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July 9, 2021
If you’re looking for ways to maximize the tax benefits of charitable giving, donor-advised funds might be a great option. Donor-advised funds are accounts that are maintained and operated by a section 501(c)(3) organization. Donors can give money or assets (stocks, bonds, real estate) to a nonprofit sponsor to then be disbursed to various charitable […]
July 6, 2021
As an entrepreneur, it’s essential to know the ins and outs of your business and to be the expert on your product or service. But when you break it all down, do you really understand the business side of things? If you don’t understand the basics of your reports and what the numbers are really […]
June 30, 2021
During the pandemic, many businesses struggled to retain employees due to a temporary slow-down in business and the government-mandated closures. The government has provided three rounds of stimulus aimed at helping individuals and businesses get through the pandemic, including pandemic tax credits for employers that have been able to retain their employees. The Employee Retention […]
June 24, 2021
As we enter the post-pandemic period, the financial world is experiencing pent-up demand from small businesses that are itching to expand. Banks and credit unions are seeing an increase from small business owners looking to take out loans for business expansion while interest rates are historically low. This is a great indicator of economic growth […]
June 22, 2021
Our recent blog addressed many of the tax issues inherent in renting your vacation home on Airbnb, VRBO, or another platform. Which form to file (Schedule C or Schedule E) with your tax return is a classic area of confusion for owners of short-term rentals, and the answer is often unclear for Airbnb hosts and […]
June 17, 2021
The $1.9 trillion American Rescue Plan that passed earlier this year expanded the Child Tax Credit, an initiative aimed at putting money in the pockets of families. If you have children, expect to see a letter in your mailbox from the IRS soon regarding the schedule for advance payments of the Child Tax Credit. Here […]
June 9, 2021
Since the pandemic, vacation rental homes have gained a significant share of the market demand. Vacation rental homes give travelers the convenience and comfort of home-like accommodations, as well as a sense of the local culture. Many investors have seized the opportunity to expand and diversify their assets. Platforms like Airbnb and VRBO have made […]
June 3, 2021
We’re halfway through 2021! June is a great time to take a look at your company’s budget and forecast for the remainder of the year. Evaluating the budget and company goals now will make a big difference in your year-end close process. Here are a few things to consider when doing a budget checkup midway […]
May 20, 2021
Did the events of 2020 lead you to pursue self-employment? Many people who leave the corporate world also leave their retirement accounts behind, yet retirement age continues its steady approach. Did you know that there are still lucrative options to grow your retirement savings as a self-employed individual? With proper planning, these savings vehicles also […]
May 17, 2021
Restaurants, event venues, and other small businesses impacted by shutdowns have the opportunity to tap into some powerful pandemic relief programs offered by the federal government. The first quarter of 2021 saw lots of changes to COVID-related economic stimulus programs. Below are some of the most significant changes including additional relief designed to help support […]
May 12, 2021
Spring cleaning isn’t just to remove the clutter and accumulated dust from your house. Have you ever considered that your books might benefit from decluttering and a bit of reorganization and review? The end of tax season is a great time to tackle a spring cleaning of your books, particularly if preparing your taxes led […]
April 23, 2021
Growth, whether it be personal or professional, holds a lot of exciting possibilities. It can also be intimidating and downright painful at times. The fear of the unknown, drastic changes that will have to take place, and the steps outside of your comfort zone to grow your business often hold people and businesses back from […]
April 20, 2021
If the transition to remote work due to the pandemic led you to flee a high-tax state and relocate to a state with a lower cost of living, there is a good chance you incurred moving expenses. Whether you moved yourself, had a moving service, or incurred hefty realtor fees, moving expenses can really add […]
April 15, 2021
$600 doesn’t sound like much in the grand scheme of a year’s income. It could come from a few sales on Etsy, or maybe you rented your home out on Airbnb out for a couple of nights. From the perspective of the IRS, however, that $600+ represents taxable income that has historically gone unreported—and unsurprisingly, […]
April 13, 2021
We may be wrapping up the 2020 tax season, but in the blink of an eye January will be here. Will you be left scrambling to get your books together again? Too many business owners wait until the last minute to prepare for tax season, which means they inevitably miss out on many strategic tax […]
April 12, 2021
Gen X has seen a lot of economic swings: the tech bubble, the great recession, and now the global pandemic. Many are caring for their Boomer-generation parents while supporting their kids through college, which in many cases has spread their finances thin. How do you ensure financial stability in retirement while taking care of business […]
April 7, 2021
