by Matt Engelmann | May 20, 2020 | Uncategorized
Do you have payment vouchers to pay your 2020 estimated taxes, but you would prefer to do it electronically online? Here is how to do it: Federal Direct Pay Link: https://www.irs.gov/payments/direct-pay Instructions: 1.) Click the blue “Make a Payment” button. 2.) On...
by Matt Engelmann | May 1, 2020 | Uncategorized
The IRS released notice 2020-32 that clarified what many of us in tax and accounting field expected. Expenses that would otherwise be deductible in your business will be non-deductible to the extent they are used to qualify for loan forgiveness. For an example,...
by Matt Engelmann | Apr 29, 2020 | COVID-19, Tax Updates & Rules
This year in 2020 is going to be challenging for many companies that are likely to incur net operating losses (NOL’s). To help create cash for businesses to survive, Congress changed the rules on NOL carrybacks for the 2018-2020 tax years. Before we discuss the...
by Matt Engelmann | Apr 28, 2020 | COVID-19
We have a number of self employed clients applying for Minnesota unemployment benefits. Certain professions such as hair stylists/barbers and massage therapists have been put out of business with the stay-at-home orders. In our experience, most self employed people...
by Matt Engelmann | Apr 28, 2020 | COVID-19
Our office continues to get questions from business owners who have had to lay off employees during the pandemic. Here are some of the common questions: Will my unemployment rates go up if I let employees go? Answer: If the reason is COVID-19 related, then the answer...
by Matt Engelmann | Apr 27, 2020 | COVID-19
Many sole proprietors and independent contractors felt left out on the initial PPP loan process. In fact, if they were lucky enough to secure loan funding on the first round, it was unclear as to how the loan would be forgiven. Whether you received relief on the first...
by Matt Engelmann | Apr 27, 2020 | COVID-19
This article has steps to proactively protect your business. Scroll to the bottom to find additional resources such as a PPP loan forgiveness calculator. If you are a small business, you are being impacted by the COVID-19 and the shelter in place orders. Do not wait,...
by Matt Engelmann | Apr 26, 2020 | COVID-19
For businesses that have been impacted by COVID-19, now is a critical time to conserve cash, create emergency budgets, and do cash flow projections. We have been assisting our clients the last few weeks on securing PPP loan funding to help them through this critical...
by Matt Engelmann | Apr 26, 2020 | Uncategorized
With the COVID-19 issues, business for many is slowing down (or shut down completely). At the end of the day, cash flow is what matters most. Will you have enough cash to meet your operating expenses and payroll obligations? For how long? For our clients we can...
by Matt Engelmann | Apr 25, 2020 | Uncategorized
Do you have a voucher to pay your 2019 tax return, but you would prefer to do it electronically online? Here is how to do it: Federal Direct Pay Link: https://www.irs.gov/payments/direct-pay Instructions: 1.) Click the blue “Make a Payment” button. 2.) On...
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