by somichcpa | Apr 11, 2020 | Business, Corporate Taxes
Families First Coronavirus Response Act provides worker benefits The Families First Coronavirus Response Act is a new law passed last week that offers COVID-19 assistance for both employees and employers. This new law provides businesses with fewer than 500 employees...
by somichcpa | Apr 11, 2020 | Individual Taxes
The April 15 federal income tax filing due date has been moved to July 15, the U.S. Treasury Department and IRS recently announced. Here is what you need to know: The due dates for all tax payments normally due April 15 have been pushed back 90 days to July 15,...
by somichcpa | Apr 6, 2020 | Uncategorized
Here’s what you need to know about stimulus payment processing in order to protect yourself from scammers:Be alert for phone scams The Internal Revenue Service (IRS), Treasury Department, or any other government agency will not contact you by phone to collect...
by somichcpa | Mar 30, 2020 | Business, Corporate Taxes, Individual Taxes, Retirement Planning
To date, we have helped 58 business owners, and families navigate through the CARES Act. And yes – it’s LAW. But we are still WEEKS away from this law becoming implemented fully. We must be proactive through this entire process! We’ll keep you updated daily via...
by somichcpa | Mar 19, 2020 | Business
The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). We can assist you...
by somichcpa | Mar 10, 2020 | Individual Taxes, Tax Tips
Your kids are getting older. Before you know it they’ll be dating, driving and entering college (if they aren’t already!). Tax breaks drop dramatically as your children grow up, but you may be able to offset the losses with some timely tax planning. Consider the...
by somichcpa | Feb 25, 2020 | Business
Focusing solely on sales and profits can create a surprise for any business when there is not enough cash to pay the bills. Here are five key principals to improve your cash management. Create a cash flow statement and analyze it monthly. The primary objective of a...
by somichcpa | Feb 21, 2020 | Tax Tips
The savings limits for the ever-popular health savings accounts (HSA) are now set for 2020. The new limits are outlined here with current year amounts noted for comparison. What is an HSA? An HSA is a tax-advantaged savings account whose funds can be used to pay...
by somichcpa | Feb 18, 2020 | Business, Individual Taxes
With the major Form W-4 overhaul for 2020, you may field questions from your employees concerning their federal paycheck tax withholdings. While it’s not your responsibility to provide tax advice to your employees, it’s good to be prepared to help answer questions...
by somichcpa | Feb 11, 2020 | Financial Planning, Individual Taxes, Retirement Planning
The Setting Every Community Up for Retirement Enhancement Act, also known as the SECURE Act, was passed by Congress in late December 2019. Here are some of the features in the new legislation that will help you save more for retirement: Money can continue to grow...
