Resources, articles, and updates about taxes and accounting for individuals, businesses, and other organizations to help you reach your financial goals.

COVID-19 Information

The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S.

We have the changes to tax and financial planning all in one place.

Can You Claim the ERC for the Owner of a C or S Corporation?

Members of the tax community struggle with the “solo corporate owner” qualification for the employee retention credit (ERC). In their recently published The Employee Retention Credit Guide, authors Alan S. Gassman, Brandon L. Ketron, Patrick D. Collins, and Ian...

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PPP Extended—Act Fast or Miss Out

Good news. The PPP Extension Act of 2021 makes Paycheck Protection Program (PPP) monies available until the earlier of May 31, 2021, orwhen the money runs out. According to testimony before the Senate, the money could run out as early as mid-April. That’s just a few...

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PPP ALERT: New Shot for Your Tax-Free Cash

Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.” Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free? If you do, read on...

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Tax-Smart College Savings Strategies for Parents

College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. The tax law has provisions to help you cover the costs, including Coverdell accounts, Section 529 savings plans, and Section 529...

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The IRS Goes Easy on Taxpayers Who Owe Back Taxes

Are you one of the over 11 million Americans who owe the IRS back taxes? The IRS temporarily suspended most collection efforts during the first wave of the coronavirus pandemic through its “People First Initiative.” This initiative expired July 15, 2020. The IRS is...

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Four Things to Know When Hiring Your Spouse

If you own your own business and operate as a proprietorship or partnership (wherein your spouse is not a partner), one of the smartest tax moves you can make is hiring your spouse to work as your employee. But the tax savings may be a mirage if you don’t pay your...

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Good News If Your PPP Loan Is for $50,000 or Less

As you likely know by now, the Paycheck Protection Program (PPP) loan and its forgiveness process have been an ever-changing (and often confusing) ride so far. With the new rules for PPP loans of $50,000 or less, you escape the most difficult part of the loan...

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What Can I Do If My K-1 Omits 199A Information?

Tax reform’s Section 199A deduction often confuses small-business owners and tax professionals alike. It’s quite possible you’ll get a Schedule K-1 from a business that omits the information you need to calculate your deduction.  What do you do? You have a big...

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