End-of-Year Tax Strategies for Investors

Ferrone & Associates CPAsBlog

Busy season for accountants also, unfortunately, coincides with end-of-year tax planning. As you’re working on this with your clients, here are a few investment strategies from that may delight and help your clients save money next year.   It’s none too soon to review investment strategies that will keep money in your pocket and out of the IRS’s till, which is, … Read More

How to Avoid Scams and Phishing

Ferrone & Associates CPAsBlog

On Wednesday, November 4 the Security Summit reported that taxpayers are being targeted by a new series of text-message scams that impersonate state departments of revenue and tax relief organizations.  In an Internal Revenue Service press release, the Security Summit explains that identity thieves are asking taxpayers to provide bank account information finalize a transfer of Economic Impact Payment funds. … Read More

IRS Announces Taxpayer Relief Initiative

Ferrone & Associates CPAsBlog

The IRS announced a new program, the Taxpayer Relief Initiative, to help taxpayers who are unable to pay their taxes because of the pandemic.  Taxpayers who owe taxes and could not pay have always had options such as installment agreements and offers in compromise, but now they have more options. The highlights of the Taxpayer Relief Initiative, according to the … Read More

Answering an Important Question from a Client

Ferrone & Associates CPAsBlog

Andrew writes:  “Hello Richard, What do you think a “safe” number for my company would be?” My answer: Three months of operating capital is a reasonable amount. It gives you time to react. You can obtain financing, implement operational changes, cut costs, react to market trends and conditions, and a whole host of other uncertainties. (COVID restrictions, changes in tax … Read More

Ignore the Hype! Read this before you apply for your PPP Loan Forgiveness

Ferrone & Associates CPAsBlog

There are issues that have not been dealt with, perhaps the most important of which is the tax effect of loan forgiveness.  The IRS has taken the position, and rightfully so, that if a PPP loan is forgiven, it is considered to be cancellation of debt, which is taxable.  At issue is whether or not Congress passes legislation that will … Read More

Advice for Issues Businesses Owners Face Going Virtual

Ferrone & Associates CPAsBlog

Reopenings begin with masks, conference rooms have gone Zoom, and businesses face a load of new questions — but for many, the future comes down to one: “How am I going to survive?” We all know that virtual does not replace face-to-face and many small businesses have been hurt. But how can we help these businesses transitioning to virtual? A … Read More

13 Tips if You Haven’t Saved for Retirement

Ferrone & Associates CPAsBlog

According to research, most Americans don’t have enough money saved to retire. Fortunately, by taking these steps as early as possible, you can help change that.  Here are 13 tips to help you afford the retirement you deserve. Work Longer: Assuming your employer permits it, it’s the obvious choice. Each additional year shortens retirement while adding a year for additional … Read More

SBA has simplified the loan forgiveness process

Ferrone & Associates CPAsBlog

Good news for borrowers with PPP loans of $50,000 or less: The SBA has simplified the loan forgiveness application process. Now you just need to fill out a 1-page application, provide supporting documentation, and certify that funds were used for approved purposes in order to qualify for forgiveness. Documents Required: 3rd Party payroll reports (Gusto, ADP, Paychex, etc.) or self-generated … Read More

How Firms Can Take Advantage of New Technology and Resources

Ferrone & Associates CPAsBlog

During this last year, we have learned so much about managing our remote workforce, rethinking the scope and delivery of our services, and about new and new-to-us resources and tools that have helped us transition and adapt. There is no argument that established, virtual firms had a leg up on the competition. Although it may seem that we have made … Read More

Remote workers may provide tax savings for employers

Ferrone & Associates CPAsBlog

Working remotely during the pandemic may become routine, as both companies and workers come to appreciate the convenience and savings available.  There are also many opportunities to save on taxes imposed by local jurisdictions on the business entity. A number of local jurisdictions — and the list is growing — impose local taxes on business entities. In some cases, such … Read More