This year, the IRS will audit hundreds of thousands of tax returns. One in 100 businesses will be audited. The easiest way to survive a tax audit is to be prepared in advance. Audit Timeline The purpose of a tax audit is to verify items[...]
The Internal Revenue Service (IRS) recently released updated guidance on tax policy for the marijuana industry. As tax and accounting experts, we wanted to give you the highlights. Since marijuana remains federally illegal, there’s been some confusion around the tax obligations of the cannabis industry.[...]
Charitable Deductions This Year, Advisory for Future Years Perhaps you are interested in giving a substantial donation to charity this year. However, you would like to advise the charity in future years as to the possible use of the donated funds… while still preserving your[...]
If your company is successful and requires frequent business travel, you’ve probably sat in many airports dreaming of buying a corporate airplane. Before making the leap, you should be aware of the tax and other implications. When Does It Make Sense to Consider Purchasing a[...]
Employers can qualify for a tax credit known as the work opportunity credit that is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). The credit is generally limited to eligible[...]
Many customers ask us if they can deduct clue dues. It’s a logical question, especially since you may entertain customers at your club. Many feel it’s relevant to business. These dues may or may not be deductible, depending on the type of club and its[...]
James Curran CPA/PFS discusses the recent changes to the Paycheck Protection Program with the passing of the PPP Flexibility Act.
Alan Dierker, CPA answers questions regarding unemployment benefits under the CARES Act.
We’ve been getting a lot of questions from our clients this past week on the PPP loans program. To help address some of these top questions, we prepared a short video. We’ll work on adding additional content in the future.
If you’ve recently started a business, or are in the process of starting one now, you should be aware that the way you treat some of your initial expenses for tax purposes can make a big difference in your tax bill. Generally, expenses incurred before[...]