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S Corp Owners Beware! 3 Big Red Flags That Can Trigger an IRS Audit.

by Tracey Hrica, EA Aug 22, 2021

ATTENTION S CORP SHAREHOLDERS!! Anyone remember when the Tax Cuts and Jobs Act(TCJA) was first enacted? Or, even know what it is, lol? If you don't remember, it was the biggest rewrite of the tax code in decades. One of the fallouts from the TCJA is the increased scrutiny by the IRS of S Corporations and their shareholders.  The IRS has been especially interested in several tax liability issues regarding distributions, officer loan rep...

Managing Those “little” Expenses

by Tracey Hrica, EA Aug 08, 2021

Small businesses are constantly concerned with cash flow.  One of the areas that can have a negative impact on your cash flow, is undermanaging the seemingly “little” expenses. Here are some areas you should keep an eye on throughout the year.  Although it may seem like pennies on the dollar, saving on these expenses can make a difference in how successful your year is. Credit Card Fees  Have you reviewed what you are paying in c...

How to Expertly Manage Your Business’s Bookkeeping with Little to No Experience

by Tracey Hrica, EA Apr 29, 2021

A Beginner's Guide to Bookkeeping No one enjoys bookkeeping.  Unless you are an accountant.  There’s nothing better than shouting, “I’m in balance!” after doing a bank reconciliation. But I digress. Although bookkeeping may be about as fun as a root canal, as a small business owner, one of your essential jobs is learning to keep accurate books. If you want to have a successful business, having your books in order is a must. In...

What Business Meals are Now 100% Deductible per the IRS?

by Tracey Hrica, EA Apr 12, 2021

Are you confused about what rules currently apply to meals and entertainment expenses? I don't blame you.  The tax treatment of these business-related expenses has had shifting requirements over the last few years. The Consolidated Appropriations Act(CAA), which became law at the end of last year, included a taxpayer-friendly change in these requirements. The law stated that you can write off 100% of the cost of business-related food a...

Why Will Thousands of Marylanders Have to File an Extension This Year?

by Tracey Hrica, EA Mar 05, 2021

The Relief Act of 2021 As we told you in our last blog, Governor Hogan recently signed the bipartisan RELIEF Act of 2021, which will provide more than $1 billion in tax relief and economic stimulus funds to Maryland residents, small businesses, and unemployed workers. We talked about how the Act will help small businesses by allowing them to keep the sales tax they collect during March, April, and May - up to $3000 per month. In additio...

Maryland’s RELIEF Act of 2021: How Does it Help Small Business Now?

by Tracey Hrica, EA Feb 19, 2021

Governor Hogan signed the RELIEF Act into law about a week ago. But, the answers to how it's to be implemented are very slowly rolling in. There is one area of immediate relief for some small business owners - Sales Tax Credits. The RELIEF Act has earmarked $200 million to support small businesses with sales tax credits of up to $3,000 per month for three months—for a total of up to $9,000.  This relief will directly help more than 5...

2021 Tax Calendar

by Tracey Hrica, EA Feb 17, 2021

Did you know that not all types of businesses have the same filing deadline for their income tax returns?  This year the IRS started accepting and processing returns on February 12, 2021. If you haven't filed yet, here are some due dates you should know: Federal Tax Returns If you are a calendar-year partnership or limited liability company with two or more members, Form 1065 for 2020 is due by March 15, 2021. If you are an S corporati...

Tax Deductions vs. Tax Credits – What are the Differences and Advantages?

by Tracey Hrica, EA Jan 28, 2021

You probably know that claiming tax deductions and tax credits can help lower the amount of your tax bill, but do you know the difference?⁣⁣ Tax Credits vs. Tax Deductions⁣⁣ While the end result of deductions and credits may be the same — you pay less in taxes — they work in very different ways. ⁣⁣Tax deductions reduce your taxable income, while tax credits directly reduce your tax bill. ⁣⁣Tax credits give you a doll...

Does Your Business Need a Great Accountant? Absolutely!

by Tracey Hrica, EA Jan 26, 2021

Managing your company's finances can be difficult if you aren't familiar with debits, credits, and recording transactions, but who says you have to go it alone? ⁣⁣Everyone needs a guardian angel sometimes, and so does your business. A good accountant can watch over your business and provide the financial expertise and guidance you need to effectively run your company. ⁣⁣There are good reasons for hiring an accountant at differen...

SBA Will Fully Open Portal on Tuesday

by Tracey Hrica, EA Jan 14, 2021

We have heard from many of you this week, asking questions about this new round of PPP loans.  This morning, we finally have some concrete information about when you can apply. Yesterday evening, the SBA announced that the PPP application portal would be fully open on Tuesday, January 19. It will be available to all lenders to submit First and Second Draw loan applications. The portal has already been partially open this week to some...

Latest Articles

S Corp Owners Beware! 3 Big Red Flags That Can Trigger an IRS Audit.

ATTENTION S CORP SHAREHOLDERS!! Anyone remember wh...


Managing Those “little” Expenses

Small businesses are constantly concerned with cas...


How to Expertly Manage Your Business’s Bookkeeping with Little to No Experience

A Beginner's Guide to Bookkeeping No one enjoys bo...


What Business Meals are Now 100% Deductible per the IRS?

Are you confused about what rules currently apply ...


Why Will Thousands of Marylanders Have to File an Extension This Year?

The Relief Act of 2021 As we told you in our last ...