File Your Taxes Early: 10 Reasons Why NOT to Wait

By Paul Scholz, Managing Partner Every year we have many clients who ignore their taxes until the last possible moment. Sometimes its unavoidable, like when you are waiting on K-1 forms or other documents that are necessary to complete your taxes and you have no control over when you receive them. Often though, it’s simply [...]

By |2021-07-15T23:11:03-07:00March 5th, 2021|General Accounting And Tax, Pauls's Tax Blog|Comments Off on File Your Taxes Early: 10 Reasons Why NOT to Wait

PPP Forgiveness & The Nonprofit Double Dipping Dilemma

As borrowers near the end of their 24-week covered period and prepare to apply for PPP forgiveness, many nonprofit organizations face the issue of double dipping, or being reimbursed for the same expense twice by government agencies. A surprise to many is that the PPP guidance does not actually address double-dipping. Federal cost principles, detailed [...]

By |2021-06-07T22:09:31-07:00January 26th, 2021|General Accounting And Tax, non-profit, nonprofit|Comments Off on PPP Forgiveness & The Nonprofit Double Dipping Dilemma

More PPP Loan Funds Available For Small Businesses

There is also additional money available from the Small Business Administration (SBA) for a new round of loans part of the Paycheck Protection Program (PPP) loans courtesy of the Emergency Coronavirus Relief Act of 2020. Here's what you need to know about PPP Loan Funds: Requirements to Take Out a 2nd PPP Loan If [...]

By |2021-01-14T14:29:53-08:00January 14th, 2021|General Accounting And Tax, New Tax Law, new tax act|Comments Off on More PPP Loan Funds Available For Small Businesses

Five Keys to Improving the Close Process for Nonprofits

The right nonprofit financial management team and reporting solution can be a critical driver of efficiency and visibility; the wrong solution can be a critical roadblock to strategic improvement. In accordance to “Close the Books” Survey Results – 2020 Edition, by Sage Intacct and our extensive experience with nonprofit outsourced accounting services, here are five [...]

By |2021-07-16T00:40:43-07:00January 5th, 2021|General Accounting And Tax, non-profit, nonprofit|Comments Off on Five Keys to Improving the Close Process for Nonprofits

Coronavirus (COVID-19) Update 03/20/2020

While everyone is busy wondering how to store another 1000 rolls of TP in their garage, many are unaware of a sidebar problem – tax filings due April 15 can be affected if you are waiting on data from sources that have shut down or are working with less staff than normal.

Medical Expenses for Misbehaved Children?

Behavioral problems, medical expense deduction? Do you have a child with behavioral issues? Did you know that expenses for the treatment as well as tuition for boarding schools may qualify as a medical expense? According to IRC Section 213, expenses paid for medical care of the taxpayer, spouse or a dependent may be [...]

Draft “Postcard” Tax Return released by US Treasury

This final week in June has seen the release of the first draft of the upcoming 2018 “Postcard” Tax Return from the US Treasury. After months of waiting, we are finally getting a glimpse of the changes that will be impacting next year’s tax season, even if in preliminary form. Next year’s Individual Income Tax [...]

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