Posts Tagged ‘cpadepartment’
Tax Credits Provided to Small Businesses
The Family First Coronavirus Response Act requires Small Businesses to provide Emergency Family and Medical Leave, and Paid Sick Leave for employees. It also provides tax credits to small businesses. The FFCRA includes a 100 percent payroll tax credit for qualified sick leave wages paid under the EPSLA and for qualified family leave wages paid…
Read MoreFamilies First Emergency Family and Medical Leave Expansion Act
Help for Employers and Employees Emergency Family and Medical Leave Act Requires companies with fewer than 500 employees to provide paid time off. Employers with fewer than 50 employees may be exempt if it would “jeopardize the viability of the business” Employers with fewer than 500 employees now must allow employees who have been employed…
Read MoreSBA EIDL Help for Small Businesses
Economic Injury Disaster Loan (EIDL) from the SBA The Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020 Providing help to small businesses through the U.S. Small Business Administration (SBA) through low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Read an overview of…
Read MoreLatino Economic Development Corp – Tax Planning and Reporting for Small Business
March 19, 2020 Jennifer Eubanks Presentation, with Rod Johnson of the Small Business Administration – Latino Economic Development Corp – Tax Planning and Reporting for Small Business
Read MoreDeductions Denied for Failure to Substantiate – Penalties Imposed
The Tax Court requires taxpayers to substantiate business expenses or face stiff penalties. As we enter another tax season, the deductibility of expenses will be in the forefront of business owner’s minds. The Tax Court took a strong position on the matter in this 2006 court case, placing the burden of substantiation on taxpayers to…
Read MoreFour tax strategies you can use to reduce your income taxes and increase your 20% Pass-Through Income Section 199A deduction
Strategy #1: Harvest your capital losses. If capital gains are hurting your Section 199A deduction, you still have time before the end of the year to harvest your capital losses. These losses can then be used to offset those “harmful” gains. Strategy #2: Do good and do well by making charitable contributions. You can use…
Read MoreAlert – how to handle the government shutdown as a Federal contractor.
It’s official, the Government shutdown begins. What does this mean to Federal contractors?A partial federal shutdown occurred early today. We are all hopeful that the House, Senate and the Executive Office can find common ground sooner rather than later and know this is particularly concerning for our government contracting clients. The question looms large: What…
Read MoreJennifer Eubanks named Top Financial Professional by Northern Virginia Magazine
Lower Your Tax Bill for 2018
CPA Department As the end of the year approaches, it is a good time to think of planning moves that may help lower your tax bill for this year and possibly the next. Year-end planning for 2018 takes place against the backdrop of a new tax law—the Tax Cuts and Jobs Act—that make major changes in…
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