News
Resources, articles, and updates about taxes and accounting for individuals, businesses, and other organizations to help you reach your financial goals.
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...
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...
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...
New IRS Efforts to Destroy Tax Deductions for PPP Paid Expenses
From what we know, when lawmakers originally passed the PPP they thought that under its provisions, you did not pay taxes on the forgiveness amount, andyou also could deduct the expenses that you paid with the PPP money. Obstacle In late April, the IRS issued Notice...
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...
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...
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...
Terminating Your S Corporation Election
Tax reform may have you thinking of changing your S corporation to a C corporation, partnership, or sole proprietorship. With such a switch, you need to consider: How do I terminate the S corporation election correctly?What are the tax consequences to me? ...
How to Reimburse Medicare When You Have Fewer Than 20 Employees
The Affordable Care Act’s $100-a-day penalty for improper medical reimbursements likely has your attention. And it should. But you can find many reimbursements that are allowed without penalty, including the ability to reimburse Medicare when you have fewer than 20...