2020 Lessons on SUCCESSion Planning
If 2020 has taught us anything, it’s that no matter how successful you are or how well you take care of yourself, your financial situation and health are both surprisingly fragile and undeniably intertwined. Take this time of clarity to fill the gaps in your business succession and estate plans. They involve soul searching and […]
Can You Deduct a Virtual Company Holiday Party?
Ah, 2020. It’s the gift that keeps on giving. As we head into the home stretch, employers are wondering what on Earth they’re going to do about their annual holiday parties thanks to the COVID-19 pandemic. Last year, 76% of businesses held office parties in December. This year? Only 23% are planning a year-end celebration, […]
Tax Adjustment Dispute? It’ll Be Scanned for Pandemic Exploitation
John Hughes, director of the IRS Advance Pricing and Mutual Agreement (APMA) Program, said his department was aware of the potential for “opportunism” among taxpayers to adjust their tax positions while blaming the pandemic. It’s something they’ll be watching for closely. His comments are in reference to taxpayers who hold advance pricing agreements (APAs) with […]
2020 Audit Triggers
For business owners who received a federal Paycheck Protection Program (PPP) loan this spring and misused it, the time of reckoning has come. More than a dozen criminal cases have been filed across 11 states involving PPP loan misuse. These first cases involve “blatant fraud” by small businesses and individual business owners, not large corporations. […]
Audit Trigger 2020
After a brief break during the height of the spring shutdown, the IRS is back at it, auditing certain taxpayers. Your financial situation has likely gone through some unexpected bumps in 2020, which means your taxes could be more complicated than ever for the coming tax season. Keep an eye on the following tax triggers […]
Charity in 2020: A Tax Guide
This year is unlike any other. That truth is clear when it comes to charitable contributions. Several relief measures and new tax rulings may affect your usual giving plan, for better or for worse. If you’re a business owner, even more opportunities abound. It’s worth a close look before the end of the year to […]
A Reminder to “Log” Travel Expenses
As business travel picks back up, a court ruling within the past 12 months brings to light the importance of maintaining records for travel-related tax deductions. The case involves a timberland owner who barely escaped IRS fines after his travel logs were stolen. As Accounting Today summarizes, the taxpayer traveled every week to maintain and […]
Did You Request IRS Penalty Relief Due to COVID?
The September 15 tax deadline has come and gone, but many had trouble getting their taxes filed and paid on time. The IRS offers relief, but even some who followed the rules will still receive penalties. The mid-September milestone included several tax deadlines for closely held businesses. The American Institute of Certified Public Accountants (AICPA) […]
Tax-Free Education: A Study Guide
Online options for schools have exploded in the wake of the pandemic. If you’re looking to expand your mind as you finish out your quarantine year, consider heading back to the virtual class-room. Or perhaps you’ve been hoping to help a family member with their education expenses. Each one of these non-traditional learning routes can […]
Paying for the New Norm
The construction industry has changed dramatically this year. The volatility in the market, supply chain disruptions, delays and pivots, relief loans, and the cost of new safety requirements will result in a bookkeeping challenge beyond anything you’ve seen before. Keep an eye on the following three areas to mitigate those challenges with tax opportunities: Click […]