Year End Tax Planning Basics

This can be a difficult subject, depending on your needs. I’ve had conversations with most of you doing your year end tax planning, but would still like to go through some of the basics. One of the most fundamental jobs of any accountant is to help a client...

The Meaning of Christmas in Difficult Times

No matter what your individual religious beliefs happen to be, it’s difficult to not respect the accomplishments of Jesus Christ. The prophets foretold of his coming, saying he would be the Messiah to lead his people out of captivity. They were expecting a...

2nd Round of PPP and EIDL Loans Seem Imminent

A new Stimulus Package seems like it will be passed and signed into law. None of this has actually happened yet, but Congress all of a sudden seems in a hurry to get it done so that they can go home for the Christmas break. The proposed legislation includes the...

Government Shutdown Looms

The Federal government will shutdown at midnight tomorrow night without another spending measure. Leaders on Capitol Hill have been trying for weeks to get the existing $1.4T spending measure passed which would keep the Government in business until next September....

C-19 Relief Bill Includes Double Dip Deduction

A draft of the Bipartisan Emergency COVID Relief Bill of 2020 includes several surprises. It does not include direct payments to American families, but it does include the following adjustments to The CARES Act.. It changes the expenses that can be used for...

Anomaly between PPP Loan Forgiveness and EIDL Grant

We’ve handled about thirty of these PPP Loan Forgiveness Forms successfully at this point. The process is certainly longer and more tedious than it needs to be, but we’re getting them done forgiven. There’s an anomaly in the tax law that should be...

Tax Planning Issues for 2020

Tax Planning Issues for 2020 There were a number of C-19 relief laws passed earlier this year that are expiring at or near the end of the year. It doesn’t look like congress will be doing anything to extend them. The expiring provisions include Unemployment...

Tax Break Making PPP Loans Valuable Effectively Cancelled

I’m getting a lot of questions about this, so let me try to explain this in a different way. Scenario 1 – In the normal course of 2020, your business shows a taxable profit of $100K. You receive a PPP Loan during the year of $25K. Since it is a loan, it is...

2nd Round of PPP Loans Dead On Arrival

Bipartisan lawmakers introduced a new $908B Stimulus Package on Tuesday morning. $288B of it was earmarked for small business aid and the PPP Loan Program. The Senate Majority Leader shot it down by mid-afternoon. The bill would have offered smaller firms a second...

Mergers and Acquisitions Continue To Fail

Mergers and Acquisitions Continue To Fail I did the last eight hours of my continuing professional education requirements last week on M&A Activities. Given the amount of business failures and forced closures, there are a lot of businesses being sold or merged....