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
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
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)
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
This Year, Plan to Keep More of Your Money – By Paying Less in Taxes!
Most Americans think of “taxes” as an annual ordeal, a sort of financial root canal. Gather the paperwork, drop it off in March, and sit down to review the results in time to file by April 15. (Wince!) That’s tax compliance. And compliance is important. But the real key to minimizing your taxes and keeping more
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
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
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,
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.
Những Lưu Ý Về Báo Cáo Thuế Cho Quà Tặng Nhận Được Từ Nước Ngoài
Bài viết áp dụng cho công dân Mỹ khi nhận được quà tặng từ bên ngoài nước Mỹ hoặc từ một cá nhân không phải công dân/thường trú nhân tại Mỹ. Khi công dân Hoa Kỳ (không thuộc diện miễn trừ thuế) nhận được quà tặng từ nước ngoài, nếu giá trị của quà tặng
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
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,
Tax Resolution and Your Finances: What is an Offer in Compromise?
Owing money to the IRS can be frightening to say the least. It is easy to feel helpless in such a situation but you should not let fear and feelings of helplessness freeze you into inaction. Every day you wait is one more day interest and penalties are accruing, and those charges could balloon your
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
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