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PPP Expenses and Other Last-Minute Tax Changes
The curtain may have closed on 2020, but the 2020 tax season is still in full swing Chances are your tax obligations will be different this time around, thanks to the pandemic. From PPP and...
Tax Season Checklist Changes
If you were a generous giver in 2020, the federal government wants to reward you. Individual taxpayers who use the standard deduction can claim an "above-the-line" deduction of up to $300 for...
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....
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...
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...
Niche Accounting
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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:
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...
Your Business Is at Risk of Fraud in 2021
Be on the alert: Scams involving employee theft and embezzlement, cyber fraud, vendor payments, and more are on the rise—at a rate of 79% more fraud since May. The Association of Certified...
What’s New from the IRS?
The IRS issued several final rules and other tax announcements at the close of 2020. Several may affect your upcoming tax filing, particularly if you’re a business owner. Take a look at the...