Posted

As you may have heard, the banks are preparing to begin accepting Paycheck Protection Program (PPP) loan applications beginning on Friday April 3, 2020.  A statement by a senior SBA official indicated that the loans will be given on a first-come, first-served basis. RESOURCES: Disclaimer: As the situation rapidly changes, you will likely note conflicting… Read more »

Posted

As our community navigates through this crisis, our focus is on 5 major business initiatives: Health, Safety and Wellness Conserve Cash Support your Suppliers, Service Providers and Customers Maximizing Relief Benefits Minimizing Layoffs In support of that effort, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), was signed into law on Friday March… Read more »

Posted

Rising Above the Chaos IRS Coronavirus-Related Filing and Payment We hope this email finds you well and healthy! Today we would like to make you aware that the IRS has issued further guidance on the Federal tax deadlines. The agency has posted 24 Questions and Answers regarding the extended deadlines on their website.  You can… Read more »

Posted

Rising Above the Chaos Consider: Receivables from Large Corporate Customers   We have a fast update on what we are hearing globally for you to judge if and how it may impact your business. We corresponded with the director of finance of a multinational healthcare company today. They are bending over backward to get payments… Read more »

Posted

Tax implications for Common Types of Crowdfunding More and more small business and startup company owners are turning to crowdfunding in the hopes of generating cash as well as creating a buzz around their business.  Websites such as Kickstarter and Indiegogo make it super easy to find a platform to launch your project, however it… Read more »

Posted

After reading Part 1 of Vacation Rental Property, you now have an idea of the expenditures and personal vs rental days that you have to track for the IRS.  This blog will focus on the percentage of the aforementioned expenditures you can deduct.  That is correct, in case you were wondering, you cannot deduct 100% of… Read more »

Posted

Fake charities make 2018 ‘Dirty Dozen’ list; Taxpayers should be alert to scams involving disasters, worthwhile cause WASHINGTON — The Internal Revenue Service warned taxpayers against scam groups masquerading as charitable organizations, luring people to make donations to groups or causes that don’t actually qualify for a tax deduction. These ‘fake’ charities attempt to attract donations… Read more »