S Corporations and PPP Loan Forgiveness

Attaining S corporation status has certain tax advantages. S corporations are treated as pass-through entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are […]

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Reporting Requirements for Health Care Providers That Received Pandemic Relief

For health care providers operating in the middle of a pandemic, profit often takes a backseat to saving lives. That’s why many providers have taken money from Uncle Sam in the past year. Some programs intended to help providers get by include Provider Relief Fund General Distributions, Targeted Distributions, Skilled Nursing Facility Infection Control Distributions […]

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Planning Ahead for Tax Credits and Deductions

Everybody wants to pay as little in taxes as possible. Most people use software or hire an accountant to help them find all the deductions they can subtract from their taxable income and all the credits they can subtract from their final bill. But most tax breaks require you, the taxpayer, to plan ahead. Even […]

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You Need Accurate Monthly Financials

Monthly financial reporting helps owners, managers and potential lenders get a better understanding of a company’s current and future financial status. You can see financial trends when you examine daily, weekly and monthly financial reports. You’ll be able to manage long-term profitability by improving internal business performance while staying updated on significant progress or changes […]

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Florida Remote Seller Bill Signed

Florida Governor Ron DeSantis has signed legislation requiring marketplace providers and out-of-state retailers with no physical presence in Florida to collect sales tax on sales of taxable items delivered to purchasers in Florida, if the marketplace provider or out-of-state retailer make sales exceeding $100,000 during the previous calendar year. The legislation provides that every person […]

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Is This Your Situation: You’re Spending Too Much on Bookkeeping

Wondering what your options are to reduce spending and increase income? Here are some tips: Organizing your finances is the foundation for financial success. Receipts scattered? Can’t keep up with payments that are due? Missed payments result in late fees and interest charges, and all those do are increase the overall amount to be paid […]

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Employers Get Tax Breaks for Vaccination Leave

Small and midsize employers, and certain governmental employers, can claim refundable tax credits that reimburse them for the cost of providing paid sick and family leave to their employees due to COVID-19, including leave taken by employees to receive or recover from COVID-19 vaccinations. These credits are available to eligible employers that pay sick and […]

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Do You Need an Economic Injury Disaster Loan?

Even before the pandemic, the Small Business Administration offered Economic Injury Disaster Loans for “losses not covered by insurance or funding from the Federal Emergency Management Agency (FEMA) for both personal and business” expenses and for “business operating expenses that could have been met had the disaster not occurred.” The SBA has also been offering […]

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