Blog
Keeping Track.
Learn how current news and events could impact your bottom line.
Credits Available to many Businesses hit by COVID-19
The Federal Government has taken many steps to help businesses weakened by the COVID-19 pandemic. Some of their efforts are well known because stories about government loans and grants are easier to report and more interesting than the harder to understand...
Potential Snares from SBA Loans
During this time, businesses are doing everything they can to stay solvent. The Federal Government is helping with Payroll Protection Program(PPP) and Emergency Injury Disaster Loans (EIDL). Of course, with any government program there are hidden...
How the CARES Bill Affects Businesses and Individuals
This past weekend, President Trump signed the largest expenditure bill in history. HR 748, “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) has all sorts of benefits. Setting the politics aside, let’s look at just a few of the...
The Gig Economy
While many are not familiar with the term gig economy, most are familiar with some of its components. These include ride sharing such as Uber or Lyft, and Airbnb. In fact, according to the Federal Reserve, a full third of Americans are involved...
Tax Cuts and Jobs Act Deductions this Year
As we start the tax season, let’s look at what is on the table. This is not an all-encompassing list and is a general discussion. Each individual situation should be discussed with a tax expert. Most individual taxpayers, especially those who have W2...
Charitable Contribution Recordkeeping and Substantiation Requirements
One of the oldest deductions in the US tax code is the charitable contribution. It has been modified over time and like many deductions it has been abused. The Internal Revenue Code provides specific requirements for recordkeeping and proof of the value of...
Where does the IRS Get Income Information
Have you ever wondered just where the IRS gets the information to conduct audits or go after taxpayers that may not have reported all their income? Beyond that, what is reportable? In my experience, I have had numerous taxpayers ask me these two questions,...
Latest Changes in the Tax Code
The President recently signed a spending bill. Contained in this bill were some very significant changes to the tax code that affect both personal and business returns and, in some situations, may justify an amended 2018 return. Among these changes include:...
The Dangers of Not Understanding the Definition of Filing Status
I recently had a casual conversation with a taxpayer about filing statuses. The simplest definition of filing statuses is contained in IRS Publication 17, which states “In general, your filing status depends on whether you are considered unmarried or...
Year End Tax Planning
Welcome to December! Where has 2019 gone? Now is the time to start preparing for year end closing and the 2019 tax return. Here are a few steps to take now to be prepared to meet your tax professional. If you have competent accounting...
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