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ANY TAX ADVICE IN THIS COMMUNICATION IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY A CLIENT OR ANY OTHER PERSON OR ENTITY FOR THE PURPOSE OF (i) AVOIDING PENALTIES THAT MAY BE IMPOSED ON ANY TAXPAYER OR (ii) PROMOTING, MARKETING OR RECOMMENDING TO ANOTHER PARTY ANY MATTERS ADDRESSED HEREIN.
Category Archives: Accounting
COVID-19 Employer Payroll Tax Deferral UPDATED
Updated 06/05/2020 SBA PPP Loan Forgiveness recipients, upon Paycheck Protection Program Flexibility Act becoming law, can now defer the employer share of Social Security and Medicare payroll taxes incurred through the end of the year. Previously, SBA PPP Loan recipients … Continue reading
Posted in Accounting, Covid-19, Grants & Assistance, IRS, Payroll, Taxes
Tagged #ACCPAS, #COVID19, Carol McAtee, Carol McAtee & Associates, PPP, SBA Loans, St. Petersburg Florida CPA
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COVID-19 Congress Makes PPP Loan Forgiveness A Bit Easier!
Last week, on May 27, 2020 the House passed legislation, Paycheck Protection Program Flexibility Act, H.R. 7010, loosening the requirements for PPP loan forgiveness. Yesterday, the Senate, while not in full session, unanimously consented to the House version of the … Continue reading
Posted in Accounting, Business, Business Taxes, Covid-19, General Interest, Grants & Assistance, IRS, Payroll, Taxes
Tagged #ACCPAS, Carol McAtee, Carol McAtee & Associates, PPP, SBA Loans, St. Petersburg Florida CPA
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COVID-19 SBA PPP Legislative Update
Changing the PPP rules would be of great benefit across the board. Congress’ CARES Act was based on a two-month period. Congress did not anticipate or plan for many of the glitches and questions things that have unfolded since initial passage. Last week, … Continue reading
Posted in Accounting, Business, Business Taxes, Covid-19, General Interest, IRS, Taxes
Tagged #ACCPAS, Carol McAtee, Carol McAtee & Associates, IRS, PPP, SBA Loans, St. Petersburg Florida CPA
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COVID-19 Why Hasn’t My Friend Gotten Their Stimulus Check?
On April 16, 2020 we published The Corona Virus Version of Where’s My Refund which highlighted Just Asking for A Friend. Today we publish Why Hasn’t My Friend Gotten Their Stimulus Check? In case your friend is wondering where the … Continue reading
Posted in Accounting, Business, Covid-19, General Interest, Grants & Assistance, IRS, Payroll
Tagged #ACCPAS, #covid-19, Carol McAtee, Carol McAtee & Associates, St. Petersburg Florida CPA
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#COVID-19 Still Some PPP Left
Word on the street is there remains $70 billion in SBA PPP funding. That first 349B$ April 3 was gone in a matter of several days. Near the end of April, it was replenished with 310B$. Plus, all the returns-the … Continue reading
Posted in Accounting, Business Taxes, Covid-19, General Interest, Grants & Assistance, Taxes
Tagged #ACCPAS, Carol McAtee & Associates, PPP, SBA Loans, St. Petersburg Florida CPA
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#COVID-19 PPP Loan Forgiveness and Furloughed Employees Part 3 of 3
You want them back but you really shouldn’t call or text. Give the furloughed employee a written Offer of Recall that documents: Return to work date. Terms of employment – Position, Supervisor, Responsibilities/Job description, Salary/hourly rate, Hours, and whether Exempt/Non-exempt … Continue reading
Posted in Accounting, Business, Business Taxes, Covid-19, Payroll, Taxes
Tagged #ACCPAS, #COVID19, Carol McAtee, Carol McAtee & Associates, Payroll, PPP, SBA Loans, St. Petersburg Florida CPA
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#COVID-19 Employer Payroll Tax Deferral
“Section 2302 of the CARES Act provides that the payment and deposit of the employer’s share of the social security portion of FICA tax and the employer’s share of the social security portion of RRTA tax for deposits that are … Continue reading
Posted in Accounting, Business, Covid-19, Individual, Taxes
Tagged #ACCPAS, #COVID19, Carol McAtee & Associates, McAtee & Associates, Planning Tip, SBA Loans, St. Petersburg Florida CPA
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Keeping Track…of expenses. The first of a two-part series.
There are so many things we keep track of on a daily basis: bank balances, dogs, kids, and how much gas is in the tank. But if you’re a business owner, you’re also tracking expenses. There’s two ways to dress … Continue reading
Posted in Accounting, General Interest
Tagged Carol McAtee, McAtee & Associates
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Year-end To-do List.
Here’s a what to do before December 31st checklist to help you prepare for upcoming tax return preparation. REINFORCING THE BASICS. Keep in mind that the standard deduction is still increased resulting from the 2017 TCJA; therefore, you may or … Continue reading
Posted in Accounting, Business Taxes, Individual Taxes, Taxes
Tagged Business taxes, Individual Taxes, S-Corp Shareholder
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Form 1099-MISC – By the Box And More
It’s that time of year again when, as a business owner, you have to start thinking about 1099ing folks. There’s a lot to it but we’re going to think about it with you. REINFORCING THE BASICS. What is a Form … Continue reading
Posted in Accounting, Business Taxes, Individual Taxes, Taxes
Tagged 1099, Form 1099-MISC, Independent Contractor, Miscellaneous Income
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