Top 5 Reasons for Hiring a CPA

Doing taxes requires a lot of time and effort. While individuals and businesses can save some money by handling their taxes themselves, it can also be risky. If someone files their taxes inaccurately, they can face tax audits, penalties and, in some cases, imprisonment.It is always better to let an expert handle tax matters. It […]

New Insights to PPP Loans

The new Paycheck Protection Program (PPP) that comes with the stimulus package can generate income for businesses that already have PPP money or had it at some point in the past. PPP money comes in the form of a loan. It is because the person who gets the loan has to repay it. However, those […]

IRS Key Contact Information and Helpful Links

Amended Tax Return Status866-464-2050www.irs.gov/filing/wheres-my-amended-return Apply for an EIN800-829-4933www.irs.gov/businesses/small-businesses-self-employed/employer-id-numbers Estate and Gift Taxes866-699-4083 Excise Tax Help866-699-4096 FBAR Online Filinghttps://bsaefiling.fincen.treas.gov/NoRegFBARFiler.html Get Tax Transcript for Individuals800-908-9946 www.irs.gov/individuals/get-transcript Identity Theft800-908-4490 Power of Attorney (Form 2848)Fax: 855-214-7519 for Alabama, Arkansas, Connecticut, Delaware, District ofColumbia, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, New Hampshire, New Jersey, New […]

Covid-19 Tax Relief for S-corporations

Congress has introduced several provisions to help businesses with their taxes during the ongoing COVID-19 pandemic. Some of these provisions apply to S corporations and can be very helpful in reducing their tax liability. Payroll Tax DeferralS corporations can defer their share of Social Security tax on federal tax deposits with this program. Instead of […]

Eligibility for 2nd Round of PPP Loans

PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including […]

Updates on PPP

Did you miss out on the first and second rounds of PPP loans provided by the US Government as stimulus checks for small businesses because you assumed it was a loan, right? What if I tell you that the PPP loans aren’t just tax-free monies but can also be 100% forgiven if you are eligible […]

Top 5 Reasons to Have an Outsourced Bookkeeper for Your Business

An entrepreneur is acutely conscious of how important it is to keep track of money for a small business. Bookkeeping is a way of doing that since it is the practice of recording and documenting all financial transactions that take place in a business. As crucial bookkeeping is, the owner seldom has time to manage […]

Tax Savings On Sale Of Business

Imagine selling your business (C-corporation only) for a gain of around $7 million and paying no taxes. That’s right – as long as you operated your business as a Qualified Small Business Corporation (QSBC) and you owned the business for more than five years, you don’t have to pay any federal income tax on the […]

The Strategy That Can Substantially Reduce Taxes For A Husband-Wife Partnership

Separate out Husband-Wife Partnership and Hire Your Spouse as an Employee Consider this strategy for your existing husband-wife partnership if you are not in a community property state and you do not love the S corporation idea. Step 1. Separate the existing husband-wife partnership or LLC treated as a partnership for federal tax purposes and start […]

Understanding The Tax Benefits From COVID-19 (CARES Act)

Net Operating Loss (NOL) Opportunities  The CARES Act now allows NOLs arising in tax years 2018, 2019, and 2020 to be carried back 5 years and claim refunds against the taxes already paid. Say for example, a taxpayer that had net operating losses in 2018 and/or 2019, and may have losses in 2020 as well, […]