IRS Issues Refunds on Unemployment Insurance Taxes to Certain Taxpayers
In mid-May, the IRS began issuing refunds on 2020 unemployment insurance taxes to some taxpayers. The refunds have been sent on a rolling basis, with single filers receiving theirs first, including those without children and those who did not claim any refundable tax...
Which Meals Qualify for the 100 Percent Expense Deduction?
In early April, the IRS released guidance explaining when the temporary 100 percent deduction for restaurant meals is available, and when the 50 percent limitation on the deduction for food and beverages continues to apply. Under section 274(n) (1) of the tax code, a...
$3,600 Child Tax Credit: What S&K Clients Should Know
Many of our S&K clients are parents of eligible dependents and qualify for the child tax credit which President Biden included in his American Families Plan earlier this spring. This plan offers parents a credit of up to $3,600 per eligible child, and payments...
TAC is Serious About Your Cyber Security
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="477423"][kc_column width="12/12" video_mute="no" _id="127299"][kc_column_text]On Thursday, May 6 a malicious group of hackers carried out a ransomware attack on the computer system of...
Need to File Previous Years’ Tax Returns? S&K Can Help
Although many businesses are starting to get back on track, with the descent of COVID and an ensuing economic upheaval in our country - your company may not have filed tax returns in a few years. While life DOES happen – NOT filing your required tax returns is serious...
Shuttered Venue Operators Grant Portal Opens on Monday at Noon
The U.S. Small Business Administration (SBA) will reopen the Shuttered Venue Operators Grant application portal on Monday, April 26 at 12:00 PM. The application portal for the SVOG program ran into technical difficulties almost immediately on April 8, with venue...
Virginia’s Minimum Wage Increases May 1
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="969647"][kc_column width="12/12" video_mute="no" _id="944789"][kc_column_text _id="127920"] As many of our Total Accounting Care clients are small business owners in the state of...
Restaurant Revitalization Fund Grants – Does Your Business Qualify?
One of the hardest-hit industries during the COVID-19 pandemic has been restaurants, with shutdowns and restrictions cutting off revenue opportunities. The newly passed American Rescue Plan Act (ARPA) aims to help restaurants, bars and related businesses with a new...
Extension of Tax Filing Deadline/Increased Child Tax Credit Deduction
IRS Extends Tax Filing Deadline to May 17 On March 17, the IRS announced it would extend the deadline to file 2020 taxes for all Americans to May 17, giving taxpayers an additional month to file returns. This extended deadline is welcome news for individuals,...
The 2021 American Rescue Plan Explained
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="529032"][kc_column width="12/12" video_mute="no" _id="143273"][kc_column_text _id="691351"] On Thursday, March 11 - nearly one year after the Coronavirus was declared a global pandemic...
Unemployment Extension Programs for 2021
On Thursday, March 11, President Biden signed into law the American Rescue Plan, a bold piece of legislation that is set to create 7 million jobs and ensure our nation’s road to recovery both physically and economically. Within the package, additional unemployment...
IRS Allows $300 in Charitable Tax Deductions as Part of CARES Act
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="961431"][kc_column width="12/12" video_mute="no" _id="296893"][kc_column_text _id="877351"] The IRS has made a special provision that will allow more people to easily deduct up to $300...
New Stimulus Plan: Employee Retention Credit Changes and PPP Loans
On December 27, 2020, former President Trump signed into law The Consolidated Appropriations Act, 2021 (CAA21), which contains several tax law changes, including expanded eligibility for the Employee Retention Credit (ERC) for businesses whose PPP loan(s) made them...
COVID Update: C.A.R.E.S Act Provides up to Three Years to Repay Loans from and Taxes on IRA Distributions
Due to economic fall-out from the Coronavirus pandemic, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (or CARES Act), on March 27, 2020. In it, special distribution options and rollover rules for retirement plans and IRAs were introduced, as...
TAC Welcomes New Staff Accountant, Rae Alghoraibi
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="504475"][kc_column width="12/12" video_mute="no" _id="209976"][kc_column_text _id="630559"] Total Accounting Care is proud to welcome a new staff member: Rae Alghoraibi. Rae will...
Pandemic Relief Round Two – What’s in it for Small Businesses?
