Tracy Bender CPA

Posted in: Articles, COVID-19, Federal, Tax

Haven’t filed your 2019 business tax return yet? There may be ways to chip away at your bill

The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Retroactive COVID-19 business relief The Coronavirus Aid, Relief and Economic Security (CARES) Act, which passed earlier […]

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Posted in: Articles, COVID-19, Federal, Tax

Congress has waived the Required Minimum Distribution requirements for 2020

As part of the CARES Act, Congress waived the Required Minimum Distribution (RDM) requirements for 2020. Under existing law, taxpayers have 60 days from the date of distribution to roll back the RMD into the plan. The timing of the law change meant that taxpayers who took distributions in January had already exceeded the 60 […]

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David Reape CPA

Posted in: Articles, COVID-19, General, Tax

Launching a business? How to treat start-up expenses on your tax return

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home. Entrepreneurs often don’t know that many expenses incurred by start-ups can’t be currently deducted. You should […]

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Cheryl Lanese CPA CCIFP

Posted in: Articles, Tax

Good records are the key to tax deductions and trouble-free IRS audits

If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re entitled. And you want to make sure you […]

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Ed Decker CPA

Posted in: Articles, Tax

Rioting damage at your business? You may be able to claim casualty loss deductions

The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property. Windows were smashed, property was vandalized, and some buildings were burned to the ground. This damage […]

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