Here’s who qualifies for the employee business expense deduction
Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators, according to the IRS. Taxpayers can no longer claim unreimbursed employee…
The Effect of COVID-19 on Business Valuations
It is no surprise that the COVID-19 pandemic has created tremendous uncertainty regarding the current value of businesses. Earlier this year, our country witnessed major stock indexes lose more than…
Beware of Gift Card Scam
Gift cards are a popular and convenient gift for all occasions. They’re also a tool that scammers use to steal money from people. Scammers often target taxpayers by asking them…
SBA ROLLS OUT “LOAN NECESSITY QUESTIONNAIRE” FOR BORROWERS WITH PPP LOANS OVER $2M AND STARTS AUDIT REVIEW PROCESS
Earlier in the year, the Small Business Administration (SBA) announced in an updated FAQ on the program that it will be auditing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers…
Don’t Forget to E-File Payroll Tax Returns
The next quarterly payroll tax return due date is Oct. 31, and the IRS is urging business owners to use the speed and convenience of filing the returns electronically. IRS…
Review Tax Withholding and Avoid Surprises
Now is the perfect time to review your tax withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take home…
Reconstruct Records Lost in a Natural Disaster
Between tornadoes, floods, and hurricanes for some of our southern and eastern neighbors, we have witnessed our fair share of national disasters over the last several years. Reconstructing records after…
A Guide to Individual Retirement Arrangements
Many taxpayers may have heard of Individual Retirement Arrangements, or IRAs, but some don’t know how IRAs help them save for retirement. People can set up an IRA with a…
Businesses can file cash transaction reports electronically and in batches
Businesses that receive cash transactions of more than $10,000 must report these payments to the IRS – it’s the law. Now businesses can batch file their cash reports; this is…
Transaction Planning: Sale of Residence
You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you…
