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...
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...
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...
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...
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...
by KLPCPA | Jul 22, 2020 | Taxes
Call Now Setup an Appointment During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair...
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...
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...
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...
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...
2020 Q4 tax calendar: Key deadlines for businesses and other employers
CARES Act made changes to excess business losses
The possible tax consequences of PPP loans
File cash transaction reports for your business — on paper or electronically
Why do partners sometimes report more income on tax returns than they receive in cash?