The Possible Tax Consequences of PPP Loans

If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic [...]

By |2020-08-10T16:30:49-04:00August 10th, 2020|Categories: Blog, Tax|Tags: , , , |0 Comments

File Cash Transaction Reports for Your Business — On Paper or Electronically

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course [...]

By |2020-08-03T12:17:19-04:00August 3rd, 2020|Categories: Blog, Tax|Tags: , , |Comments Off on File Cash Transaction Reports for Your Business — On Paper or Electronically

Even If No Money Changes Hands, Bartering is a Taxable Transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair [...]

By |2020-07-20T13:15:30-04:00July 20th, 2020|Categories: Blog, COVID-19, Small Business Services, Tax|Tags: , , , , |Comments Off on Even If No Money Changes Hands, Bartering is a Taxable Transaction

IRS Notice 1444 and the Tax Implications of CARES Act Payments

Dear Clients, Over the next few weeks, you may receive a notice from the IRS after receiving your economic impact payments. Notice 1444 is the form that shows the amount of the recipient’s Economic Impact Payment (EIP) and will [...]

By |2020-06-25T14:13:32-04:00June 25th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on IRS Notice 1444 and the Tax Implications of CARES Act Payments

Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full [...]

By |2020-06-15T13:00:32-04:00June 15th, 2020|Categories: Blog, Small Business Services, Tax|Tags: , , , |Comments Off on Good Records Are The Key To Tax Deductions And Trouble-Free IRS Audits

Hiring Independent Contractors? Make Sure They’re Properly Classified

As a result of the coronavirus (COVID-19) crisis, your business may be hiring independent contractors to keep costs low. But you should be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them [...]

By |2020-04-27T13:19:23-04:00April 27th, 2020|Categories: Blog, COVID-19, Tax|Tags: , , |Comments Off on Hiring Independent Contractors? Make Sure They’re Properly Classified

5 Reasons You Shouldn’t Wait Until July 15th to File Your Return

While Treasury’s response to the ongoing COVID-19 crisis by automatically extending certain filing deadlines and payments is welcomed news to many, waiting until July 15th to file and/or pay your taxes may have unintended adverse consequences.  Here are five [...]

By |2020-03-26T11:37:08-04:00March 26th, 2020|Categories: Blog, COVID-19, Tax, Tim Tikalsky|Tags: , , , |Comments Off on 5 Reasons You Shouldn’t Wait Until July 15th to File Your Return

5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Do you want to withdraw cash from your closely held corporation at a low tax cost? The easiest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the [...]

By |2019-10-16T16:47:09-04:00September 16th, 2019|Categories: Audit, Blog, Small Business Services, Tax|Tags: , , , |Comments Off on 5 Ways to Withdraw Cash from Your Corporation While Avoiding Dividend Treatment

Tax Relief Available For California Fire Victims

Victims of wildfires ravaging parts of California in Butte, Los Angeles and Ventura counties can qualify for tax relief under the federal government’s major disaster declaration for the state, the Internal Revenue Service. The emergency declaration will give residential [...]

By |2019-03-11T20:28:14-04:00November 16th, 2018|Categories: Blog, Gregory C. Brown, Tax|Tags: , , , |Comments Off on Tax Relief Available For California Fire Victims