Tax Pro Plus
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Suite 204
Los Angeles, CA 90064
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Ph: (310) 827-4829
Fax: (310) 842-7160
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Dear Valued Client,
In this edition of our newsletter, we tackle Paycheck Protection Program loan forgiveness, prior tax return amendment opportunities, IRS tax payments, business survival tips, and much more.
With so many tax planning and business operation issues arising, it is more important than ever to seek expert advice before it is too late. If you, your colleagues, family or friends need help, we are here for you. Talk to us before you make any major decisions.
We will continue our efforts to monitor the latest opportunities and are proactively implementing additional measures aimed at keeping all of our clients prosperous. We are committed to helping you through this crisis.
If you should have any questions, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
In this edition of our newsletter, we tackle Paycheck Protection Program loan forgiveness, prior tax return amendment opportunities, IRS tax payments, business survival tips, and much more.
With so many tax planning and business operation issues arising, it is more important than ever to seek expert advice before it is too late. If you, your colleagues, family or friends need help, we are here for you. Talk to us before you make any major decisions.
We will continue our efforts to monitor the latest opportunities and are proactively implementing additional measures aimed at keeping all of our clients prosperous. We are committed to helping you through this crisis.
If you should have any questions, please feel free to contact us directly. Until then, please stay safe.
Tax Pro Plus
Unraveling the Economic Impact Payment Confusion
Millions of Americans have already received their economic impact payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. If you have not received a payment or received an amount larger than you anticipated, you may be looking for some answers. But first, a little background on the payments:
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Your PPP Loan Forgiveness Will Probably be Less Than Anticipated
Now that you have gotten a Paycheck Protection Program loan (PPPL), it is time to start planning how to spend the loan proceeds so some portion of the loan will be forgiven.
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Are You Eligible For a 2018 Tax Refund?
You may be one of the many taxpayers eligible for a refund from their 2018 tax return. Last December, tacked on to an Appropriations Act, Congress passed the long-awaited extenders bill. This bill had been lingering in Congress for about 2 years and extended several beneficial tax provisions that had expired after 2017. As a result, these provisions were retroactively extended to 2018 and most are continued through 2020. This opens the door to amending your 2018 return for a refund if any of the following provisions apply to you. Here are the retroactive tax benefits:
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Forced to Return to U.S. From a Foreign Job? IRS Has Provided Time Waivers for Exclusion
The IRS has provided relief for taxpayers who were working abroad and returned to the U.S. because of the COVID-19 pandemic before meeting the foreign residency requirements that would qualify them to exclude or deduct all or a portion of the income they earned while working in a foreign country.
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Tips to Keep Your Business Afloat During COVID-19
How can you ensure your business survives the COVID-19 crisis on the economic side? It starts with considering what has happened and what steps you must take to bounce back.
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Delaying Payment of Old Tax Bills Is A Big Mistake
If you owe the IRS money or want to file an amended tax return, you should be aware that paper filings are being piled up and not processed right now.
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What's Best for You - Traditional or Roth IRA?
The tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type is the Roth IRA, established in 1997 and named after William Roth, who was a senator from Delaware.
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Tax Effects of a Business Making a Charitable Contribution
Charitable contributions are generally allowed as part of an individual’s itemized deductions on his or her income tax return, while a business expense deduction generally isn't allowable for a contribution made to a charitable organization.
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Tracking Mileage in QuickBooks Online
If you’re having to drive for work during the pandemic, let QuickBooks Online make sure you’re recording all of your deductible mileage.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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