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COVID-19 Post #1 – Employee Expenses

Employer Tax Deductible Reimbursement Deductions for COVID-19 Employee Expenses On March 13, 2020, the President of the United States issued an emergency declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic (IRS Notice 2020-18), under Section 139.  Although it does not require […]

Tax Deadlines & Disaster Loans

July 15, 2020 – NOT April 15, 2020 As of today, March 20, 2020, Steve Mnuchin tweeted 2019 IRS tax extension would be extended to July 15, 2020, 3 months past the traditional April 15th deadline.  The purpose of this has been to help alleviate the severity of what has been an unprecedented economic impact […]

How Can My Business Survive This Pandemic?

Yes, it’s caught everyone off guard and something like no one has ever experienced in the day and age, but the question is how do so many business owners, self-employed individuals, and everyday workers deal with just basic survival.  At the time of this writing, these two highlighted economic options have likely been more fine-tuned, […]

It’s Not the Welcome Wagon Knocking on Your Door

There is now an increase in IRS physical visits for those taxpayers who are considered high-income (those receiving over $100,000 in a tax year), who not only have not filed tax returns in the past consistently, nor have they actually been making good on their installment agreements should they have been prepared to satisfy their […]

Can you be Unfaithful to Your Partner Financially?

A recent article posted in the Houston Chronicle by R.A. Schuetz recently noted that nearly half (44%) of all Americans are hiding hidden credit card or loan debt, checking or savings accounts, or cash in their own home or with other relatives or friends, property, etc. compared to last year’s poll responses.  Not surprisingly, when CreditCard.com […]

Construction Projects Have Budgets but Does the Average Contractor?

In the construction industry there’s a rule of thumb to always be developing, monitoring, and always working to come under budget from the smallest of renovation projects to multi-million-dollar buildings.  Due to the amount of financial constraints from investment partners to bank loans to mortgage lenders, the numbers not only have to make sense they […]

Paying the “Stupid Tax”

Yes, we’re in the midst of tax filing season and everyone is either scrambling to get all of their paperwork together to get it turned in and their returns filed on time, while others are slowly going through their faded receipts, typing everything in their spreadsheets, and gathering their bank and credit card statements for […]

Starting Your 2019 Year-End Closing – Part 2

Its February 2020, and it’s time to begin finishing getting things ready for your tax preparation.  The biggest challenge is focusing on key elements on what you need to do so you don’t overstate or under report your business profit. 6. Loans and Lines of Credit – Always do a year-end review to make sure […]

Starting Your 2019 Year-End Closing – Part 1

Its January 2020, and it’s time to start getting things ready for your tax preparation.  The biggest challenge is focusing on key elements on what you need to do so you don’t overstate or under report your business profit. Company Bank and Credit Cards – Correctly reconcile all bank and credit card accounts. If they […]

Business Financials and the IRS Challenge

Business owners are feeling the pressure to start getting 2019 financials ready for tax filing because the deadlines are coming up before you know it and the amount of penalties and interest are not only being attached more but also becoming more costly.  The IRS is now on a hiring spree, according to Commissioner Charles […]