September 30th
October 15th
November 15th

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What Is a Donor-Advised Fund?

Posted September 2020

Donor-Advised Funds (DAFs) have become a popular donation vehicle in recent years. DAFs allow you to take a charitable deduction for donations now, but decide later which charities will benefit from your generosity. The income tax deduction is allowed in the year of the donation to the DAF. These funds are public charities, so contributions are not subject to the deduction limitations that apply to private foundations.

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Internal Control in a Remote Environment

Posted September 2020

Due to the COVID-19 outbreak, many companies have started to work remotely, which has caused significant changes in their internal controls.  These changes may continue into the future, as companies discover the advantages of cloud-based accounting and more employees working remotely.  Due to these significant changes, companies need to reevaluate their processes and procedures to identify potential weaknesses where fraud could occur.

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IRS issued guidance on payroll tax deferral

Posted September 2020

On August 8, 2020, President Trump issued a directive to allow for the deferral of payroll tax for certain workers. On August 28, 2020, the IRS issued Notice 2020-65 to provide more guidance on how to implement this payroll tax relief.

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Roth IRA as College Savings Vehicle

Posted August 2020

When selecting a vehicle for college savings, most people naturally gravitate toward the Section 529 Plan (529 Plan). It offers some remarkable benefits and afterall, it is called a “college saving fund.” But before making this decision, it is a good idea to explore some of the alternatives, especially the Roth IRA.

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Tax Filing Reminders – August 2020

September 15th
September 30th
October 15th

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New Health Benefits in CARES Act

Posted August 2020

When selecting a vehicle for college savings, most people naturally gravitate toward the Section 529 Plan (529 Plan). It offers some remarkable benefits and afterall, it is called a “college saving fund.” But before making this decision, it is a good idea to explore some of the alternatives, especially the Roth IRA. Both the Roth IRA and 529 Plan are funded with nondeductible contributions and allow you to take qualified distributions of contributions and earnings tax-free. Some 529 Plans even offer state tax benefits.

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New PPP FAQs and Forgiveness Tool

Posted August 2020

The Treasury and Small Business Administration (SBA) released guidance on August 4, 2020, answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program (PPP) loans. The 10-page FAQs covers the calculations and process to determine how much of a PPP loan is forgivable. The key topics are (1) General loan forgiveness, (2) Payroll costs, (3) Nonpayroll costs, and (4) Forgiveness reductions.

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Tax Filing Reminders – July 2020

July 15th
September 15th
September 30th
October 15th

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SBA Issues a Short Form for Easy Application for PPP Loan Forgiveness

Posted July 2020

The Small Business Administration (SBA) has released Form 3508EZ, a simplified loan forgiveness form for entities that took part in the Paycheck Protection Program (PPP). Per the SBA, loan forgiveness will be based on the employer keeping employees or rehiring quickly to maintain salary levels. The forgiveness will be reduced if the number of full time employees decreases, or if wages decline.

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