Update on the PPP Loans 4/4/2020

I subscribe to taxspeaker.com and often attend seminars put on by this organization. I trust their information and received an email Saturday which I feel contains good information for anyone applying for the Payroll Protection Program Loan. Cynthia Harelson, CPA From Bob Jennings at the Taxspeaker.com: On Friday April 3, the SBA modified the PPP … Continue reading

Taxspeaker.com Open Letter to Congress

April 3, 2020 To: Members of Congress From: The real world, small business trenches Re: “Small Business Loan & Grant Programs” On March 27, 2020, the United States Congress passed, and President Trump signed into law, the CARES Act, which is Congress’ 3rd attempt to mitigate the already happening US small business collapse. The program … Continue reading

COVID-19 Update 04/01/2020

COVID-19 Relief for American workers and businesses: Keeping American Workers Paid and Employed: Small Business Job Retention Loans: Small Business Paycheck Protection Program This program provides small business employers with funds to pay up to 8 weeks of payroll costs including benefits as well as interest on mortgages, rent and utilities. A loan under this … Continue reading

Covid-19 Update 03/29/2020

COVID-19 (Coronavirus) Update All of us filing and preparing taxes have been affected by technical changes related to the COVID-19 pandemic. The information below is intended to update you on laws and regulations that have been implemented/changed as a result of COVID0-19. As much as we can, this office will help assist with understanding all … Continue reading

Information about 1099 Filing Requirements

We want to remind you about the 1099-MISC filing rules. Recently the IRS has begun assessing penalties for businesses failing to file 1099s or filing them late. The minimum penalty for late filing is $35 per 1099, which can add up quickly. Anyone you have paid over $600 for services in the course of your … Continue reading

Capitalizing or Expensing Repair and Other Related Costs

On September 19, 2013 the Internal Revenue Service issued new final Regulations which go in to effect for tax years beginning on or after January 1, 2014. These incredibly complex Regulations require you to keep better records for repairs, maintenance and supplies. In addition, require specifically analyzing each of these items costing over $500. We … Continue reading

Business Information for Sole-Proprietors

Information for Sole-Proprietors What is a Business A trade or business is generally an activity carried on to make a profit. The facts and circumstances of each case determine whether or not an activity is a trade or business. You do not need to actually make a profit to be in a trade or business … Continue reading