by angieduran | Aug 12, 2020 | Uncategorized
The IRS recently announced 2021 indexing adjustments for some critical percentages under the Affordable Care Act (ACA). This makes now a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health...
by angieduran | Aug 10, 2020 | Uncategorized
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act,...
by angieduran | Aug 7, 2020 | Uncategorized
Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course of operating, receives more than...
by angieduran | Aug 5, 2020 | Uncategorized
Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do’s and don’ts if you receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue...
by angieduran | Aug 3, 2020 | Uncategorized
If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the...
by angieduran | Jul 27, 2020 | Uncategorized
School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Who is considered an eligible educator: You must be a kindergarten through grade 12 teacher,...
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