Nobody Likes Doing Their Taxes
Nobody Likes Doing Their Taxes….But as Long as You HAVE to Have them done Be sure you Pay Your Lowest Legal Possible Tax
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Bank of America On Line Seminar: Paycheck Protection Loan Forgiveness
Bank of America On Line Seminar: Paycheck Protection Loan Forgiveness
Year End Tax Planning
Year End Tax Planning
As we all celebrate Thanksgiving it is time once again to do some year-end tax planning.
I suggest doing tax planning before year end so there are no undue surprises going into next year. To help guide in the process I have provided the below two resources for your review/use.
To do formal Tax Planning please use out Tax Preparation Checklist in pulling your corporate data together for review being sure to include year to date financial statements and YTD Gross Wages by Employee and your last payroll stub showing your YTD salary and withholding.
Year End Tax Planning: What Businesses Should Do Now
If you fail to plan, you are preparing to be surprised. Learn how you can get ready now for your year-end liability and survive the year-end tax preparation process.
Finding (and Tracking) Business Tax Deductions
Whether you are a new business owner or have owned your company for years, missed business deductions are a consistent cause of concern. Discover new ways and methods to improve your business tracking skills.
Updates on Internal Recording on Your Financial Statements and Tax Deductions for PPP Loan Covered Expenses
Updates on Internal Recording on Your Financial Statements and Tax Deductions for PPP Loan Covered Expenses
Below are rules as I understanding both the accounting and tax consequences of Debt Forgiveness of PPP Loans.
If you are preparing financial statements for a bank you will want to follow the attached rules on when to take the PPP loan off of your financial statements. This will be when both your bank and the SBA concur on the Forgiveness amount which may be five months after your initial application.
In both preparing financial statements for a bank as well as for your tax return mainstream wisdom leads towards showing the amount/partial amount of PPP Loan Debt that is Forgiven as an Other Income Item on your financial statements rather than as as reduction of covered expenses.
For Tax Purposes…Whether you have or have not submitted your PPP Forgiveness Application by the end of 2020 and either have or have not received a formal response to your PPP Forgiveness Application request by the end of 2020, you are required to take into income in 2020 the full amount of the loan reasonably expected to be forgiven (regardless of if your PPP loan is forgiven in either tax year 2020 or 2021).
The option of selecting a year for deduction applies only to the portion of the PPP loan if your Forgiveness Application is denied in whole or in part or if you opt to never request PPP Loan Forgiveness.
For those desiring more detailed reading:
Two Approaches for PPP Loan Accounting | RKL LLP
A Christian Virtual CFO/CPA Serving 30A, the Emerald Coast, the Gwinnett & Metro Atlanta Area
“It is VERY difficult to do one thing well.” These are words spoken to me several years ago that I will never forget. Complexity in business management for America’s entrepreneurs continues to become a way of life for today’s business owners. Working with a Virtual CFO will do much to help guide you through costly trial runs at success and help guide you ever closer to profit maximization and long-term success.
Financial Statements, Bookkeeping & Income Tax Preparation
Financial Statements, Bookkeeping & Income Tax Preparation
Success IS…..
Success is something earned not granted. It is the end result of a day worked and lived minute by minute and is measurable at the end rather than at the beginning of a journey.
Success is a lifestyle and not an achievement as you do not achieve success but rather become through hard work, diligence and effort.
Success is the difference between being “done” and done “well.” I have seen way too many examples in life of people who stopped working or were finished but yet did not complete a certain task to the best of their ability.
Success only comes when one has done their best!
Success is not being awesome by others standards but buy one continuing to put forth their VERY best in EVERY Circumstance.
Should I Convert my LLC to an S Corporation for Tax Purposes?
Should I Convert my LLC to an S Corporation for Tax Purposes?
America the Beautiful…
I am fervent Believer and Voter 🙂
However in a few how I voted will no longer matter….
But what I do WILL….
I promise to support and pray for our President…
And thar our nations wounds will heal…
As a people we will grow together…
With no one of any race but American…
The greatest country the world has ever know.
Are we perfect…none of us are…
But UNITED when we stand as one we are America the Beautiful!!
Love you all!!!