We are pleased to announce Hillary Daniel has been promoted to Accounting Manager on our Financial Accounting Services Team. Hillary is a graduate of Georgia College & State University and has been with our firm since October 2011. She also serves as Training Coordinator for our FAS Team.
The IRS issued guidance at the end of August regarding deferral of the employee’s portion of Social Security tax as described in President Trump’s August 8 Presidential Memorandum. The Presidential Memorandum deferred the employee’s portion of Social Security taxes from September 1, 2020, through December 31, 2020. The president’s move was made in reaction to the ongoing coronavirus […]
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]
The IRS issued new guidance April 30 evening clarifying how the expenses paid with the loan proceeds through the Paycheck Protection Program are to be treated for tax purposes. According to the IRS, the forgivable portion of a PPP loan will not be included as gross income and will not be subject to taxation. However, […]