In the last month, the scammers have been working overtime. With the COVID-19 crisis and literally billions of dollars in stimulus money available, many of the “classic” scams associated with tax refunds have been reimagined for the Coronavirus. So, right … Read More
Do You Need an S-Corp?
If you operate your business as a sole proprietor or in a group as an LLC, the S-Corp election might be just want you need! Now, if your profit is less than 50,000 a year then the extra complexity is not worth the small amount of tax savings. But, if you gross over 50,000 it is worth running the numbers to see how much you could save and what other tax/ business/ and retirement advantages you could set up.
Choosing the Right Tax Preparer
It might seem silly that I’d send out an email to you about how to choose the right tax preparer, but think about it like this: My team and I have nothing to hide AND, more importantly, we’d rather work … Read More
COVID-19 Stimulus Scams – Beware!
One of the biggest challenges we’re seeing as a result of the Coronavirus pandemic is one of the oldest – scams. Just like the age-old IRS scams that creep up every year, the lure of easy money and desperate people … Read More
PPP Fund Now Depleted
The SBA program established by the CARES act PPP Paycheck Protection Plan has exhausted all funds. Banks began accepting PPP loan applications from small businesses and sole proprietorships on April 3rd. On April 10th self employed individuals and freelancers could … Read More
Calculate Your Stimulus Payment
This is called the economic impact payment by the IRS. The max per taxpayer is $1,200 and $2,400 per married filing joint couple. For each qualifying child there is an additional $500. The phase out starts depending on your filings … Read More
When Will My EIDL and or PPP SBA Loan Money Be In My Account?
There are some options for funding/ grants/ loans for small businesses out there. The SBA has 3 options. You can begin reading here. The 2 main ones you have been hearing about are the EIDL Economic Injury Disaster Loan and … Read More
COVID-19 is Even Affecting Net Operating Losses (NOL)
The Internal Revenue Service this week issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses, in addition the agency issued tax relief for partnerships filing amended returns. COVID Relief for taxpayers claiming NOLsRevenue Procedure 2020-24 provides … Read More
IRS Extends More Tax Deadlines
The Department of Treasury and the Internal Revenue Service this week announced extensions of additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes … Read More
IRS Tool for Non-Filers to Receive the Economic Impact Payment
To help millions of people, the Treasury Department and the IRS launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool, developed in partnership between the IRS and the Free … Read More
Disaster Loan Assistance
COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION For small businesses, 1099 independent contractors, and sole proprietors affected by the coronavirus there is a way to keep your business a float and maybe even keep everyone on payroll (including yourself) via the … Read More