6.15.20
Good Records Are the Key to Tax Deductions and Trouble-Free IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses.…
6.15.20
Paycheck Protection Program Flexibility Act Makes Significant Changes to the Forgiveness Provisions of PPP Loans
The Paycheck Protection Program (PPP), enacted as part of the CARES Act, is a lending program designed to provide funds for small businesses to hold…
6.11.20
IRS Updates Mileage Rates for 2020
Beginning on January 1, 2020, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) are: 57.5 cents per…
6.10.20
No Surprises: How to Maintain an Accurate Contract Schedule
Tracking the financial minutiae of your contract schedule requires great attention to detail. But do you know what else requires great attention to detail? Construction…
6.8.20
Rioting Damage at Your Business? You May Be Able to Claim Casualty Loss Deductions
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other…
6.8.20
Keys to Ownership Transition and Business Succession Planning
Business succession planning is essential for all privately-owned companies and the importance of a detailed plan is magnified during periods of economic upheaval. Planning for…
6.6.20
The Marriage Penalty Still Exists Under the TCJA
One byproduct of the Internal Revenue Code is that the tax liability of married couples who file jointly may be more than their combined tax…
6.6.20
Should You Digitize Your Tax and Financial Records?
Traditionally, important tax and financial records have been stored as hardcopies in desk drawers, filing cabinets and safe deposit boxes. Nowadays, it’s become increasingly popular…
6.6.20
Keeping up With the Net Operating Loss Rules
When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. When filing your 2019 income tax return, you…
6.6.20
Don’t Forget About Your 2019 Tax Return
Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS postponed numerous federal tax filing and payment deadlines. If you took advantage…