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Posted on Friday, October 23, 2020
The Small Business Administration (SBA) issued guidance on October 8, 2020, allowing Paycheck Protection Program (PPP) loans of $50,000 or less to self-certify that they used the money appropriately and receive complete forgiveness, although borrowers will still have to provide things such as payroll provider reports.  Now employers can use a further simplified form and a “check the box” paperwork process.  Borrowers can use the new SBA Form 3508S for their forgiveness application, or wait for their bank, credit union or other source to update their online applications.   The new rules remove the need to show that you did not reduce head counts or salaries and, therefore, suffer a reduction in loan forgiveness.  Previous regulations outlined that if an employer reduced...

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Posted on Friday, October 16, 2020
COVID-19 has financially affected much more than it has infected, and our financial future as a country is tenuous as a result!  As Fall takes hold, there is still time to at least make one glass of lemonade from all the lemons, but people need to put time on their calendar in October to focus on their own opportunity or risk not benefitting from the one benefit they can receive from a global pandemic. There are many categories and levels of financial effects that have taken place, but for simplification in this case we will separate everyone into two groups.  People negatively affect (many ruined or greatly wounded) and those on the other side, people and companies that benefitted financially...

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Posted on Monday, October 12, 2020
In a few months the U. S. will begin filing tax returns again, and at tax firms all over the country people will be making the “E-Trade” Shocked Baby Face (remember him?) when they see they are being charged penalties and interest for under paying their taxes due. Even if they made a 941 payment in the last quarter to cover ALL the tax due for the year, they can still find themselves fined by Uncle Sam as a penalty for not paying equally over the four quarters of the year. A last quarter over payment simply means they underpaid for three quarters and overpaid for one quarter, and no, it’s not “good enough” for the IRS. People also argue...

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Posted on Friday, October 02, 2020
With fall in the air, it’s time to start thinking about things that need to be done to prepare for winter.  The garden harvests are rolling in, fresh vegetables are everywhere and it’s really, really great.  Time to fill up your oil tanks before the price change, and at least know where those snow tires are in the back of the garage.  It’s also time for tax planning. There are so many things in the tax code that have time limitations.  It’s really time to check in with yourself if you want to actually participate in your bill with the IRS.  Taxes can be very much within people’s control, even though they don’t feel that way.  If you’re still out on extension, heads up — you...

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Posted on Friday, September 25, 2020
We are nearing the October 15th filing deadline, so all the crying is almost over 2019 tax return submissions.   We blogged throughout the summer on various topics, but now you’re down to a few weeks to effectively do 90% of what can be done to affect your 2020 tax liability.  Only a few things can be done in 2021, once you realize how big the bill actually is.  If you’re an individual making less than top wages, you can open and fund IRAs after January 1st, 2021, that can reduce your 2020 tax bill.  Other than that, there’s little that can be done once the ball drops on New Year’s Eve.  You have until then to get your act together, figure out where your tax...

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Posted on Friday, September 18, 2020
All around the country, there are people in an absolute panic because the real tax deadline for personal tax return extension filers is approaching and they are running out of time.  A few blogs ago, we talked about how to possibly deal with not being ready for the corporate deadline on September 15th .  We don’t have an amusing anecdote for the October 15th deadline like we did for the corporate deadline.  The deadline is the deadline. The exception would be for those who have been affected by flooding or other natural disasters and may be given an extended deadline by the IRS.  Those people may now have until December 31st to file, but would need to check the IRS website to see if they are in an affected area...

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Posted on Friday, September 11, 2020
First, let us make it clear that we aren’t saying that your CPA or accountant is doing anything wrong.  The accounting industry is one of the most honorable and respected fields around.  That being said, there is a misconception that they are going to be proactive when advising clients about their taxes, and that’s just not part of the training most have received.  Certainly some are, but the majority who know things about steps a business could take to perhaps be more aggressive, don’t feel it’s their responsibility to pursue a client in engaging in alternative accounting choices or behaviors. A good example is “Bob” who owns a tire shop that has grown from two employees to three locations and...

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Posted on Friday, September 04, 2020
With Labor Day here, what tax planning should I think about before the fourth quarter is in full swing?  The biggest mistake a business can make is not knowing their true numbers. The biggest mistake individuals can make is thinking they aren’t affected financially just because they “made it” and are back to work.  Business owners have it especially tough because they are stressed and exhausted from scrambling to adapt and survive with all the new restrictions in place.  They look at the books and think “I just cant be proactive right now.  Mentally, I’m wiped.  We are finally stable again and I’m just happy to be here taking a breath.  The problem is their tax returns are going to...

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Posted on Friday, August 28, 2020
With the COVID-19 pandemic, many people who worked in an office have suddenly found themselves being asked to work from home for safety reasons.  Many remote workers, especially those no longer commuting to cities, wonder if they will have to pay taxes where they were working, or at home, or both. States use several factors to determine if they have the authority to tax a worker’s income, including what kind of a presence the worker has in the state.  Unfortunately as we have all witnessed, many times tax rules are passed without all the details fully worked out and considered.  Rule changes resulting from the pandemic have been no exception to that! “Personal income taxes and withholdings should [usually] be...

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Posted on Friday, August 21, 2020
Many times business owners have come into our office and with our help have found that they were doing things incorrectly regarding their bookkeeping and taxes.  Occasionally, the errors add to the tax burdens that they have been underreporting.  That never feels good, but it is always better to fix those issues pre-audit.  Often, errors discovered pre-audit can be fixed by simply amending the return, and no IRS issues follow, and everyone just moves on.  But quite often, the errors made were not in their own favor and we file help them file amended returns that net them large additional refunds for up to three years back, and that always feels great! So, how do these mistakes happen?  First, let...

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