Will You Qualify for a Second PPP Loan
The second round of Paycheck Protection Plan funding is now available to businesses around the country who continue to suffer from the COVID-19 pandemic. But can your business get a second PPP loan? Keep reading to find out.
How Your COVID Stimulus Check Will Be Reported on Your Taxes
When COVID stimulus payments were first issued, there was a great deal of confusion regarding whether or not those payments were simply an advance on your tax refund. This was not the case, and any stimulus amount you received will not impact how much you receive or how much you owe on your taxes. However, many people do still have questions regarding how to file their taxes this year with their COVID stimulus income. Here’s what you need to know.
Payment Plan Options for Your Tax Debt
If an unexpectedly large tax bill has taken you by surprise, you might feel at a loss about what to do. This article will outline some common IRS payment plans that may help to make your tax debt more manageable.
Key Differences between CPAs and Tax Preparers
When filing your taxes, you have a few different options available to you to get the job done. Your first option is to file your taxes yourself. While this may be a sensible choice for those with very simple tax returns, if you have more than a W-2, things can quickly get complicated and require the help of a professional. This leads you to your remaining two options: a CPA, or a non-CPA tax preparer. Here are some key differences between the two, and why one is clearly the better choice.
How Registering Your Business as an S Corp Saves You Money
Did you know that the designation you give your business can impact how much you pay in taxes? Registering a business as an S corporation is one way that many business owners have found to significantly reduce the amount they pay in taxes each year. Keep reading to learn more about how this business designation can save you money.
How to Properly Deduct Business-Related Vehicle Expenses
Here’s what you need to know about deducting business-related vehicle expenses and how to do it properly.
Using Tax Projections and Tax Planning Services for Your Business
When managing and planning your business’s finances, how much do you look at your business’s taxes? If you’re ignoring your taxes in your financial planning, you’re not getting the full financial picture for your company.
How to Reduce the Estate Tax on What You Leave for Your Heirs
If your estate is valuable enough to be taxed at your passing, there are a few things you can do to either reduce or even completely eliminate the estate tax on what you leave behind. Keep reading to learn what you can do, or reach out to one of our financial experts.
Do You Have to Pay Taxes for a Business with a Net Operating Loss?
How is a net operating loss for your business handled on your tax return? Do you have to pay taxes on any income you've received still? Can the loss be deducted from your personal income? This blog will give you the answers, and our business tax experts can help ensure your business's taxes are handled properly.
Making a Smooth Transition to a New Business CPA
Are you considering switching to a new business accountant? The process can seem daunting, but here's a bit of guidance on how to get through the transition. If you're looking for a new CPA for your business, contact us to learn more about our services and how we can help you through the process of changing accountants.
COVID-19 Relief Options for Your Small Business
Many small businesses are struggling to keep their companies running in the wake of COVID-19. If you're looking for relief from the financial strain of this pandemic, this blog outlines a few options available to you.
IP PIN What Is It and How Can It Protect You from Tax Fraud
Have you heard of the IP PIN program? This IRS program can help to protect you from tax fraud and ensure your tax refund isn't stolen by scammers. Keep reading to learn more about IP PINs, how they work to protect you, and how you can get one yourself.
The Benefits of Having the Same Accountant for Taxes and Bookkeeping
Most business owners know the importance of entrusting their taxes and bookkeeping to professional accountants. Leaving these tasks up to an expert ensures greater accuracy on your financials and allows you to focus more of your time and effort on running your business. But what many business owners don’t realize is that entrusting both of those financial tasks to the same accountant can provide your company with even greater benefits. Learn more about these benefits below. And if you’re looking for an accountant that can handle both your bookkeeping and your company’s taxes, contact Kohl & Company today.
Can I collect unemployment benefits and Social Security retirement income simultaneously?
We receive a steady stream of questions about collecting unemployment benefits and Social Security retirement income.
Will an IRS Officer Be Visiting You about Your Unfiled Taxes?
