The new Section 199A deduction gives owners of pass-through business entities (e.g. sole proprietors, partners in partnerships, some real estate investors, and S Corporation shareholders) an extra deduction equal to 20% of their “qualified business income.”
Month: June 2020
Filing Requirement for Small Tax-Exempts
Most small tax-exempt organization with gross receipts of $50,000 or less, may be required to file Form 990-N, “Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ.” Small organizations were not required to file annual information with the IRS before the Pension Protection Act of 2006 enacted the filing requirement… Continue reading Filing Requirement for Small Tax-Exempts
SBA Releases Updated PPP Loan Forgiveness Application
On June 16, 2020 the SBA released the updated Paycheck Protection Program Loan Forgiven Application.
Senate Passed the Paycheck Protection Flexibility Act
On June 3, the Senate passed the Paycheck Protection Flexibility Act. It has been sent to President Trump, who is expected to sign it.
Intra-Family Loans: Can They Benefit Your Family?
With the estate tax exemption at approximately $11.5 million most of our clients would not achieve any transfer tax savings from making below market interest rate loans and letting their children invest the loan proceeds and earn a higher return.
Tracking Mileage in QuickBooks Online
If you’re having to drive for work during the pandemic, let QuickBooks Online make sure you’re recording all of your deductible mileage.
Make QuickBooks Yours: Customize the Desktop
Make QuickBooks work faster for you by changing a few settings.