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Blog Month: December 2020

stimulus check in front of an American flag
12/24/2020 | , , , ,

Congress Passes COVID Relief Bill, President’s Signature Not Likely….Yet

On December 22, Congress passed the Consolidated Appropriations Act, 2021 (the “Act”).  The Act serves as a vehicle to provide pandemic relief as well as to fund government operations through
a 1099 document on a table
12/21/2020 |

What Your Cooperative Needs To Know About 1099 Filing

The IRS requires reporting of certain 2020 payments to the recipient of the payment and to the IRS on a Form 1099. This needs to be completed, sent to the
2020 numbers being lifted by a crane and construction workers
12/17/2020 |

Don’t Forget to Make Year-end Gift & Estate Moves & Post Election Considerations

A year-end estate & gift tax self-check is prudent for everyone, even if you’re not currently exposed to the federal estate tax. People with taxable estates below the current unified
stethoscope on top of money
12/17/2020 |

Tax Planning for Medical Expense Deductions

You may be able to deduct some of your medical expenses, including prescription drugs and dental expenses, on your federal tax return. However, less people are itemizing, and thresholds are
stacks of coins next to a tree in a sack
12/17/2020 |

Why You Should Maximize your 401k Contributions

401(k) retirement contributions through your employer plan is a great way to reduce taxes and build up tax deferred or tax-free retirement assets. Are you contributing the maximum amount allowed
hand on a chess piece
12/16/2020 |

3 Financial Reports that will Help Your Non-Profit Board Make Strategic Decisions

For many not-for-profit organizations, the challenges of the pandemic continue. Board members have a fiduciary responsibility to oversee and protect the not-for-profit’s finances and reputation. As we approach the conclusion
magnifying glass and calculator on top of a spreadsheet
12/15/2020 |

5 Accounting Tasks That Can’t Be Ignored

Keep an eye on these financial management basics, from invoicing to end-of-year planning  As you run your business, you may be focusing on the things that are more enjoyable, while
hand typing on calculator
12/11/2020 |

5 Tips to Cut Your Tax Bill

Even though there is a short amount of time between now and the end of the year, there are still many financial decisions you can make before 2021 that can
virus close up
12/04/2020 | , ,

PPP Update

SBA Releases Names of All PPP and EIDL Recipients On Tuesday evening, the SBA released the names of the remaining recipients of the Paycheck Protection Program (PPP) along with the
"Paycheck Protection Program" written on a mask atop money
12/04/2020 | , ,

PPP Loans – The IRS doubles down on their position on the tax treatment of covered expenses

Generally, when loans are forgiven or canceled, the canceled amounts are includable as income. When the CARES Act established the Paycheck Protection Program (PPP), Congress specifically included language that PPP loan
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