The IRS has announced that they are beginning to send revenue officers directly to the homes of taxpayers with unfiled tax returns. How do you know if you should be expecting a visit, and what can you do about it?
BEWARE: MORTGAGE FOREBEARANCE UNDER COVID-19; IS IT REALLY FOR YOU…
The relief promised for mortgage payments under COVID-19 can only be described as a mixed bag leaving you to negotiate with your lender. We combed many sources to only find that,
Important Covid-19 IRS and SBA Updates
As the IRS and SBA continue to update information, we realize many you need additional guidance.
Highlights of the SECURE Act and How They Impact You
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act, or SECURE Act, was signed into law. This act implements some major changes to retirement legislation and may have a significant impact on your retirement planning. The SECURE Act went into effect at the beginning of the year, so it’s important that you learn as much as you can about its provisions and how they impact you. We’ve put together some of the highlights of the SECURE Act here, but if you have any questions about how these changes will impact your retirement plan, contact our financial planners for assistance.
IRS Giving Taxpayers 90 More Days to Pay Taxes
Since the beginning of March, many have been pushing for the US Treasury to extend the tax deadline amid the COVID-19 pandemic and the changes to daily life that have followed. Over the course of the last several weeks, the government has recommended increasingly strict guidelines, which have led to school closures, business shutdowns, and event cancellations. Now, the IRS is offering Americans an additional 90 days to pay their taxes so that they can instead focus on immediate concerns surrounding this outbreak. Here’s what you need to know.
Treasury secretary announces 90-day delay in tax payment deadline
The AICPA is aware that Treasury Secretary Steve Mnuchin announced today a series of tax relief measures designed to assist taxpayers and tax preparers during the coronavirus pandemic.
5 Benefits of Filing Your Tax Return Early
Have you been procrastinating filing your tax return? If so, you're missing out on several benefits that come from filing your taxes early.
Crucial Tax Advice for First-Time Business Owners
Setting up a new business requires a lot of work, and with so much to do, it can be easy to overlook matters regarding to your new company's taxes. Here are some critical pieces of tax advice for any first-time business owner to follow.
Comprehensive Accounting Services for Local Businesses and Residents
At Kohl & Company, we’re dedicated to providing a comprehensive list of accounting services for not only individual residents in Lakeland and Lake Wales, but for business owners and their companies as well. We're here throughout the year to become your partner in all of life's financial matters.
2019 Tax Season Official Start Date
The Internal Revenue Service confirmed that the nation's tax season will start for individual tax return filers on Monday, January 27, 2020, when the tax agency will begin accepting and processing 2019 tax year returns.
IRS issues standard mileage rates for 2020
The Internal Revenue Service today issued the 2020 optional standard mileage rates (PDF) used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
NOTICE FOR QUICKBOOKS CUSTOMERS
As of January 14, 2020, Microsoft will no longer provide security updates or support for PCs running Windows 7 and Windows Server 2008.
Microsoft announces Critical Windows Updates
On 08/14/19, CNN reported that Microsoft is warning Windows 10 users to update their operating system immediately because of two "critical" vulnerabilities.
BUSINESS MEALS DEDUCTIBILITY
Since the enactment of the “Tax Cuts and Jobs Act”, think Trump Tax Bill, where are we on the deduction of meals?
MICROSOFT AND APPLE ANNOUNCE END OF SUPPORT (END OF LIFE) FOR ……
What ending support means is that they will not be doing security Updates or Fixes for certain products listed herein.
FLORIDA MINIMUM WAGE INCREASE 2019
FLORIDA MINIMUM WAGE INCREASE 2019 The 2019 minimum wage in Florida is $8.46 per hour, effective January 1, 2019, with a minimum wage of at least $5.44 per hour for tipped employees, in addition to tips. Every employer of employees subject to the Fair Labor Standards Act's minimum wage provisions must post, and keep posted, a notice explaining the Act in a conspicuous place in all of their establishments so as to permit employees to readily read it.
