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11 Things You Need to Know About PPP Forgiveness

by Tracey Hrica, EA Jul 17, 2020

July is the time of year we begin doing mid-year reviews and tax planning. July is not usually the month we have a tax filing deadline! It's been exhausting for us, as well as for taxpayers. But we got through it!  So, now we switch gears from 2019 returns to tax planning for 2020 and PPP loan forgiveness. Let's recap the latest PPP changes and guidance. Note: There are no banks accepting forgiveness applications yet. Only 60% of th...

It’s Almost Tax Day! Are You Ready?

by Tracey Hrica, EA Jul 12, 2020

I've heard of Christmas in July, but Tax Day? Come on! It's bad enough that Coronavirus took away my summer vacation, but giving us a tax deadline too? It's almost too much. At any rate, if you are in a mad dash to get your return filed, here is a tax post round-up for you. Tax Preparation Checklist It’s Almost July 15th! What if I Owe the IRS Taxes? 8 Common Errors Taxpayers Should Know and Avoid E-Filing Your Tax Return – 4 Key Be...

How To Use The New Pay Down Credit Card Feature In QuickBooks Online

by Tracey Hrica, EA Jul 08, 2020

Many QuickBooks Online users are unsure how to record a credit card payment. Should you write a check or create a transfer? How should you categorize it? Many users will mistakenly record the payment as an expense. When this happens, the payment doesn't reduce the credit card liability account on the balance sheet as it is supposed to. It also incorrectly doubles up expenses on the Profit & Loss statement. You should have already en...

9 Things The IRS Doesn’t Want You To Know About Getting Married

by Tracey Hrica, EA Jul 03, 2020

Well, some of them they do, some of them they don't advertise. That's why talking to your accountant should be part of your wedding planning. New life developments can be exciting, but they also change every aspect of your finances. When you experience a life-changing event, your cash flow and tax bracket are probably the last things on your mind. Consulting an accountant during significant life changes can prevent common mistakes and s...

S Corps – 4 Big Red Flags That Will Trigger an IRS Audit

by Kenneth Hrica, CPA Jun 28, 2020

One of the fallouts from the Tax Cuts and Jobs Act (TCJA) is the increased scrutiny by the IRS of S corporations and their shareholders. They are especially interested in several tax liability issues regarding distributions, officer loan repayments, officer salaries, and the sale of assets acquired while a C corporation. Reasonable Salary One of the requirements for an S Corporation shareholder is to take reasonable wages from their pro...

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