CARES Act made changes to excess business losses

by KLPCPA | Aug 25, 2020 | Small Business

Call Now Setup an Appointment The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you...

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...

File cash transaction reports for your business — on paper or electronically

by KLPCPA | Aug 3, 2020 | Small Business

Call Now Setup an Appointment Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a trade or business who, in the course of...

Why do partners sometimes report more income on tax returns than they receive in cash?

by KLPCPA | Jul 29, 2020 | Small Business, Taxes

Call Now Setup an Appointment If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is...

Steer clear of the Trust Fund Recovery Penalty

by KLPCPA | Jul 7, 2020 | Small Business, Taxes

Call Now Setup an Appointment If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business...

Launching a business? How to treat start-up expenses on your tax return

by KLPCPA | Jun 23, 2020 | Small Business, Taxes

Call Now Setup an Appointment While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and...