Government Clarifies PPP Loan Forgiveness for the Self-Employed

We now have both the new clarity and an easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. New Easy Road to 100 Percent Forgiveness Say thanks to the Paycheck Protection Program Flexibility Act of 2020. This new law creates a 24-week period for you to spend your PPP

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What people really want to know about Economic Impact Payments

COVID Tax Tip 2020-55, May 12, 2020 IRS.gov has answers to many questions people may have about their Economic Impact Payment. Here are answers to some of the top questions people are asking about these payments. Is this payment considered taxable income? No, the payment is not income and taxpayers will not owe tax on

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Q&A WITH TINA NGUYEN CPA: WHAT SHOULD YOU KNOW ABOUT COVID 19 RELIEF PACKAGE

Question 1: WHO IS ELIGIBLE FOR COVID-19 RELIEF FOR SMALL BUSINESSES? If you are business owner in all U.S. states and territories, and your businesses under below categories, you are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Small Businesses  (under 500 employees) Sole Proprietors (under 500 employees) Cooperatives (under 500 employees)

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How the IRS Knows If You Cheat on Your Taxes

Mailboxes are flooded with tax forms every year around this time, and many of them can be confusing, feel unnecessary or involve seemingly trivial amounts of money. But before succumbing to the urge to shove those pieces of paper into a drawer and pretend they don’t exist, beware — the IRS probably already knows what’s

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The 13 Financial Mistakes Killing Construction Firms

Many contractors struggle with their finances, simply because they fail to study the numbers and are unaware of their true financial situation. Often, it isn’t until after a project is completed that such contractors learn of their financial condition. Among the majority of construction business owners, one common financial misstep is not tracking and understanding

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What Houstonians need to know before filing taxes!

Starting Jan. 27, the Internal Revenue Service will begin accepting tax filings for the 2019 fiscal year. But in Houston, where small businesses are plentiful and tax professionals number in the thousands, there are a few tips and tricks to getting your taxes ready before Apr. 15. Here’s how to pick a tax filing method

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Understanding Sales Tax Rules for the Construction Industry (Part 1)

Although most states do not impose sales tax on construction services, contractors must be aware sales tax rules when they purchase and bill for supplies that they use. Lump-sum contracts and time and materials contracts can create very different sales tax obligations. The construction industry consists of businesses that construct or make improvements to houses,

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3 Tax Resolution Strategies the IRS Offers

Taxes are a fact of life, but tax problems shouldn’t be. If you find yourself in tax trouble, the IRS has clear plans for how to proceed in collecting what they believe you owe. After sending you notices, the IRS can garnish your wages, levy your bank account, even put a lien on your property.

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Reporting a Gift from a Foreign Source

If the value of the aggregate “foreign gifts” (described below) received by a U.S. person (other than an exempt organization) exceeds specified amounts, the U.S. person must report each foreign gift to the IRS. (Code Sec. 6039F) These amounts are: a. More than $100,000 from a nonresident alien individual or a foreign estate (including foreign

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How Construction Businesses Can Prevent Profit Fade

What Is Profit Fade? Profit fade occurs when a business’s profit is less than what was expected. It is a phenomenon that can be found in a wide range of business sectors, but tends to occur frequently among construction companies. Profit fades are common among construction companies because of the dynamic nature of the industry,

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Best Strategies for Cash-Flow Management in Construction

According to a Kabbage survey of construction firms, 28% cited cash flow as the biggest challenge during their first year in business, outweighing finding new customers. As your business grows, the struggle to manage a positive cash flow may continue. Cash-flow gaps can affect your ability to pay bills, order inventory, pay employees and just keep your

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IRS Releases 2020 Tax Rate Tables, Standard Deduction Amounts And More

The Internal Revenue Service (IRS) has announced the annual inflation adjustments for the year 2020, including tax rate schedules, tax tables and cost-of-living adjustments. These are the numbers for the tax year 2020 beginning January 1, 2020. They are not the numbers and tables that you’ll use to prepare your 2019 tax returns in 2020 (you’ll find them here). These are

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