Tax & Accounting Tips for Federal Government Contractors
If you’re a small business owner interested in government contracting, it’s essential to understand the unique accounting and tax considerations that can come with those types of arrangements. Be mindful of deadlines, for instance, and what taxes you are and aren’t responsible for paying. Your accounting system matters more than ever, too. Below are some […]
Can I Get More PPP Money?
Are you ready for more Paycheck Protection Program (PPP) money? The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, has opened up what it’s calling ‘Second Draw PPP Loans’ as of January 13, 2021. These loans are available to qualifying small businesses (whether or not they previously had received a PPP loan) […]
How Does Innocent Spouse Relief Work?
Can you be held responsible for taxes a spouse or recently made ex-spouse failed to declare on your joint tax return? Yes and no. It’s called innocent spouse relief, but there are several hoops to jump through to get it. Innocent spouse relief allows the opportunity to transfer tax, interest, and penalties to the spouse […]
Niche Accounting
After 43 years, Steven Bankler CPA Ltd. has become an overnight success! Click To View
Large Gift & Estate Tax Changes In 2021?
The Tax Cuts and Jobs Act (TCJA) temporarily increased the basic exclusion amount of large estate gifts and reduced federal estate tax rates. The moves were made to help high net worth individuals offset estate taxes at the time of death. But what happens now? How might the new administration change course? Click To View
Why the IRS Audits Small Contractors
Small building contractors are no strangers to IRS audits. It’s a fact of life for some, given how complicated accounting methods and project billing can be. Certain activities and factors, however, are sure-fire audit triggers, including the following: Click To View