Blog Posts

, Blog, Sarasota Tax Preparation & Sarasota Accounting

Still Time to Get $150,000 from the SBA

Can your business use an infusion of cash to deal with losses caused by the COVID-19 pandemic? The hugely popular federal Payroll Protection Program (PPP) that paid forgivable loans to millions of businesses ended on August 8 (although it could come back in revised...

, Blog, Sarasota Tax Preparation & Sarasota Accounting

7 Reasons You Need Outsourced Bookkeeping Services

Tags: Outsourced Bookkeeping Services, Virtual CFO Services, Virtual Accounting Services, Outsourced CFO, Outsourced CFO Services Are you struggling with keeping the books for your growing company? It’s a common issue. Many business owners have tried to do it...

, Blog, Sarasota Tax Preparation & Sarasota Accounting

Insights into the PPP Loan and Its Forgiveness

We receive many questions about the PPP. Here are two of them with our answers. 1. Good Faith at the Time Question. What are your thoughts on the repercussions for business owners who acted in good faith based on the information available at the time and are now left...

, Blog, Sarasota Tax Preparation & Sarasota Accounting

Running Lean: Understanding VCFO Services

Tags: Virtual CFO, Virtual CFO Services, Virtual Accounting Services, Outsourced CFO, Outsourced CFO Services Today, VCFO services are increasing with popularity. Due to pressure to cut in-house staff members and outsource where possible, hiring VCFO services is a...

, Blog, Sarasota Tax Preparation & Sarasota Accounting

Q&A: PPP Forgiveness Answers for S Corporation Owner-Employees

Tax law definitions do not apply to much of the PPP, making it new ground for owners of S corporations. Here are answers to four questions of concern to many S corporation owners. 1. Spouse Owns S Corporation Question. My wife owns 100 percent of the S corporation....

, Blog, Sarasota Tax Preparation & Sarasota Accounting

Spending the PPP Money on You and Your Employees

If you report your business income and expenses on Schedule C of your Form 1040, your Payroll Protection Program (PPP) loan forgiveness is straightforward, as you see in the four answers below. 1. Paying Myself Question. I know that I can achieve full forgiveness...

, Blog, Sarasota Tax Preparation & Sarasota Accounting

IRS Enables Millions to Qualify for the $100,000 IRA Grab and Repay

New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the rules as they existed before this new IRS...

, Blog, Sarasota Tax Preparation & Sarasota Accounting

COVID-19 Strategy: Hire Family Members to Create Tax Benefits

The COVID-19 pandemic may create tax benefit opportunities for you and your family members. For example, you could hire your under-age-18 children, pay them, say, $10,000 each, and they could pay zero federal income taxes. And you or your corporation, the employer,...

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