Beware: Several CARES Act Tax Provisions Will Soon Expire

The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here’s a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them. For Individual Taxpayers Charitable donations. … Continued

FIRPTA Taxes: The Devil’s in the Details

On the surface, the Foreign Investment in Real Property Tax Act (FIRPTA) seems straightforward enough: Foreign people must pay a 10- or 15-percent tax when they sell a piece of U.S. real estate. As always, though, the devil is in the details. And there are a lot of details, exceptions, and complicating factors. Knowing that … Continued

Tax responsibilities if your business is closing amid the pandemic

Unfortunately, the COVID-19 pandemic has forced many businesses to shut down. If this is your situation, we’re here to assist you in any way we can, including taking care of the various tax obligations that must be met. Of course, a business must file a final income tax return and some other related forms for … Continued

Get ready to act – Tax changes likely to follow election

By Jeff Albrecht, CPA, CSEP Taxes are a part of everyone’s life and tax planning is something to take seriously. Planning usually involves some crystal-ball work and an election year makes that particularly challenging.  We have seen some major changes under the Trump administration. He promises more if re-elected. Biden has some major tax proposals, … Continued

COVID-19 tax relief for businesses comes in many forms

By Christopher Davis, CPA As the last several months have shown, a lot can happen in a very short period of time. Congress has kept pace with these changes by passing several incentives designed to assist individuals and small businesses as we all continue to navigate through the COVID-19 pandemic.  These new incentives range from … Continued

Forensic accountants provide crucial help in resolving financial disputes

By Cesar Mejia, CPA, CFE What comes to mind when you hear the term forensic accountant? Most individuals who have not worked with a forensic accountant before believe they concentrate on investigating criminal activity. It is true that some of the work may involve investigating criminal activity — fraud investigations, for example. But in litigation, … Continued

Critical changes regarding Paycheck Protection Program loan forgiveness

Over the past few weeks, some critical changes have been made to the Paycheck Protection Program (PPP). The PPP Flexibility Act (the Act) and various guidelines issued by the Small Business Administration (SBA) provide relief to small businesses utilizing and preparing to seek forgiveness of their PPP loans. Here are questions and answers on some … Continued

What you need to know about the new Paycheck Protection Program Flexibility Act

On Friday, June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act (the Act). The Act makes critical changes to the Paycheck Protection Program (PPP), which provides relief to small businesses utilizing PPP loans and now preparing to seek forgiveness of their loans. Here are highlights of the key changes: Covered … Continued

Maximizing Paycheck Protection Program (PPP) loan forgiveness

Around Memorial Day weekend, the Small Business Administration released the PPP Loan Forgiveness Application and Interim Final Rules, which provide clarification on obtaining PPP loan forgiveness. Here are questions and answers on some of the major issues: Do eligible costs have to be both incurred and paid during the eight-week covered period? No. Loan proceeds … Continued

SBA releases more details on Paycheck Protection Program loan forgiveness

The Paycheck Protection Program, or PPP, was great news for business owners who needed a lifeline when the COVID-19 pandemic began sweeping the United States. The key benefit of the PPP is the opportunity for federal loans to be forgiven if certain conditions are met. But the program was enacted so quickly that some details … Continued