Business Owners—Taking Money Out of a Business

When taking money out of a business, transactions must be carefully structured to avoid unwanted tax consequences or damage to the business entity. If the loan and repayments are not set up and processed properly, the IRS can reclassify the funding as nondeductible capital contributions and classify

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Six Fun Ideas to Bring into Your Marketing

The purpose of marketing is, in part, about creating relationships with customers and prospects. While traditional advertising is a standard way of letting prospects know more about you, it’s not always the most creative way to connect. To spice up your marketing, let’s explore six unusual ways

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CARES Act: Charitable Giving Changes Due to COVID-19

COVID-19 has presented unique opportunities for charitable giving for the 2020 tax year, which has been addressed in the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the new guidelines, which apply to the 2020 tax year only, taxpayers can donate 100 percent of their

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Failure to File: Covid-19 Update

Due to Covid-19, the IRS extended the tax return filing and payment deadline to July 15, 2020.  If you are unable to file your return by this date, you may request an extension which will give you until October 15, 2020 to submit your tax return.  However,

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Paycheck Protection Loan Forgiveness

When the CARES Act was signed into law, it created the Paycheck Protection Program (PPP), which is a new loan designed to help small businesses pay employee wages and other critical expenses.  Proceeds from this loan can be forgiven if certain criteria are met. Once the PPP

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