Tax and Accounting Blogs

Stimulus Payments – What you need to know Between migrating to virtual work, dealing with the joys of unemployment, and setting up kids for remote learning those stimulus payments in the spring seem like they were issued years ago. Many people have told me they do not remember exactly how much they ...

FORM 1099-NEC (non-employee compensation formerly reported on 1099-MISC) The IRS requires business owners to file a Form 1099-NEC by February 1, 2021, for every individual or non-corporate business that was paid over $600 in 2020 for nonemployee compensation and legal services.  It’s very important to meet these requirements, as late filings could ...

Tax Organizers We will be sending out tax organizers during the week of January 11th, 2021. Please let our office know if you do not receive one by January 15th, 2021 or if you want one sooner. IRS Opening Date for 1040 Electronic Filing At the present time, the IRS is continuing ...

To Our Clients and Friends: 2020 has been quite a challenge,  to say the least. The COVID-19 crisis brought massive unemployment, business closures, and an enormous amount of uncertainty. All of this has made 2020 seem like the year that never ends. In fact, I'm sure some of us can't wait for ...

Upcoming Deadlines 11/15/20 As the end of the year approaches, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Year-end planning for 2020 takes place against the backdrop of COVID 19 and a laundry list of legislative ...

The latest PPP Loan bill that has been passed by the Senate and the House adds much-needed relief around planning for PPP Loan Forgiveness. I have broken down the changes below with observations on what that means for small business owners. Optional 24-Week Extended Period Businesses that have already been funded prior ...

The SBA has released the 15 page initial draft of the PPP Loan Forgiveness Application. This application is much more complicated than the initial application was. I expect that our office will continue to be overwhelmed with questions over the next few months. Please be patient with us. Keep in mind that ...

On Thursday last week the SBA closed applications for the PPP loans as all the funds appropriated by congress had been allocated. This left businesses in three different categories: Category 1 – PPP Loan Approved and SBA number assigned Category 2 – PPP Loan Applied for, but no SBA number yet Category ...

Congress just passed the CARES Act in response to the COVID-19 pandemic. In it, there are a lot of juicy tax benefits for you and your business. We’ll tell you about a collection of important ones you need to know. The Check Will Be in the Mail As you read this, the ...

We hope that you are staying safe and healthy through this stressful pandemic. We keep hearing about the impacts on the travel and hospitality businesses. But we are seeing problems with several of our small business clients in just about any industry.  Every day things keep changing drastically. The government has been ...