Contacting the IRS can seem like an overwhelming task. Likewise, many people feel panic when the IRS initiates contact with them directly. In order to help taxpayers identify legitimate IRS communication and help to fight against phishing attempts, the IRS uses specific channels for communication. You can contact IRS personnel in many different ways, including […]
March 29, 2021
2020 was the year for working remotely, and one of the more prominent questions in the 2020 tax season has to do with state income taxes. The question boils down to multiple states vying for your tax revenue relocation. Generally, you pay state income tax to the state in which you earned the income. For […]
March 15, 2021
The $1.9 trillion American Rescue Plan Act of 2021 that President Biden signed into law on March 11, 2021, included a number of provisions aimed at assisting small businesses that have suffered due to the pandemic. Additional funding targets those businesses hit hardest, including entertainment venues, restaurants, and bars. Economic Injury Disaster Loans (EIDL) The […]
March 12, 2021
President Biden has signed the $1.9 trillion American Rescue Plan Act of 2021 into law, aimed at assisting millions of Americans and business owners feeling the impact of COVID-19. Not only does the plan include the next round of stimulus payments that have been making headlines, but it also includes additional provisions to financially support […]
February 25, 2021
For many years, transactions and earnings in virtual currencies stayed off of tax returns. As the value of cryptocurrencies rose, the IRS began enforcing and clarifying cryptocurrency tax laws. The IRS has updated instructions for 2020 on the virtual currency question on Form 1040, and these instructions clarify what’s included under the term virtual currency. […]
February 11, 2021
With so many small businesses struggling to survive the pandemic, the last thing any S-Corporation or shareholder wants to have to deal with is a big tax bill. One way to possibly avoid additional financial hardship on businesses is to plan ahead by reducing or avoiding gains on excess distributions and shareholder loan repayments. The […]
February 11, 2021
It’s officially tax season, and that means many small business owners are struggling to clean up their books from 2020 in order to hand information over to their tax preparers. Many people dread this time of the year. We get a lot of calls from business owners who desperately need help getting books into shape, […]
January 14, 2021
Voters in Duval and Clay Counties of Florida have elected to increase their local sales tax rate by a half-cent, effective January 1, 2021. The new Jacksonville sales tax rate will be 7.5%, rounded up to the nearest penny. Sales tax for rents charged on commercial property in Duval and Clay Counties will increase to […]
January 12, 2021
Business year-end and the subsequent tax season can be tumultuous times for small business owners. If you haven’t kept up with your bookkeeping tasks throughout the year, you find yourself hit with a deluge of work trying to get caught up. We’ve seen many instances where these circumstances have snowballed, leaving the business with several […]
January 4, 2021
The latest COVID-19 stimulus bill is one of the largest pieces of legislation to be passed by Congress and signed into law by the President. The $900 billion bill will provide additional aid to those who have experienced economic hardships as a result of the pandemic. Additional funding for unemployment, individual households, vaccine distribution, and […]
January 4, 2021
The December 2020 COVID-19 stimulus bill has been signed into law by the President and includes many provisions designed to help individual taxpayers continue to weather the pandemic. Among other items, additional funding for unemployment, individual households, vaccine distribution, and small businesses are all included. Our focus in this post includes COVID relief for individual […]
December 15, 2020
With all of the changes we’ve experienced in 2020, we strongly recommend reviewing your tax documentation and other financial information before the end of the year. We conduct year-end tax planning meetings with many clients, and these give us the opportunity to look through the nuances of individual finances. However, there are certain points that […]
December 9, 2020
Whether you file your taxes yourself or work with a preparer, it’s absolutely critical to protect your personal information. Before you enter your Social Security number, review these 6 tips to help you protect your identity online. 1. Get an Identity Protection PIN from the IRS Starting January 2021, the IRS is expanding its Identity […]
November 25, 2020
As tax and financial professionals, we encourage you not to wait until January to make your plans for 2021. There are many opportunities available for financial planning that can positively impact your 2021, but you need to seize them before the calendar changes. That’s good advice for any year, but with all of the change […]
October 28, 2020
Updated January 14, 2021 It’s been a doozy of a year for small businesses and keeping up with changes to the Paycheck Protection Program has become another full-time job for some of us. Congress’ aid for small businesses during the pandemic has had a wide variety of consequences (some intended, some not), and we can’t […]
October 21, 2020
The vast majority of businesses have depreciable assets: company property, buildings, equipment, vehicles, etc. Because they are used for business purposes, claiming depreciation of these assets helps to reduce the taxable income of the business. As is the case any time you wade into the murky waters of tax, the IRS is always on the […]
October 13, 2020
