PPP Forgiveness – Timing and Deadlines

If your business received Paycheck Protection Program (PPP) funds as part of the COVID-19 pandemic and you still have not applied for or received forgiveness, you may be wondering about the deadline and/or next steps.  While some banks may be pressuring you to apply for forgiveness right

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Child Tax Credit Payouts – What to Expect

The Child Tax Credit (CTC) is not new, but it was expanded as part of the American Rescue Plan Act of 2021, and you may be wondering what that means and how it will impact your situation.  The biggest takeaway is that instead of waiting until filing

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Business Expenses – What is NOT Deductible?

While it seems like a straightforward question, there can sometimes be confusion about what expenses can be deducted from your business for tax purposes and what expenses cannot be.  Deductions are critical in helping to lower your tax bill, but knowing what expenses you can deduct is

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Requesting a Private Letter Ruling

You may someday find yourself in a unique tax situation and want to remove any uncertainty of the tax treatment of that situation.  In that case, you can request a Private Letter Ruling (PLR) from the Internal Revenue Service. A PLR is a written statement that interprets

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How Business Owners Get Paid

If you have recently or not so recently started a business, two things you need to understand is how you will be paid and how taxes will be paid.  You may be taxed as a sole proprietorship, partnership, S corporation or C corporation.  Understanding the differences is

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IRS Penalty Abatement – How Does It Work?

It is never fun to receive a letter from IRS, especially one that says you are being assessed penalties due to filing late, paying your taxes late, or understating income on your tax return!  In many cases taxpayers are fearful of additional consequences so they just pay

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Employee Retention Credit Expanded for 2021

If your business was impacted by either a disaster or COVID-19, you may be eligible to receive the Employee Retention Credit (ERC).  It is a refundable credit against payroll taxes that was originally introduced in the CARES Act, expanded by the Consolidated Appropriations Act (CAA) signed into

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