Tax
How Work From Home Might Affect This Year’s Tax Returns
Back in March of 2020, our world suddenly shifted, and so did our place of work. Most of us found ourselves creating spur-of-the-moment home offices, navigating how to perform our jobs virtually while possibly also homeschooling our children, and putting systems into place to run a business from a remote setting. Now, as we head…
Read MoreCOVID-19 and Trade Associations: The Impact So Far
Given shut down orders, social distancing, and travel restrictions, trade associations are facing extraordinary financial losses due to in-person event cancellations. Further losses are being experienced in dues revenue as members look for ways to reduce their own expenses. According to the Professional Convention Management Association, conferences and events account for an estimated 35 percent…
Read More2020 Year-end Charitable Giving Tax Incentives for Corporations
Once again, the grocery store bell ringers are out with red buckets seeking spare change in this giving time of the year. Yet a pall rests over the season due to pandemic-related economic reversals felt by even the jolliest of citizens. It is rumored that Rudolph, Prancer, and Vixen were furloughed, and Santa will lighten…
Read More2020 Year-end Charitable Giving Tax Incentives for Individuals
Given that the 2019 tax reform act reduced the domestic corporate tax rate to 21%, far less than the top individual marginal tax rate of 37%, charitable giving opportunities at the individual level may provide potentially more tax savings for individual taxpayers than for corporate taxpayers. Noteworthy individual tax-saving opportunities for year-end charitable giving include:…
Read MoreTop 7 reasons companies Outsource Accounting and Back-office functions
By Jennifer Eubanks 1. Competent financial management, reporting, and guidance. Businesses need to have competent financial management, reporting, and guidance so the management team can focus on operations. 2. Businesses need the right people. Some 70 percent of KPMG survey respondents said they are outsourcing accounting to get access to better talent. This helps clients focus on their business instead…
Read More4 Tax Provisions CARES Put Into Place You Should Pay Attention To
Businesses are facing challenges not seen previously due to COVID-19. Many industries have been significantly impacted, some have been decimated, and most have been impacted to some extent by the COVID-19 outbreak. To help businesses survive this turbulent time, the federal government put the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) into effect.…
Read MoreSBA Issues New Interim Rule – Temporary Changes Impacting Self-Employed and Partnership Access to PPP Loans
We’ve received many questions from individuals with self-employment income filing on Form 1040 with a Schedule C. The repeated question is whether these individuals are eligible for a PPP loan, and if so, how to determine the maximum loan amount. The new interim rule answers this question. If you have no employees, the following methodology…
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