Is your password strong enough?

Ferrone & Associates CPAsBlog, Uncategorized

A weak password is still one of the most common ways hackers break-in. Thanks to sophisticated brute-force-attack software readily available online, hackers can try tens of millions of possible password combinations per second. For example, hacking software can guess a five-character password in under three hours. If you only use lowercase letters, it’s 11.9 seconds. You need to have a … Read More

One more IRS refund

Ferrone & Associates CPAsBlog

13.9M taxpayers will get interest on their refunds The IRS is required to add interest to tax refunds on timely filed refund claims issued more than 45 days after the return due date.  The Internal Revenue Service plans to send interest payments averaging $18 to approximately 13.9 million individual taxpayers who filed their 2019 federal income tax returns on time … Read More

Traps to Avoid with Mergers

Ferrone & Associates CPAsBlog

If you are a business owner who is considering a merger at some point, it is vital to learn more about this process early in the game. Any business owner understands the difficulty of starting a new business and keeping the business alive. In most cases, crucial decisions must be made in order for the business to move forward, including … Read More

What you need to know about the Payroll Tax Deferral

Ferrone & Associates CPAsBlog

Recently, Donald Trump included a payroll tax deferral in his executive orders and it is leaving people unsure about what to do. CPAs, attorneys, and payroll programmers are all eagerly anticipating guidelines from the Internal Revenue Service and the Treasury Department on how to handle the payroll tax deferral that President Trump included in his executive orders. The IRS is … Read More

How working from home may change your taxes

Ferrone & Associates CPAsBlog

A large percentage of the workforce is now working from home, and company offices may be a thing of the past.  For companies that have gone remote, a new development of work-from-home is state tax nexus. Working in one municipality and living in another is nothing new. But now a large chunk of the workforce is working in one state … Read More

Ferrone and Associates picked as one of the 11 best accountants of SLC!

Richard FerroneBlog

Expertise scored 48 accountants in the Salt Lake area and picked the top 11 for their “Best Accountants in Salt Lake City” of 2020.  Expertise’s goal was to “connect people with the best local experts” so they scored accountants on more than 25 different variables across five categories to pick out the best of the best accountants in Salt Lake … Read More

NCCPAP urges Congress to consider automatic forgiveness for smaller PPP loans

Richard FerroneBlog

The National Conference of CPA Practitioners (NCCPAP) is urging Congress to automatically forgive smaller loans under the Paycheck Protection Program, and to make business expenses paid for with forgiven PPP funds are deductible. In a letter written to Congress by the NCCPAP it states that businesses with loans under $150,000 were often those hit hardest by the pandemic, and at … Read More

Planning Beyond COVID-19: the Main Street Lending Program

Richard FerroneBlog, Uncategorized

Small-to-midsized companies in need of capital need to leave no stone unturned. Now that the Federal Reserve Bank is buying Main Street Loans, should you or your clients consider applying for loans through the Main Street Lending Program (MSLP)? With each interim financial statement release, accountants gain greater visibility into the COVID-19 impact on company balance sheets and the need … Read More

6 productivity hacks for remote CPAs

Richard FerroneBlog

As the brick-and-mortar economy flirts with reopening, working from home is becoming the new normal. CPAs have no need to return to crowded offices, especially not in states where COVID-19 is having a second wind. Even if CPAs could resume their usual office rituals, their clients (or colleagues), may not be eager to meet in person. It seems that accounting … Read More

Big Jumps seen in Tax Prep Fees

Richard FerroneBlog

The average fee nationwide to prepare a non-itemized 1040 and a state return jumped almost 26 percent in the last two years, according to a recent survey. That represents a rise of $45. Responses showed that the average cost to prepare an itemized 1040 and a state return rose almost 11 percent from 2018. The average nationwide price for doing … Read More