Tax Bites Archives - BeachFleischman CPAs

After you file your tax return: 3 issues to consider

July 8, 2020 Tax Department Tax Bites filing, income tax filing, record keeping, record retention, tax records

Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

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.

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.

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.

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.

Best Practices for Organizing the PPP Loan Accounting Process

May 20, 2020 June 12, 2020 Dave Iaconis COVID-19, Tax Bites loan forgiveness, SBA

I received my Paycheck Protection Program Loan. Now what do I do? Many of our clients have received their Paycheck Protection Program (PPP) Loan and are asking us for procedures on accounting for the loan, maintaining the documentation, and navigating all the related twists and turns involved with the program’s requirements and ultimate loan forgiveness.[ … ]

SBA issues new guidance on PPP loan necessity certification

May 13, 2020 Dave Iaconis and CariAnn Todd COVID-19, Tax Bites good-faith certification, PPP, SBA, SBA disaster loans

There have been many questions regarding Paycheck Protection Program (PPP) loans and the borrowers’ required good-faith certification concerning loan necessity. Concerns over the possible ramifications of applying for the loan and then having the Small Business Association (SBA) evaluate the certification after the fact have been front and center in the national dialogue. Today, the[ … ]

Arizona’s Burgeoning Cannabis and Hemp Industry

May 13, 2020 Josephine Giordano Tax Bites agriculture, arizona business, ascpa, AZ CPA, cannabis, hemp

Earlier this year, BeachFleischman’s Josephine Giordano moderated a panel discussion for the newly formed ASCPA Cannabis Special Interest Section covering legal and regulatory challenges, dispensary operations, and accounting and tax issues for cannabis and hemp industry in Arizona. Her article about that panel discussion will be in the May/June issue of AZ CPA magazine.