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July 8, 2020
Smolin Webinar With AACFL: Capturing Cash Perks/Fringe Benefits and Add Backs for Support Purposes

Smolin Webinar With AACFL: Capturing Cash Perks/Fringe Benefits and Add Backs for Support Purposes The webinar Smolin recently had with American Academy for Certified Financial Litigators discussed  the various ways in which business owners can acquire "other income" through add backs and perquisites. Throughout the presentation, industry experts suggest the different ways to utilize red […]

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July 8, 2020
Steer clear of the Trust Fund Recovery Penalty

Steer clear of the Trust Fund Recovery Penalty If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from its employees’ wages. […]

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July 1, 2020
Assessing productivity as you cope with the pandemic

Assessing productivity as you cope with the pandemic The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question so you can […]

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June 30, 2020
Some people are required to return Economic Impact Payments that were sent erroneously

Some people are required to return Economic Impact Payments that were sent erroneously The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. […]

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June 22, 2020
Launching a business? How to treat start-up expenses on your tax return

Launching a business? How to treat start-up expenses on your tax return While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know […]

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June 16, 2020
5 steps to streamline the month-end close

5 steps to streamline the month-end close Many companies struggle to close the books at the end of the month. The month-end close requires accounting personnel to round up data from across the organization. Under normal conditions, this process can strain internal resources. However, in recent years the accounting and tax rules have undergone major changes — […]

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June 12, 2020
PPP Flexibility Act: How It Impacts Businesses & PPP Loans

PPP Flexibility Act: How It Impacts Businesses & PPP Loans The PPP Flexibility Act includes a number of major changes to loan forgiveness and terms under the Payroll Protection Program.  For those who already have PPP loans, you may be wondering how this will effect what you owe and what the funds can be used […]

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June 5, 2020
Paycheck Protection Program Flexibility Act of 2020 Signed by President Trump

Paycheck Protection Program Flexibility Act of 2020 Signed by President Trump Highlights: The 8-week period for PPP loan expenditures can be extended to 24 weeks. All new PPP loans are subject to a 24 week eligibility and forgiveness term. The 75% payroll requirement reduced to 60%. New deadline to restore the work force - December […]

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June 1, 2020
Student loan interest: Can you deduct it on your tax return?

Student loan interest: Can you deduct it on your tax return? The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The Coronavirus Aid, Relief and Economic Security (CARES) Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed […]

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