Businesses of all types and sizes are facing many threats during this unusual year. From the COVID-19 pandemic to street protests over police brutality and racism, business owners must be mindful of a variety of potential risks. While most business owners take numerous precautions to ensure their property is protected, burglaries and vandalism can still[…]
How to be prepared if your business falls victim to a crime
By diamondcpas Best Practices Sep 16, 2020
If you’re among the nearly 60 million fantasy sports players in the U.S. and Canada, it’s important to understand the tax implications of both your winnings and losses. Whether you’re creating your fantasy team through DraftKing, Yahoo!, ESPN or any of the other platforms, fantasy sports earnings must be reported to the IRS, just as[…]
Relief may be available for those struggling to pay monthly bills
By diamondcpas Personal Taxes Aug 19, 2020
Millions of Americans are still struggling to meet their monthly bills, as the COVID-19 pandemic continues to wreak havoc on the economy. While the CARES Act, signed in March, provided some relief, many of its provisions have expired. Although it’s unclear whether some of the law’s supports, such as eviction protection, forbidding utility shutoffs and[…]
Anyone who already took a required minimum distribution (RMD) this year from certain retirement accounts now has more time to roll that money back into the savings plan, according to the Internal Revenue Service, which recently announced that the CARES Act RMD waiver has been extended until August 31, 2020. “The 60-day rollover period for[…]
The global COVID-19 pandemic has not only killed hundreds of thousands of individuals and sickened countless others, it has also spawned a host of scams, with criminals hoping to capitalize on people’s fears and the uncertain economic times. The Internal Revenue Service is cautioning taxpayers to be alert to fraud attempts and other financial scams[…]
[Guest Post] Working From Home: Understanding Home Office Deductions
By Kevin Means of Sapient Investments Personal Taxes Jul 17, 2020
Republished with permission. If the pandemic completely changed what a day at work looks like for you, you’re not alone. 20 percent of working adults have transitioned to remote work due to COVID-19.1 Adapting to this new workspace isn’t easy, particularly with many companies forced to cut pay in order to preserve non-essential employees. And this[…]
As business owners prepare for reopening amid ongoing concerns about COVID-19, a careful consideration of risks is critical, as are prevention practices. Among the many factors business leaders must examine to protect their employees, colleagues, and, in some cases, the public, is following the Centers for Disease Control and Prevention guidelines. Experts in the field[…]
While tax planning may not be many people’s idea of fun, the benefits of smart financial planning for small business owners is critical, tax experts agree. Many small business owners tend to neglect this important aspect of their business, not thinking much about taxes until it’s time to dig through their paperwork and file their[…]
Most people have thought, at least once or twice, that maybe their smartphone is listening in on their conversations. You chat with a friend about taking a vacation to Nantucket, let’s say, and the next thing you know, your phone is brimming with ads for all the fun things to do in Nantucket. Many smartphones[…]
PPP Flexibility Act – Congress Passes Changes to PPP Loan Forgiveness
By diamondcpas Business Accounting Jun 04, 2020
The PPP Flexibility Act passed both the House and the Senate Wednesday and is expected to be signed by the President Thursday. The Act provides additional relief to business that may not have qualified for full forgiveness under the current law. Here is a summary of the changes to PPP loan forgiveness. Extension of 2-year repayment period to 5 years. PPP loans[…]