On Sunday December 27, President Trump signed the Coronabus bill which officially authorizes the additional stimulus targeted to small businesses and craft breweries. In our last blog post, we discussed the major items in the bill that impacted craft breweries. In this issue, I wanted… Read More »Employee Retention Credit Strategies
I hope everyone is easing into your holiday season and getting to spend some time off and relax. Well at least until Congress just passed the COVID Stimulus Bill. I have gone through the text of the bill and want to highlight a few of… Read More »Stimulus Updates for Craft Breweries and Small Businesses
One of the biggest questions with all the new tax laws are “what is still deductible?”. With the Tax Cuts and Jobs Act of 2017 there were a lot of changes. One significant change pertains to meals and entertainment. Prior to 2018, 50% of meals… Read More »Are Meals and Entertainment Deductible?
Every January a business owner needs to consider whether 1099’s need to be sent to contractors they worked with throughout the year. What is a 1099? A 1099-Misc is an IRS form required to be completed and sent to non-employees no later than January 31,… Read More »How Do I Know if I Need to Send a 1099-Misc?
Meet the team responsible for your tax return and read about their biggest piece of advice for you for tax season! Tax season can at times, call for long days and late nights. So what is it about tax season that you find enjoyable?… Read More »Meet the Tax Team!
Do you work from home? In past years, if you were an employee who worked from home, you could deduct your home office expenses. While tax reform didn’t completely change the home office deduction, it did suspend miscellaneous itemized deductions that were claimed on Schedule… Read More »Home Office Deduction
Our Managing Director, Josh, is featured on accountingtoday.com discussing 5 ways to prepare for tax season success. Check it out here!
As a business owner, you may have wondered whether you can take a distribution from your business. Taking a distribution is the way a partner or shareholder receives a distribution of the business’ earnings. This is not the same thing as taking a salary, and… Read More »Can I Take A Distribution?
Prior to the Tax Cuts and Jobs Act of 2017, meals and entertainment costs were 50% deductible by a business as long as they served a business purpose. In 2018 that changed. So what can you deduct? Entertainment: The bulk of entertainment costs are no… Read More »What Company Events Can I Deduct?
Did you see Josh’s recent article about investing in your staff at Intuit ProConnect’s Tax Pro Center online? He discusses three ways to invest: invest in education, invest in self care, and invest in technology. Read the full article here!