In order to reach racial and gender equity and assist businesses in low and moderate-income, rural, urban and other underserved areas, the SBA has established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. The exclusive period ends at 5:00 pm EST on March 9, and the PPP… Read More

Taxpayers who haven’t received a W-2 or Form 1099 should contact their employer, payer, or issuing agency and request the missing documents BEFORE filing their taxes or submitting their information to a tax preparer. This also applies to those who received an incorrect W-2 or Form 1099. The IRS attempts to match business payments with… Read More

Like many of us, you’ve probably dreamed of turning a hobby or pastime into a regular business. Or perhaps the current economic condition necessitated that you turn to a side job to earn extra money. You won’t have any unusual tax headaches if your new business is profitable. However, if you consistently generate losses, the… Read More

If you’re self-employed and use part of your home for business, you may be able to deduct expenses allocable to the business use. The home office deduction is available for homeowners and renters. To qualify for the deduction, you must use the space in your home regularly and exclusively as your principal place of business.… Read More

The New Mexico Taxation and Revenue Department is redesigning its Combined Reporting System (CRS) to create separate returns for withholding, gross receipts, and compensating taxes. The changes are expected to be phased in starting in July 2021. The first phase will create forms that are intended to make it easier for taxpayers to manage their… Read More

Everyone knows that having strong locks, a security alarm and perhaps a security guard will help protect your business from a physical break in. But what about the sneaky cyberthieves you can’t see coming? There are several things you must implement to protect yourself, your livelihood and your client or customer data. Here are a… Read More

The U.S. Congress addressed some of the financial impacts businesses have suffered due to emergency health orders, and it created provisions in the Jan. 2021 relief bill to help. Here are a few: Repealed the provision that reduced PPP forgiveness by the amount of any EIDL advances. Allowed a second draw or “double-dip” of PPP… Read More

Nothing makes a tax preparer happier than a prepared client. Here are a few tips for going to your tax appointment with everything you need. Look at last year’s tax return for income and expense reminders. Make sure you have all the 1099s from your bank reporting your interest and dividend income. If you opened… Read More

Eventually all business owners will need to purchase or replace assets. When this happens, they need to determine how the cost of those assets will be recovered. Typically, the cost of business assets is recovered over their expected life through depreciation. If your goal is to recover that cost faster, you can either expense it… Read More

In 2017, the Tax Cuts and Jobs Act (TCJA) provided that net tax losses from businesses in excess of an inflation-adjusted $500,000 for joint filers, or an inflation-adjusted $250,000 for other taxpayers, are to be treated as net operating loss (NOL) carryforwards in the following tax year. This new rule eliminated the ability for a… Read More