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[…]
So, you’ve considered the market and the time feels right to sell your business. It’s a big decision that requires a number of serious considerations to ensure you not only get the best price, but also get through the highly detailed process as smoothly as possible. One of the very first things you’ll want to[…]
Across the country, the number of people who define themselves as self-employed is growing. In 2019, the Bureau of Labor Statistics estimated there are 16 million self-employed in the United States. While taxes for the self-employed are similar to those of other business owners, there are some issues that should be considered through a somewhat[…]
The ranks of the self-employed are growing in the United States, as, experts agree, more and more people turn to creating their own businesses and freelancing. While it’s hard to know just how many workers can be counted as self-employed, a 2016 report from the U.S. Bureau of Labor Statistics put the number at 9.6 million.[…]