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Tax and financial planning tips: Welcoming a New Child

April 6, 2021

Welcoming a new child into your life is a great joy, but it also means big financial changes. These young family members can affect your tax situation. To start things right, here are some tips to keep in mind. Tax returns and withholdings Having a baby – or adopting a child – could affect your…

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Updates on The American Rescue Plan Act (ARPA) of 2021

March 12, 2021

With President Biden’s signature yesterday, March 11, 2021, the $1.9 Trillion Stimulus Bill (ARPA) became law. This is the six separate COVID-relief bill enacted by the federal government. The American Rescue Plan Act of 2021 (ARPA) includes tax provisions, business stimulus provisions, individual assistance like extended unemployment benefits, additional funding for existing programs like the…

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New tax laws that affect businesses

January 5, 2021

The Consolidated Appropriations Act, 2021 (the CAA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA, 2021 include–along with spending and other non-tax provisions and tax provisions primarily affecting individuals–the numerous business tax provisions briefly summarized below. The provisions are found in two of…

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What does the additional 2020 Stimulus Check mean for you?

January 5, 2021

You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s…

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2020 COVID relief bill provisions affecting individual taxpayers

January 5, 2021

Here is an overview of key provisions in the recent COVID relief legislation that affect individuals. The legislation is the COVID-related Tax Relief Act of 2020 (the “Act” or COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), both of which are part of the Consolidated Appropriations Act, 2021. RECOVERY REBATE/ECONOMIC…

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5 Business Accounting Mistakes to Avoid

October 27, 2020

When a business owner’s mind is focused on running a business, acceptable accounting practices can often be overlooked or forgotten. Of course, mistakes are bound to happen; but for businesses that could mean a negative impact to the bottom line. Accounting can be time-consuming for businesses, so the urge to push through and complete the…

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Guide to Payroll for Business Owners

October 5, 2020

If you own a business, chances are, you’re dealing with payroll. A lot of companies outsource this service to other businesses or accountants to handle for them. Whether you run payroll yourself or hire someone to do the foot work for you, there are a variety of basic principles you must know to ensure you…

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What are the Tax Considerations for 2020?

October 5, 2020

This year has proved to be the gift that just keeps on giving. While the world continues to surprise us day in and day out, the last thing any of us would want is a surprise on our tax return at filing time in the spring. In an effort to alleviate as much financial uncertainty…

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How Non-Profits can Benefit from a CPA Firm

August 31, 2020

Non-profit organizations are valuable businesses that serve to further a social cause or provide a public benefit. They are great at driving economic development in virtually every sector of society. However, non-profits face rigorous accounting, reporting, and regulatory requirements. Meeting these stipulations can often be burdensome and if you’re left doing this alone, it can…

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Main Street Lending Program

August 3, 2020

It is an understatement to say that businesses and individuals all over the world have been affected by Covid-19. This has caused considerable financial stress on many businesses forcing them to seek creative ways to stay afloat during this volatile time. Small to medium-sized businesses are a crucial part of our economy and are responsible…

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