U.S. Small Business Administration offering assistance during Coronavirus

The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus. The SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. … Read More

Marci RomneyU.S. Small Business Administration offering assistance during Coronavirus

The Coronavirus Aid, Relief, and Economic Security (CARES) Act

As of now, the stimulus coronavirus bill includes cash totaling $301 billion per the Tax Foundation (a think tank that has modeled the proposal). However, not everyone will be receiving a check due to two significant requirements: 1- a phase-out as income increases and 2- filing an income tax return. At first glance, the plan’s provisions seem simple. Adults would … Read More

Marci RomneyThe Coronavirus Aid, Relief, and Economic Security (CARES) Act

Utah Tax Filing Deadline Extended

After consulting with the Governor, the President of the Senate and the Speaker of the house, the Utah State Tax Commission intends to extend the Tax Filing Deadline to July 15 to follow the federal government’s tax filing and payment action in response to COVID-19.  For more information about the IRS decision to extend tax day to July 15th without … Read More

Marci RomneyUtah Tax Filing Deadline Extended

Tax Day Moved to July 15

This morning Treasury Secretary Steven Mnuchin tweeted that under President Trump’s direction, “we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Earlier this week, as a result of the coronavirus pandemic, the administration moved the payment date to July 15 … Read More

Marci RomneyTax Day Moved to July 15

IRS Proposes New Rules for Deducting Meals and Entertainment

The Internal Revenue Service has released a set of proposed regulations for businesses to follow when deducting meals and entertainment, in response to the 2017 tax overhaul. The Tax Cuts and Jobs Act got rid of the deduction for any expenses related to activities typically considered to be for entertainment, amusement or recreation. It also restricted the deduction for expenses related to … Read More

Marci RomneyIRS Proposes New Rules for Deducting Meals and Entertainment

5 Tax Planning Tips

Use these five tips to approach your 2019 income tax return with more confidence. Check back with us later next week, as more tips will be added soon! 1. Know if you will take the standard deduction It’s important to know whether you expect to take the standard deduction before making decisions on year-end spending that would normally generate itemized … Read More

Marci Romney5 Tax Planning Tips

Accountants to rely more on big data in 2020

CPA firms are embracing data science and analytics to improve performance at their companies, leveraging the technology to improve their organization’s data governance and analysis capabilities.  Accountants will need to continue to develop the necessary skills to pace with technology and act as strategic business partners with their clients.  It is expected that the number of companies deploying big data … Read More

Marci RomneyAccountants to rely more on big data in 2020

IRS Sending Earned Income Tax Credit (EITC) Warning Letters

Preparers who’ve submitted returns with sketchy claims for the Earned Income Tax Credit, the Child Tax Credit Tax/Additional Child Tax Credit, and the American Opportunity tax Credit will soon receive IRS Letter 5025. This letter is designed to inquire “about questionable tax returns” and let preparers know that they have been identified, and they must meet EITC due-diligence requirements. During … Read More

Marci RomneyIRS Sending Earned Income Tax Credit (EITC) Warning Letters

Hobby Losses: How to Not Get Trapped

Horse breeding losses aren’t always hit by the hobby loss disallowance.  A man who bred, trained, and showed horses has reported his losses since 1997.  So how did he do it, and what can you do? Be an expert in the field Have a plan (in this case it was to increase brand recognition) Keep good records Expand or restrict … Read More

Marci RomneyHobby Losses: How to Not Get Trapped

Year End Tax Planning

Individual Tax Planning When doing your individual tax planning, look ahead to the overall impact on 2019 and 2020. The end gamed is to reduce your taxes over both years. Most people, but not all, will benefit by accelerating write-offs from 2020 into 2019 while deferring taxable income.  Taxpayers who claim itemized deductions have flexibility in shifting write-offs, why can … Read More

Marci RomneyYear End Tax Planning