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Sole Proprietors and PPP Loan Forgiveness: Beware

Last week I wrote about how loan forgiveness for the solo sole proprietor will work. I had to strike through a lot of my thoughts as new information came in. So now, a week later, [...]

By | April 24th, 2020|Categories: Small Business Tax and Accounting|Comments Off on Sole Proprietors and PPP Loan Forgiveness: Beware

How Do Sole Proprietors Prove Usage of Funds for PPP Loan Forgiveness?

UDPATE: Not so fast on this. It looks like loan forgiveness for a sole proprietor is based on taking 2019 net income, dividing by 52 and multiplying by 8. Read this article in Forbes: https://www.forbes.com/sites/anthonynitti/2020/04/15/ten-things-we-need-to-know-about-paycheck-protection-program-loan-forgiveness/#27dbd8953291 [...]

By | April 15th, 2020|Categories: Potpourri of Tax Topics|Comments Off on How Do Sole Proprietors Prove Usage of Funds for PPP Loan Forgiveness?

COVID-19 Update to Clients

I sent this out to my clients on Friday night and am posting in its entirety here for both my clients who check the blog but not their email, and for anyone else who is [...]

By | March 23rd, 2020|Categories: Potpourri of Tax Topics|Comments Off on COVID-19 Update to Clients

Beware of Taxes When You Sell Rental Property

One of the things I deal with every year is a client who sold a rental property and they have a capital gain from it, and the client is not pleased. The conversation always follows [...]

By | March 16th, 2020|Categories: Potpourri of Tax Topics|2 Comments

The Conundrum of Small Non-Profits and the Small Accounting Professional

One of the topics that comes up often when talking to clients and other accountants is, the accounting service problem that small non-profits are facing. They need help from tax and accounting professionals. They can't [...]

By | January 14th, 2020|Categories: Potpourri of Tax Topics|Comments Off on The Conundrum of Small Non-Profits and the Small Accounting Professional

Contributions to a Roth Account Do Not Reduce Taxes in the Current Year

I try to be "proactive" with my clients, and I think most reputable accountants and tax preparers do too (despite what "experts" might say). One of the sticking points I have found, especially when dealing [...]

By | December 11th, 2019|Categories: Potpourri of Tax Topics|Comments Off on Contributions to a Roth Account Do Not Reduce Taxes in the Current Year