Businesses are facing a variety of federal, state, and local laws. These laws govern how to determine employee or independent contractor status.
This new Department of Labor rule may be a game-changer for many.
Read More
Congress and the White House responded with legislation in early Spring which included the Paycheck Protection Program (PPP) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Let’s take a moment to study how the CARES Act affected retirement. Many account values were and still may be low compared to December 31, 2019. This means for 2020 individuals will not be forced to take withdrawals. Hopefully, this waiver for 2020 will allow the retirement investment time to recover.
Read More
If you own 2% or more of an S-Corporation and have heath, dental, and vision insurance, grab some coffee and read on. S-Corporations are similar to partnerships and Limited Liability Companies in a lot of ways, but there are differences. One of the big differences is that S-Corporation owners are required to pay a reasonable wage. We can help with that.
Read More
The Small Business Administration (SBA) and the Treasury Department continued their unrelenting release of new rules surrounding the Paycheck Protection Program (PPP) loan forgiveness on October 11 and October 15. Here’s what you need to know:
Read More
With the upcoming Presidential election and some important Congressional seats being contested, several questions have surfaced about the future of estate planning. There are numerous estate planning techniques that professionals use to avoid the worst-case scenario. Holden Moss CPAs explain.
Read More
If your business closed between April and July 2020 due to COVID-19, you could possibly qualify for monetary assistance through the Mortgage, Utility, and Rent Relief (MURR) Program administered by the North Carolina Department of Commerce. Holden Moss CPAs can help you make sense of it and earn back what you deserve.
Read More
Banks are now opening up their Paycheck Protection Program (PPP) forgiveness process for customers, sending out instructions for the application. The fine print has many individuals scratching their heads. You are reaching the end of the 24 week period to spend the PPP funds and are understandably anxious as to the next steps. We want to keep you in the know.
Read More
Non cash contributions are deductible on Federal Schedule A of your personal income tax return as itemized deductions. The documentation required depends on the amount of the donation. For all non cash contributions, regardless of the fair market value, you will need to obtain the proper documentation.
Read More
Reasonable compensation is the wage or salary you pay yourself for work performed by you, for your company, before distributions. Distributions are not compensation.
Read More
If you are 70 ½ or older, you are eligible to make a Qualified Charitable Distribution (QCD) from your IRA directly to a qualified charity. By electing to make a QCD, the distribution of these funds will be reported as a distribution and will count toward the required minimum distribution from the IRA, but will not be included in taxable income.
Read More
Under the new Tax Cuts & Jobs Act (TCJA), the standard deduction available to taxpayers has increased to $24,000 for those who file as Married filing Jointly, $18,000 for Head of Household, and $12,000 for Single or Married Filing Separately. Due to this increase, it is estimated that the number of taxpayers who itemize their deductions will fall from around 30% to less than 10%.
Read More
While at the recent ScalingUp Summit in New Orleans, I rushed from my room looking forward to the first speaker. Hopped on the elevator, and had forgotten my badge. So, back up the elevator to my room to grab the badge. Exited on the 25th floor, as a gentleman was walking to the elevator. Ran to the room, grabbed the badge, and back at the elevator. The gentleman was still there... commiserating about how slow the elevators were. Hold that thought.
Read More