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Blogging Beyond the Numbers

Posted by: Alexi Needham 1 month ago
When one spouse does not work outside of the home, it can be hard for married couples to save for retirement especially if they are caring for their children or elderly family members. In general, an IRA contribution is allowed only if a taxpayer has compensation. The good news is there is an exception allowing a “spousal” IRA for the non-employed spouse. A spousal IRA has the same contribution limi...
Posted by: Katy Mering 2 months ago
An HSA is an account set up for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established if you have a qualifying “high deductible health plan.” In addition, a participant can’t be enrolled in Medicare or have other health coverage (exceptions include dental, vision, long-term care, accident and specific disease insurance). In gener...
Posted by: Whitney Mauger 2 months ago
Nearly everyone has heard about the Economic Impact Payments (EIPs) that the federal government is sending to help mitigate the effects of the coronavirus (COVID-19) pandemic. The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for a payment. And others received an EIP but it was less ...
Posted by: Mike Scholz 2 months ago
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you can contribute to a Roth IRA and avoid paying taxes on future withdrawals. You can potentially make a contribution of up to $6,000 (or $7...
Posted by: Kate Serpe 2 months ago
If you received a Paycheck Protection Program (PPP) loan, we want to inform you of the most recent update released from the Small Business Administration (SBA) in the PPP FAQs Sheet. In summary, the answer states that any loans received that do not exceed $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith. The safe harbor repaym...
Posted by: Mike Scholz 2 months ago
IRS just released an updated Q&A on this question (not too surprising, they want the money back!) Q.  Does someone who has died qualify for the Economic Stimulus Payment? (added May 6, 2020) A.  No. A Payment made to someone who died before receipt of the Payment should be returned to the IRS by following the instructions noted below. Return the entire Payment unless the Payment was made to...
Posted by: Kate Serpe 2 months ago
This cost-effective solution can help grow your business and increase your profits As your business has grown, the hours you have had to spend on bookkeeping have also increased. Though you’d love to get that time back to devote to other tasks, you think that outsourcing your company’s accounting sounds like it might not be cost-effective. But, here’s the reality: working with an accounting firm i...
Posted by: Jamie Landsinger 2 months ago
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you’re an employee who telecommutes, there are strict rules that govern whether you can deduct home office expenses. For 2018–2025 employee ...
Posted by: Hannah Lanser 3 months ago
Auditors love internal controls so it should come as no surprise that despite our current COVID environment, internal controls are still top of mind. Risk has always been a part of developing a strong internal control structure, but risk is becoming an even bigger player during this season. Unfortunately, we’ve already seen headlines of checks being stolen out of mailboxes as one example. Now, more than ...

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COVID-19 Resource Center