Newsletters

Virus Relief Includes Tax Breaks and PPP Expense deduction

Posted December 2020

The relief bill that passed the House and Senate on Monday, December 21 includes help for small businesses, the jobless, and direct payments to most Americans. It also provides funding for vaccine distribution, food assistance, tax breaks, and money for education and child care.

Read More

Tax Filing Reminders – December 2020

December 31st
February 1st
March 1st

Read More

PPP LOANS TOTALING $2 MILLION OR MORE REQUIRE ADDITIONAL DISCLOSURE

Posted December 2020

The SBA has recently proposed guidance for entities receiving Paycheck Protection Program (PPP) loans equaling $2 million or more.

Read More

GET READY FOR THE NEW FORM 1099-NEC

Posted December 2020

There is a new IRS form for business taxpayers that pays or receives nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.

Read More

Tax Filing Reminders – November 2020

December 15th
December 31st

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

Tax Filing Reminders – October 2020

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

Read More