IRS Payment Notices and Pending Check Payment
Are you waiting for the IRS to cash your check? Due to COVID-19 the IRS has a backlog of unopened mail. Here's what you need to know: Pending Check Payments and...
24 August, 2020
COVID-19 Pandemic Tag
Lessee Options for Lease Concessions Stemming from COVID-19
Due to the coronavirus pandemic, the FASB pushed back the effective date for the new lease accounting standard (ASC 842) for companies who have not yet adopted the standard to...
18 August, 2020
New PPP Guidance and Lender Forgiveness Portal
Authored by RSM US LLP SBA releases additional PPP guidance/opens lender forgiveness portal. On Aug. 10, 2020 the Small Business Administration (SBA) Paycheck Protection Program (PPP) Forgiveness Platform went live. This...
17 August, 2020
Charity Volunteer Tax Breaks
Article Highlights: Away-from-home travel Lodging and meals Entertaining for charity Automobile travel Uniforms Substantiation requirements If you volunteered your time for a charity or governmental entity during the COVID-19 pandemic,...
29 July, 2020
New Twist Added to the IRA-to-Charity Provision
Ever since 2006, individuals age 70½ or older have been able to transfer up to $100,000 annually from their IRAs to qualified charities. These transfers are referred to as qualified...
29 July, 2020
Tax Breaks for Hiring Your Children in the Family Business
With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business. Financially, it makes more sense to keep the family...
27 July, 2020
Didn’t Qualify for the Stimulus Payment? Capture it on your 2020 Taxes
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided a recovery rebate credit of $1,200 for individuals or $2,400 for couples and $500 per child under the age of 17...
27 July, 2020
Unique IRA Opportunities for 2020
As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs...
20 July, 2020