A-Z Blog

What qualifies as a “coronavirus-related distribution” from a retirement plan?

June 23, 2020 Tax Department COVID-19, Tax Bites CARES, coronavirus, COVID-19, retirement plan distributions, retirement plans

If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.

SBA Issues Update First PPP Interim Final Rule Following PPP Flexibility Act

June 22, 2020 CariAnn Todd COVID-19 COVID-19, Paycheck Protection Program, PPP, PPPFA, SBA

On June 10, 2020, the Small Business Administration (SBA) issued an updated interim final rule for the Paycheck Protection Program (PPP) in response to the PPP Flexibility Act passed on June 5, 2020. The updated guidance accounts for revisions made to the covered period, usage of funds changes, extended safe harbors, and more. Here is[ … ]

Good records are the key to tax deductions and trouble-free IRS audits

June 16, 2020 Tax Department Tax Bites business records, IRS, IRS audits

A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.

Seniors: Can you deduct Medicare premiums?

June 11, 2020 Tax Department Tax Bites medical expense deduction, medicare, TCJA

If you have medical expenses and you pay Medicare premiums, you know it can be expensive to get the coverage you want. But if you qualify, you can deduct the cost of premiums, along with other medical expenses, on your tax return. Here are the rules.

BeachFleischman Named a Best CPA Firm in Equity Leadership for Women

June 10, 2020 Heather Murray News and Events awards, leadership, MOVE Project, women

The 2020 Accounting MOVE Project recently named BeachFleischman a Best CPA Firm in Equity Leadership for Women. The 2020 Accounting MOVE Project recognizes the Best Public Accounting Firms for Women, and Equity Leadership firms are selected where women comprise a minimum of 30% of partners and principals. BeachFleischman was recognized for having 46% of the[ … ]

Paycheck Protection Program Flexibility Act Signed by President

June 5, 2020 June 12, 2020 Tax Department COVID-19, Tax Bites CARES, COVID-19, Paycheck Protection Program, PPP, PPPFA

On June 5, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds.[ … ]

A nonworking spouse can still have an IRA

June 3, 2020 Tax Department Tax Bites IRA, IRA contributions

If you’re married and you don’t work outside the home, you still may be able to contribute to an IRA. Here are the rules for spousal IRAs.

FASB Extends Effective Date of Revenue Recognition and Leases Standards for Certain Entities

May 29, 2020 Eric Majchrzak Assurance ASC 606, financial statements, revenue recognition

The Financial Accounting Standards Board (FASB) voted Wednesday, May 20, 2020, to give private companies and nonprofit organizations that have not yet issued their financial statements an extra year to comply with the revenue recognition and leases standards. Why did FASB extend the effective date? The deferred implementation was based on feedback the FASB received[ … ]

IRS releases 2021 amounts for Health Savings Accounts

May 27, 2020 May 26, 2020 Tax Department Tax Bites contribution limits, HDCP, HSA, IRS

There are many advantages to Health Savings Accounts (HSAs). Here are a few of them, along with the HSA inflation-adjusted amounts for the 2021 calendar year.

Paycheck Protection Program (PPP) Loan Forgiveness Assistance Now Available

May 22, 2020 June 2, 2020 Dave Iaconis and CariAnn Todd COVID-19 COVID-19, loan forgiveness, PPP

If your business has received an SBA Paycheck Protection Program (PPP) loan, now is the time to begin planning how you will allocate and document your spending over the relevant covered period to ensure you receive the maximum loan forgiveness. Work with our PPP Loan Task Force We have designed flat-fee consulting packages to help[ … ]