Newsletters

Tax Filing Reminders – November 2020

December 15th
December 31st

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Using Equity as a Compensation Tool

Posted November 2020

Equity is one of the most powerful tools available for attracting, retaining, and motivating employees. Offering employees a stake in your company’s success aligns their interests with those of the owners, rewards them for excellent performance, and provides them with an incentive to stay with the company for several years. Here is a quick review of some of the ways you can share equity with employees. Although this discussion focuses on corporations, there are a variety of incentive compensation tools for LLCs and partnerships as well.

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WHAT TAX RECORDS CAN INDIVIDUALS THROW AWAY?

Posted November 2020

The deadline for individual taxpayers who extended their 2019 tax returns has now passed. The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic and the final extended due date was October 15. If you are finally finished filing last year’s return, you might wonder: which tax records can be tossed once everything is complete? Now is a good time to go through old tax records and see what you can discard.

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Education Tax Breaks

Posted November 2020

Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education.

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Good news for PPP loan recipients of $50,000 or less

Posted October 2020

On October 9, 2020, the Small Business Administration (SBA) released a new interim final rule (IFR) providing additional guidance on the forgiveness process for PPP loans of $50,000 or less.

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Tax Filing Reminders – October 2020

October 15th
November 15th
December 15th
December 31st

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2021 Changes to State Unemployment

Posted October 2020

The COVID-19 pandemic has brought challenges and strains on all areas of the economy and employment.  The Oklahoma Employment Security Commission (OESC) has recently announced that the state unemployment fund’s solvency has decreased considerably due to the record number of unemployment claims made during 2020.  Because of this, the trust fund has been assigned the “Conditional Factor D” status, which brings with it the highest tax rates.

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The Possible Tax Consequences of PPP loans

Posted October 2020

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications.

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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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