Did you get love mail from the IRS? Don’t panic!

Since March 2020, life has certainly changed for all of us and life at the Internal Revenue Service is no exception.  With four tax legislative changes, the issuing of three separate rounds of stimulus checks, and out-of-date technology, who wouldn’t be a little behind?  Unfortunately for taxpayers, this service lag can cause some big headaches.  […]

Approach conservation easements with caution

Donating large tracts of land to a charitable organization in exchange for a sizable tax deduction sounds like a win-win, but is it? We are hearing of more and more partnerships or LLCs becoming involved in syndicated conservation easement transactions, in which the partnership or LLC purchases land for the purpose of donating the property […]

Keep all records related to PPP loans and forgiveness application

“Uncertainty” is a word that defines the era of coronavirus, but there is one thing that is certain: You must keep documentation of everything you do. Guidance continues to emerge, and more legislative changes have been made to the Paycheck Protection Program with the PPP Flexibility Act. How this will impact your loans or your […]

SBA: Any PPP loan less than $2 million deemed ‘necessary’

The Treasury Department and Small Business Administration clarified its rules today regarding small business owners’ need to certify the necessity of receiving loans through the Paycheck Protection Program One requirement to qualify for forgiveness of a PPP loan is that all borrowers must certify in good faith when submitting their applications that “current economic uncertainty makes […]

Beware of audit if you plan to move to a lower-tax state

If you’re thinking about moving to a place with nice weather and a nicer environment for taxes, you’re not alone – and one of the people who may be following you is an auditor. More and more Americans are moving to states that have more favorable tax laws, a trend that seems to have picked […]

Note changes to ACA thresholds and signs of more audits

It’s almost time for the annual open enrollment period, so it’s important to note that the IRS recently announced the affordability percentage for 2020 under the Affordable Care Act will decrease to 9.78 percent. This is a slight decrease from the 2019 threshold of 9.86 percent. Employers should make sure that your insurance broker is […]

Three questions you may have after your tax return is filed

Tax season is now officially over, but once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? This is a good […]

When are LLC members subject to self-employment tax?

Limited liability company (LLC) members commonly claim that their distributive shares of LLC income — after deducting compensation for services in the form of guaranteed payments — aren’t subject to self-employment (SE) tax. But the IRS has been cracking down on LLC members it claims have underreported SE income, with some success in court. SE […]

New partnerships rules could result in more audits

Rules governing partnerships have changed, and as a result, the number of IRS audits is expected to increase. The rules changes, which went into effect Jan. 1, 2018, were implemented in large part to reduce administrative hurdles for the IRS. What they have done, however, is altered the rights of partners in partnerships, including LLCs […]

The cost of convenience: Audits required for high-volume credit card transactions

As more customers pay with credit cards, restaurant owner/operators will face tighter scrutiny – and higher costs each year. Ownership entities that have more than 1 million credit card transactions a year must comply with the Payment Card Industry Data Security Standard (PCI DDS) that, among other things, requires an annual audit. The purpose of […]