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SBA’s Inspector General Reports SBA Failed to Follow Guidelines on PPP Loans

by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | First Time Home Buyer IRA

Think the FAQs Released by the SBA and IRS give the definitive answer on how the PPP loans are to be made, used and forgiven? Think again. According the SBA’s Inspector General report the SBA has failed to follow guidelines on PPP loans included in the law. In a...

COVID-19 Paid Leave Tax Credits for Small and Midsize Businesses

by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | Business Tax, Covid-19, Payroll Preparation

Small and midsize businesses can swiftly recover the costs of providing Coronavirus-related paid leave for employees. This is done by using one or two new refundable payroll tax credits. The Paid Sick Leave credit and the Paid Family Leave credit are designed to...

Tax-excluded Education Payments by an Employer Temporarily Include Student Loan Repayments

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19, Personal Tax

The CARES Act extends the traditional ability of employers to exclude payments on behalf of an employee for educational expenses of up to $5,250 per year to include the repayment of employee student loans. In both cases, payments are deductible to the employer while...

What can I Deduct Since I Have Been Forced To Work From Home?

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19, Personal Tax

One of the questions we are getting the most right now is regarding what those who have been forced by their business or company to work at home can deduct. The truth is if you are an employee working from home as the tax law currently stands, deductions for employee...

IRS Clarifies PPP (Paycheck Protection Program) Loan Tax Consequences

by Steven J Weil, PhD, EA, LCAM | May 6, 2020 | Blog, Business Tax, Covid-19

The IRS recently released Notice 2020-32 which explains that while amounts forgiven under PPP loans are not taxable to the recipients of the loan, the expenses used to qualify for said loan forgiveness are also not deductible. The CARES Act provides for PPP loan...

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Blog

How To Properly Use Your Accounting System

May 19, 2023 | Blog

Proper use of your accounting systems requires the system to be set-up properly. Set-up is a little different for each kind of business. Set-up starts with having a chart of accounts that is designed for your business. The kinds of revenue and expenses that a...

Accounting Systems

May 17, 2023 | Blog

4 Things You Should Get From Your Accounting System Business accounting is about more than just getting information to do your taxes. It should provide you with useful information that helps you understand how you are doing, provide a way to manage cash flow, prevent...

Garbage In Garbage Out

May 15, 2023 | Blog

Accounting System Input Determines Accounting System Output The first thing I learned about computers back in the days when programs were written on punch cards, was garbage in garbage out. This old adage is even truer today than it was when I learned over 40 years...

FICA Tax — An Explanation

May 13, 2023 | Blog

Who the heck is FICA, and why is he getting my money? That is the question my kids asked when they received their first paycheck. As I explained to them, and they will have to explain someday to their children, FICA is the money the government uses to pay older people...

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