Congress passed a second round of COVID relief last week - what does this mean for small businesses? Payroll Protection Program (PPP) Loan Forgiveness Last spring, Congress made the forgiveness of PPP loans tax free. The IRS then misinterpreted the law and made...
IRS Introduces Form 1099-NEC to Replace 1099-MISC TAC Requests all W9’s be Submitted by Friday, 1/15
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TAC to Transition to Secure, Online Client Center in January
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Financial Statement Basics – What is a Balance Sheet and What Does It Mean?
Few business owners understand the wealth of information contained in their balance sheet and profit and loss statements. Your financial statements tell people how your company is performing, but they may be speaking a language you don’t yet understand. Every tax...
Three Keys to Getting a Mortgage for Business Owners
If you are a business owner who is looking to secure a mortgage, there are a few key concepts to remember. First, apply to a mortgage company that actually makes mortgage loans to business owners. Most do not, so be sure to ask this question up front. If you near...
SBA Releases Simplified Form for Debt Forgiveness by PPP Loan Recipients of $50,000 or Less
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="926769"][kc_column width="12/12" video_mute="no" _id="26606"][kc_column_text] Good news for small businesses that received Paycheck Protection Program (PPP) loans of $50,000 or less! On...
Why Most Internal Bookkeepers Fail
Running a business without financial information is next to impossible. You can never figure out if you’re making a profit. You never know how much money is in the bank. Big tax bills are an annual and unwelcome surprise. You may suspect your bookkeeper is failing,...
SBA Releases Simplified Form for Debt Forgiveness by PPP Loan Recipients of $50,000 or Less
Good news for small businesses that received Paycheck Protection Program (PPP) loans of $50,000 or less! On October 9, the Treasury and U.S. Small Business Administration (SBA) announced that those recipients can now utilize a simplified application to request debt...
A New Approach to Finding Affordable Health Insurance for your Business
For this post, we are featuring the wisdom of one of our loyal S&K friends and clients, Bill Schmidt from Integrated Insurance Solutions, Inc. in Ashburn, VA. Bill is an expert on health insurance for small businesses, and the following is his insight on finding...
Total Accounting Care: Who Are We and How We Can Help Your Company
[kc_row use_container="yes" force="no" column_align="middle" video_mute="no" _id="237439"][kc_column width="12/12" video_mute="no" _id="229164"][kc_column_text]Total Accounting Care (TAC) offers complete and affordable outsourced accounting solutions to government...
How to Avoid Receiving Letters From the IRS
Every year the IRS issues millions of tax bills for items of income not reported on tax returns. For example, if a taxpayer received a pension distribution during the year, but did not report the distribution as income, the IRS sends a bill for the taxes on the...
What Tax Planning Can Do for You
Last tax season more than a million taxpayers got nasty surprises when filing their income tax returns. In prior years, they received small refunds or owed just a little. However, due to changes in the tax withholding tables, many owed $10K or more. Tax planning can...
Three Tax Mistakes Real Estate Agents Make
While many parts of the economy have seen a massive slow-down because of the Coronavirus pandemic, the Washington, DC-area real estate market has hardly faltered. If you are a local real estate agent, chances are you are busier than ever. Don’t let your busy routine...
Should I File Separately From My Spouse?
Many times each year, clients ask us if they should file separately from their spouses to pay less in income taxes. To define this issue a bit, married couples can file their tax returns using one of two statuses: Married filing jointly or Married filing separately....
Changes to Paycheck Protection Program: Are You Affected?
Just when I thought it was safe to come out of my bunker and start working on PPP forgiveness applications, Congress changed the rules. Thankfully for you, you aren't alone in figuring it out. S&K CPAs is here to help Both houses of Congress have passed the...
COVID 19: Where was your Accountant?
Luck is what happens when opportunity meets preparation. How many people heard this from their fellow business associates about a month ago: “You are so lucky to get the PPP money, you were so lucky to get the SBA EIDL loan, you are so lucky to be able to stay in...
COVID-19 SBA Disaster Loans
’ll save the jokes for later and cut to the chase. The quickest option to get money fast for your business is from your bank. They have many more flexible programs than the SBA Disaster Loan Program. In any event, these are all LOANS, and you must be creditworthy,...
