Business Consulting and Planning

IRS Guidance on Payroll Tax Deferral Leaves Many Questions Unanswered by Lewis Taub, CPA

Posted on September 02, 2020 by Lewis Taub

On Aug. 28, 2020, the IRS issued guidance to help employers carry out the temporary deferral of payroll taxes, which the President introduced three weeks prior as a measure to “put money directly in the pockets of American workers” and kickstart the economy. However, taxpayers should be forewarned that the guidance does not answer all […]

But I Already Paid the Tax by Jeffrey M. Mutnik, CPA/PFS

Posted on August 27, 2020

The IRS typically takes about two weeks to process paper tax returns and payments it receives via mail from taxpayers. However, 2020 is far from typical. In the current environment, taxpayers should be prepared for some challenges, some of which the IRS is working to alleviate. Due to the IRS’s temporarily shut down of most […]

Lessons in Bankruptcy for Struggling Business Owners by Joel Glick, CPA/CFF, CFE, CGMA

Posted on August 20, 2020 by Joel Glick

The economic realities of the COVID-19 health crisis are setting in, forcing businesses of all sizes and in all industries to think about how and if they can continue to meet their existing financial obligations and remain afloat without taking on more debt. While some business owners consider bankruptcy to be a death knell for […]

Differentiating Repairs from Capital Improvements to Real Estate by Angie Adames, CPA

Posted on August 13, 2020 by Angie Adames

There is no doubt the tax laws concerning real estate are complex. One of the more common challenges faced by owners and investors is distinguishing between property repairs and capital improvements. While both can provide tax benefits, an incorrect classification could have significant impact on the amount of taxes you owe. The U.S. tax code […]

COVID-19 Plagues the IRS’s 2020 List of Dirty Dozen Tax Scams by Joseph L. Saka, CPA/PFS

Posted on August 06, 2020 by Joseph Saka

There is no doubt that the COVID-19 health crisis has permeated almost every aspect of life in 2020. According to the IRS, the pandemic has even spread to the agency’s annual list of the 12 most common tax scams criminals use to steal taxpayers’ money and personal information. Following are the “Dirty Dozen” schemes to […]

2019 Tax Refunds to be Delayed by Joanie B. Stein, CPA

Posted on July 30, 2020 by Joanie Stein

The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]

Businesses Must Know Where Workers Are to Minimize Out of State Tax Headaches by Karen A. Lake, CPA, CFST

Posted on July 01, 2020 by Karen Lake

Businesses that were forced to close their offices and send employees home to work remotely during the COVID-19 pandemic must consider how those actions may impact their state and local tax payment and reporting obligations. Just one employee telecommuting from a state outside his or her usual work location may be enough to trigger a […]

Avoid Elevated Risks of Fraud and Other Financial Scams Related to COVID-19 by Rick D. Bazzani, CPA

Posted on June 26, 2020 by Rick Bazzani

The COVID-19 pandemic has not slowed the pace of financial crimes targeting taxpayers. In fact, the IRS Criminal Investigation division (CI) has noted an increase in coronavirus-related scams seeking to steal taxpayers’ money and personal information. Reducing your risks of falling victim to these schemes requires you to take precautionary measures to secure your data […]

PPP Loan Recipients Receive New Guidance, Applications for Loan Forgiveness by Andrew Leonard, CPA

Posted on June 18, 2020 by Andrew Leonard

The SBA this week released another round of guidance relating to the Paycheck Protection Program, including two new applications borrowers must use when seeking forgiveness of loan amounts. These updates reflect borrower-friendly changes contained in the recently enacted PPP Flexibility Act of 2020. New Applications for Loan Forgiveness In addition to issuing a revised, long-form […]

SBA Reopens Economic Injury Disaster Loans to Small Businesses, Independent Contractors and Gig Workers by Judd Appel, ABV

Posted on June 16, 2020

On June 15, 2020, the Small Business Administration (SBA) announced the reopening of its Economic Injury Disaster Loan (EIDL) program, which includes forgivable advances of up to $10,000, to help small businesses and nonprofits ease cash flow challenges resulting from the COVID-19 pandemic. The program, first introduced on March 27, had been suspended temporarily to […]

Category: Business Consulting and Planning