Cancellation of debt is an issue that often arises around tax time and is something that every taxpayer should understand. Many people are relieved to reach the end of a long battle with a debt, only to learn that there are tax implications. Any time there is a short sale, foreclosure, or another form of […]
September 28, 2020
When the Paycheck Protection Program was initially announced, many self-employed individuals were relieved to learn that they were eligible for the forgivable loan. If you’re self-employed and received PPP funds, there’s a frequently overlooked rule related to loan forgiveness that may apply to you: your solo 401(k) contributions, as well as contributions to other retirement […]
September 21, 2020
Small businesses that applied for the Paycheck Protection Program, as of August 10th, can begin submitting requests for loan forgiveness. However, the SBA has continued to tweak the rules for how businesses can use forgivable funds, which has complicated the process for many small business owners. A recent ruling, published in August, introduced new rules […]
September 9, 2020
President Trump made major headlines in August with his Executive Order deferring payroll tax withholding, deposit, and payment from September 1 to December 31, 2020. Although the order is now in effect, it’s still unclear how the payroll tax deferral will play out. The executive order directed the Secretary of the Treasury to “explore avenues, […]
August 20, 2020
Scammers never let an opportunity go to waste, and the COVID-19 pandemic has introduced new ways for bad actors to prey on the vulnerable and scared in the form of IRS scams. Criminals are already attempting to steal money and personal information under the guise of coronavirus tax relief. The IRS recently released their “Dirty […]
July 22, 2020
The 2020 tax season is going to sneak up on us. Several of the coronavirus relief laws that were passed on a federal level, including the CARES Act, created new tax credits and other changes for the upcoming tax season. The late 2019 SECURE Act, passed before we knew about the current crisis, will also […]
July 1, 2020
Updated January 14, 2021 In June of 2020, the ABA Banking Journal reported that 7 out of 10 businesses nationally have received PPP funds. These businesses are focused on ensuring they can use their funds properly and document that use for maximum PPP loan forgiveness. We’ve written several posts to help borrowers understand the program […]
June 24, 2020
Updated January 14, 2021 With the passage of the Paycheck Protection Program Flexibility Act (PPPFA), the SBA has released two new loan forgiveness applications. These are designed to make the process a little easier for borrowers who’ve met the PPP requirements and are eligible for loan forgiveness. In either case, you may apply for PPP […]
June 8, 2020
Thanks to the recent passage of the Paycheck Protection Program Flexibility Act (PPPFA), forgiveness of Paycheck Protection Program (PPP) loans just got a little easier to navigate. The PPP was established in an effort to aid small business owners affected by COVID-19 and keep workers employed, as part of the $2 trillion CARES (Coronavirus Aid, […]
June 4, 2020
*UPDATE: This post was updated on June 9, 2020, to reflect changes introduced by the Paycheck Protection Program Flexibility Act* When the Paycheck Protection Program (PPP) was initially launched, there were numerous elements that were unclear for businesses. For many people, the promise of a forgivable loan while their business was reduced or shut down […]
May 26, 2020
The COVID-19 public health crisis has taken its toll on businesses, individuals, retirees, and everyone in between. One of the efforts to help bring economic relief is a series of tax breaks to help individuals and businesses. We’ve summarized the most significant COVID-19 tax relief changes that will have a broad impact. Those of you […]
May 21, 2020
Shops, restaurants, studios, and other storefront-based businesses have some good news coming their way at tax time. One of the provisions in the CARES Act has fixed the so-called retail glitch that came out of the 2018 Tax Cuts and Jobs Act (TCJA). If you’re a business owner who made qualified improvements to real property […]
May 13, 2020
Between the SECURE Act and the CARES Act, retirement plan rules have seen some dramatic changes so far this year. Current retirees, as well as workers who are nearing retirement, should be aware of retirement plan changes that could have a favorable impact. First, consider whether it makes sense to convert your traditional IRA to […]
April 30, 2020
The past couple of months have brought an explosion of changes for businesses. Tax deadline extensions, paid leave requirements, and relief in the form of loans have all affected small businesses to varying degrees. Even if your cash flow is unaffected by the pandemic, there are still changes that will affect your company. Here’s a […]
April 28, 2020
*UPDATE: The passage of the Paycheck Protection Program Flexibility Act on June 5th has materially changed the requirements for PPP loan forgiveness. We have updated this blog to indicate where the requirements have changed. View the current forgiveness applications. Perhaps the most attractive feature of the Paycheck Protection Program (PPP) loan is the promise of […]
March 31, 2020
Although the stimulus payments to individuals have stolen the headlines, small businesses also stand to gain a great deal of support from the CARES Act during this challenging time. If your business has been adversely impacted by the coronavirus, chances are at least one of the items below will help support you through the crisis. […]