Financial Resources & News
2023 YEAR-END TAX PLANNING FOR INDIVIDUALS
With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time.
2022 Year-End Tax Planning for Individuals
With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for...
2022 Year-End Tax Planning for Businesses
U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and...
IRS Provides Broad Penalty Relief For Some 2019, 2020 Returns
The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice 2022-36 provides systemic penalty relief to taxpayers for certain...
Trust, but Verify Part 2
[vc_row][vc_column][vc_column_text] Trust, but Verify Part 2 Our prior post discussed the necessity of monitoring staff activities to reduce the chances of intentional or unintentional errors, or worse, hitting your company. You can probably guess where your company...
Trust, But Verify
Trust, But Verify There is significant debate over whether there is validity to a management style of “trust, but verify”. There is no debating, however, that the old Russian proverb makes sense in considering an entity’s operations. As much as a business owner can,...
The Strategy to Use for Your PPP Loan Forgiveness Process
Do not rush the process but be prepared for the forgiveness and the tax liability that may exist.
Session Overview. Identify the vital elements needed to maximize your loan forgiveness and understand what liability may exist with your PPP loan. We will walk through practical hands on examples of what you will need to do to guide compliance for pursuing forgiveness.
There is an income tax with your PPP loan
There is an income tax with your PPP loan. As of today, any expenditures made with PPP funding is not tax deductible. To give you a quick example of the potential impact let us examine a $250,000 PPP loan. Assuming you followed the rules and properly documented your...
Employee Payroll Tax Deferral Update
Employee Payroll Tax Deferral Update On August 28, 2020, the IRS issued Notice 2020-65 that provides some needed guidance for employers in regards to the employee payroll tax deferral described in the August 8, 2020 Presidential memorandum (often referred to as an...