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The SBA Is Providing Small Business Disaster Loans for Relief During the Coronavirus Outbreak

The U.S. Small Business Administration (SBA) has never faced a challenge like the COVID-19 outbreak, but they’re stepping up to help small business owners who are suffering financially during these uncertain times.  The SBA’s mission is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses and by assisting [...]

By |2020-03-23T15:47:06+00:00March 23rd, 2020|Categories: Uncategorized|0 Comments

Coronavirus and Taxes: Frequently Asked Questions (FAQ)

The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your FAQ to see how you may be impacted. Q: Has the government extended the filing deadline? A: Yes, the federal government has extended the April 15 filing deadline for 2019 tax returns to July 15, 2020. [...]

By |2020-03-23T15:37:08+00:00March 23rd, 2020|Categories: Uncategorized|0 Comments

Congress Extends Employers’ Hiring Tax Credit for Another Year

Article Highlights: Potential CreditEligible EmployeesCredit DeterminationCertification ProcessOther Issues On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes [...]

By |2020-03-03T14:48:30+00:00March 11th, 2020|Categories: Uncategorized|0 Comments

Are You Following Best Practices in QuickBooks Online?

“Best practices” are recommendations for the most effective way to get things done. Are you following standard procedures in QuickBooks Online? Habits can be good things when you’re talking about getting through the workday successfully. You might have developed a habit of responding to emails quickly and preparing checklists before you go into meetings. Maybe [...]

By |2020-03-03T14:41:22+00:00March 6th, 2020|Categories: Uncategorized|0 Comments

March 2020 Individual Due Dates

March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding [...]

By |2020-03-03T14:32:48+00:00March 3rd, 2020|Categories: Uncategorized|0 Comments

The Home Energy Saving Tax Credit Is Back

Article Highlights: Appropriations Act of 2020Residential Energy (Efficient) Property CreditLifetime CreditCredit LimitsQualifying PropertyPer Item Credit LimitsBasis AdjustmentRetroactive Application On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, [...]

By |2020-02-11T16:01:42+00:00February 19th, 2020|Categories: Uncategorized|0 Comments

Above-the-Line Education Tax Deduction Reinstated

Article Highlights: Appropriations Act of 2020History of the DeductionOther Education Expense BenefitsWhich Tax Break Provides the Best Benefit On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, among them retroactive extension of certain tax provisions that expired after 2017 or were about [...]

By |2020-02-11T15:56:06+00:00February 14th, 2020|Categories: Uncategorized|0 Comments

Will Independent Contractors Become Extinct?

Article Highlights: New California LegislationEmployee or Independent ContractorDynamexABC TestImpact on EmployersImpact on WorkersSafe Harbor The California legislature recently passed landmark labor legislation that essentially makes it very difficult, if not impossible, for a worker to be classified as an independent contractor (self-employed). Governor Newsom was quick to sign it into law, and it generally became [...]

By |2020-02-11T15:50:57+00:00February 11th, 2020|Categories: Uncategorized|0 Comments

Overview of provisions of the SECURE Act affecting individuals

Key provisions affecting individuals: Repeal of the maximum age for traditional IRA contributions. Before 2020, traditional IRA contributions were not allowed once the individual attained age 70½. Starting in 2020, the new rules allow an individual of any age to make contributions to a traditional IRA, as long as the individual has compensation, which generally [...]

By |2020-01-29T17:50:19+00:00January 29th, 2020|Categories: Uncategorized|0 Comments

Congress Allowing Higher Medical Deductions for 2019 and 2020

Article Highlight: Appropriations Act of 2020 Medical AGI LimitationsSometimes Overlooked DeductionsDeductible Health InsuranceAbove-the-Line Health Insurance Deduction for Self-Employed On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a [...]

By |2020-01-22T18:30:22+00:00January 22nd, 2020|Categories: Uncategorized|0 Comments