COVID-19 Stimulus Tax Updates
I spent the weekend cooped up with a case of beer and guides to the tax law changes from the stimulus package that just passed Congress and was signed by President Trump. I expect that the fiscal fallout from the crisis will last a decade or more. Here is a pretty...
COVID and This Tax Season
While the world has been losing its marbles this past week, we at SK CPAs have been bouncing back and forth from feverishly working on our clients’ tax returns and paying attention to what fresh changes there have been to the tax situation this season....
Three Mistakes Business Owners Make in Selling Their Businesses
Take your foot off the revenue gas pedal. Many business owners start retirement before retiring. Keep growing revenue, profits, and cash flow. Buyers are buying your customers and the revenue they bring. Shrinking sales means a shrinking price. Many business owners...
Three Mistakes Business Owners Make Selecting Pension Plans
Staying with SIMPLE plans.SIMPLE plans are a relic of the 1990’s. You can consider them the poor man’s 401(k). They allow for employee salary deferrals and have an employer matching component, but they come from an era when real 401(k) plans were expensive to setup...
To Roth, or not to Roth? – a Taxing Dilemma
For Your 401(k) Retirement Savings Plan, Which Powerful Benefit Would You Prefer? An immediate tax break with a Traditional account Tax-free withdrawals with a Roth account Even better, what if you didn’t have to choose? Roth vs. Traditional 401(k)s: A Taxing Dilemma ...
Why You Should Have a CPA Firm Prepare Your Taxes
CPA’s and EA’s (Enrolled Agents) at SK CPAs have a commitment to continuing education on new tax laws. I reviewed the 2018 tax returns for a small construction contractor prepared by an uncertified preparer. The business was profitable, so I expected a...
Three Mistakes Real Estate Agents Make With Their Taxes
Not having a system to collect their deductions. Real estate agents hustle more than almost any other profession. In the morning, they might work on promotional materials in the office, show houses to prospective buyers in the afternoon, and attend...
How to Avoid Receiving Letters From the IRS
Every year the IRS issues millions of tax bills to taxpayers for items of income not reported on tax returns. For example, if a taxpayer received a pension distribution during the year, but did not report the distribution as income, the IRS sends a bill for the taxes...
Should I File My Taxes Separately From My Spouse?
At least a hundred times per year, clients ask us if they should file separately from their spouses to pay less in income taxes. To define this issue a bit, married couples can file their tax returns using one of two statuses: Married filing jointly, Married filing...
What Different Entity Types Mean for Your Business
America is built on entrepreneurial chutzpah. Starting one’s own business may not be for the faint of heart, but knowing how to structure that business does not have to be the stuff of nightmares. The choice of forming a sole proprietorship, a partnership, a...
What Tax Planning Can Do For You
Last tax season more than a million taxpayers got nasty surprises when filing their income tax returns. In prior years, they got small refunds or owed just a little. However, due to changes in the tax withholding tables, many owed $10K or more. Tax planning can do...
Buying or Selling a Home – How Does This Affect Your Taxes?
Buying or Selling a Home can impact your taxes in several ways Did you know that 673,000 homes were sold last year? That means over a million people had a major life change that most likely affected their taxes. At SK CPAs, we see this all the time. If you are in...
Should Your Business Be an S Corporation?
Here's Something to Think About To answer this question, we should first ask, “What is an S corporation?” An S corporation is a company, that is organized as a corporation or limited liability company (LLC), and elects S corporation status with the IRS by filing form...
The Tax Lady and the New Child Tax Credit
Exciting News About the Tax Lady (and the new Child Tax Credit) The Grim Reaper and I are excited to announce that we are expecting our first child! To those of you whispering that my enlarged belly results from gluttony and lack of exercise, well that’s just hurtful...
The Tax Lady and the New Child Tax Credit
Exciting News About the Tax Lady (and the new Child Tax Credit) The Grim Reaper and I are excited to announce that we are expecting our first child! To those of you whispering that my enlarged belly results from gluttony and lack of exercise, well that’s just hurtful...
IRS Guidance on Businesses that Qualify for New Deduction
New IRS Guidance on the Businesses that Qualify for the New 20% Pass Through Deduction I don’t often enjoy plane rides, especially when I’ve been downgraded out of first class and end up in BWI instead of Dulles (American Airlines sucks). However, one redeeming...