President Trump signed the law on March 27, 2020 in order to provide economic support to individuals and businesses during the economic downturn related to COVID-19.   While there are a few helpful provisions in this new legislation, the most beneficial to small businesses is the creation of the Payment Protection Program that will be administered under t...

President Trump signed the law on March 27, 2020 in order to provide economic support to individuals and businesses during the economic downturn related to COVID-19.  

$1,200 & $2,400 Payments

The law provides $1,200 in a one time payment to individuals that reported less than $75,000 in adjusted gross income (AGI) on their tax return.  The payment red...

Due to the outbreak of Covid-19, the SBA has announced a special loan program to help with the economic slowdown.  The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provid...

Timing

The FFCRA was signed into law on March 18, 2020 and the benefits must begin within 15 days of that date. The law will take effect on April 2, 2020 and is effective through December 31, 2020.

Emergency paid leave 

One of the new benefits created by the FFCRA is what’s known as “emergency paid leave.” If an individual is unable to work because COVID-19...

Many small business owners and entrepreneurs that use Schedule C to report their business income are unaware of the benefits of creating an LLC and filing an S Corp election.  Schedule C income is subject to self-employment tax, which is equal to the employer and employee portions of social security and medicare tax-15.3%!  S Corporations (S Corps) are co...

Congress passed tax reform during the week before Christmas of 2017.  This was the most sweeping tax law change since the recodification of the tax code in 1986.  While it will take some time to determine the finer points of this tax reform plan, we have the nuts and bolts in place to determine what the impact will be for most of our clients.

The...

Congress passed tax reform during the week before Christmas of 2017.  This was the most sweeping tax law change since the recodification of the tax code in 1986.  While it will take some time to determine the finer points of this tax reform plan, we have the nuts and bolts in place to determine what the impact will be for most of our clients.

The...

IR-2017-204, Dec. 14, 2017

WASHINGTON ― The Internal Revenue Service today issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)...

I heard my nail lady/mechanic say that I should prepay my state and local tax so that I can deduct my state tax in 2017 without having to worry about the $10,000 cap on those deductions in 2018.  Is that true?

We love it that tax is THE HOT TOPIC these days because that means CPAs are cool again.  Well....maybe not cool again, but cool FINALLY.  We love th...

Congress passed tax reform in the week before Christmas of 2017.  This was the most sweeping tax law change since the recodification of the tax code in 1986.  While it will take some time to determine the finer points of this tax reform plan, we have the nuts and bolts in place to determine what the impact will be for most of our clients.

The act incr...