2020 Q4 tax calendar: Key deadlines for businesses and other employers

by KLPCPA | Sep 14, 2020 | IRS, Small Business, Taxes

Call Now Setup an Appointment Here are some of the key tax-related deadlines affecting businesses and other employers during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us...

The possible tax consequences of PPP loans

by KLPCPA | Aug 14, 2020 | IRS, Small Business, Taxes

Call Now Setup an Appointment If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and...

Good records are the key to tax deductions and trouble-free IRS audits

by KLPCPA | Jun 16, 2020 | IRS, Small Business, Taxes

Call Now Setup an Appointment If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax...

IRS releases 2021 amounts for Health Savings Accounts

by KLPCPA | May 26, 2020 | IRS, Taxes

Call Now Setup an Appointment The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs).  HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account...

The chances of an IRS audit are low, but business owners should be prepared

by KLPCPA | Sep 30, 2019 | IRS, Small Business

Call Now Setup an Appointment Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations, and...

What to do if your business receives a “no-match” letter

by KLPCPA | Aug 13, 2019 | IRS

Call Now Setup an Appointment In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the...