Year-end tax planning goes to the movies
Year-end tax planning is a bit more complex this year as many of our clients received loans through the Paycheck Protection Program. While the loan proceeds are not taxable, word is still out whether the business expenses paid for with the loan will be deductible. Therefore, we are preparing tax projections with two scenarios in […]
Antares Group named a Top 300 Accounting Firm and Top 300 Fastest-Growing Firm
Antares Group, Inc., has been named as a Top 300 Accounting Firm for 2020 by INSIDE Public Accounting. This national ranking by the award-winning newsletter for the public accounting profession recognizes the country’s top accounting firms in terms of revenue and growth. Antares Group has also been named a 2020 IPA 300 Fastest-Growing Firm. “We […]
Payroll tax deferral OK with PPP loan – but be careful
The ability to defer certain payroll taxes for employers who received a PPP loan is one of the benefits of the recently enacted Payroll Protection Program Flexibility Act. When the CARES Act first passed in April, employers had the option to defer paying the employer portion of Social Security tax through the end of 2020, […]
Auto depreciation limits remain unchanged for 2020
The deprecation limits for passenger automobiles remain unchanged for 2020. The IRS issued this month the annual depreciation dollar caps for vehicles purchased after September 27, 2017, and first placed in service in 2020. Those limits for taxpayers eligible for bonus first-year depreciation deduction for qualified property under Section 168(k) are: $18,100 for the placed-in-service […]
Additional relief coming soon for health care providers
Health care providers could see even more relief if the $484 billion interim coronavirus relief measure is signed by President Trump. The lion’s share of the bill passed the week of April 20 is dedicated to replenishing the Small Business Administration’s (SBA) now-exhausted Paycheck Protection Program and $60 billion for disaster loans through the Economic […]
IRS extends more tax deadlines
As you know, many tax filing and payment deadlines have been extended until July 15 as a result of the COVID-19 health crisis. At the time these extensions were announced at the end of March, they covered federal individual income tax filing and payment dates, as well as first quarter estimated payments that would have been due April 15. […]
Coronavirus relief efforts create rich environment for fraud
Between economic impact payments, small business loans through the Paycheck Protection Program, emergency sick and leave requirements, and other coronavirus-related relief efforts, we are in a target-rich environment for fraud. Everything is moving very quickly, and individuals and business owners desperately need financial relief being offered by the government, banks, and employers. Fraudsters will take […]
Beware of scammers profiting from coronavirus
As individuals, businesses, local governments and other organizations commit to social distancing measures, there are those who will seek to profit from the coronavirus pandemic. Circumstances are changing daily and the flow of information is constant, which makes it critical that you remain vigilant against various scams surrounding the COVID-19 outbreak. Below are some examples […]
Families First Coronavirus Response Act provides paid sick and family leave, employer tax credits
President Trump signed today the Families First Coronavirus Response Act (H.R. 6201) to provide affected individuals with paid sick and family leave and create tax credits for affected employers, expand food and nutrition services, allow for emergency state unemployment insurance grants, and increase Medicaid funding to states, among other things. The leave provisions go into […]
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 […]