Standard mileage rates for 2019
IRS issues standard mileage rates for 2019 The Internal Revenue Service today issued the 2019 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
The IRS Provides Guidance On 20% Business Pass-Through Deduction
Finally!!! The IRS Provides Guidance On 20% Business Pass-Through Deduction The folks at Forbes have published a better explanation than we could write. So, with a thanks to Forbes Tony Nitii, here are the particulars as we know them. This is easy reading, and mandatory for every business person who has a Sub-S corporation, Sole Proprietorship, Partnership or Trust. If you do not feel like reading this feel free to call us and we can review it with you.
When an Extension Makes Sense
While most people should file a tax return by April 17, you have the option of delaying your filing date until Oct. 15 with a tax extension.
Tax Checklist for Business Startups
Starting your own business can be equal parts thrilling and intimidating. Complying with regulations and tax requirements falls into the latter category. But, with some professional help, it doesn’t have to be that way. You can get started with this checklist of things you’ll need to consider.
Answers to Commonly Asked Tax Questions
With all the headlines about the changes to tax law, you probably have lots of questions. Here are answers to some of the most common questions taxpayers have this year.
Alert: Expired home and education tax breaks revived
Congress passed a federal budget bill in early February that revived dozens of expired tax breaks for the 2017 tax year. They include a deduction for education expenses as well as several tax breaks for homeowners. If you have not yet filed your 2017 tax return, please be aware these late changes are retroactive to the beginning of 2017. Check out this list of the most useful tax breaks to see if they apply to your situation:
"Tax Jobs and Jobs Act" (TCJA). What it means for you the individual
Tax and employment reduction law: key provisions that affect people On December 20, Congress completed the approval of the largest federal tax reform law in more than 30 years. Commonly called the "Tax Jobs and Jobs Act" (TCJA), the new law involves substantial changes for individual taxpayers.
Standard Mileage Rates for 2018 Up from 2017
The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
"Tax Jobs and Jobs Act" (TCJA), Business Tax Reform Provisions
On December 20, 2017, Congress passed its comprehensive tax reform bill, the Tax Cuts and Jobs Act (“the Act” or “the Bill"). The Bill represents one of the most extensive modifications to the U.S. tax code in recent history, significantly modifying U.S. taxation for individuals and businesses. Most provisions in the bill take effect on January 1, 2018. Below you will find a summary of some of the provisions included in the Tax Cuts and Jobs Act for businesses.
Business Tax: Do You Want to Expense Your Assets?
Business Tax: Do You Want to Expense Your Assets Consider the Section 179, or De minimis safe harbor Election to Expense Assets
IRS Announces New Per Diem Rates For Taxpayers Who Travel For Business
Business travelers have a lot of expenses to keep up with from hotels to taxis to tips. To keep things simple, the Internal Revenue Service (IRS) allows the use of per diem (Latin meaning "for each day") rates. Per diem rates are the equivalent of a fixed amount paid to employees to compensate for lodging, meals, and incidental expenses incurred when traveling on business rather than using actual expenses. These rates are also used for federal income tax purposes.
IRS Offers Help to Hurricane Victims
A Recap of Key Tax Relief Provisions Available Following Harvey, Irma and Maria. The Internal Revenue Service today offered a rundown of key tax relief that has been made available to victims of Hurricanes Harvey, Irma and Maria.
WHAT ABOUT THAT INHERITED IRA?
Over the next few decades, the Gen X and Millennial generations will be the recipients of one of the greatest wealth transfers in history. A portion of that will be in the form of IRAs from their parents, grandparents, and other relatives.
Why delaying Social Security claiming makes sense ... Where is Break-even...
It's widely considered one of the best investments a near-retiree can make – delaying the start of Social Security benefits to 66 or 70 instead of 62. The delay provides a guaranteed investment gain by increasing the benefit 8 percent a year, a return that in most cases can only be matched by taking much greater risks on stocks.
EQUIFAX DATA BREACH IMPACTS 143 MILLION AMERICANS
Equifax is one of the largest credit reporting agencies in America, which makes an announcement the company just issued particularly disconcerting. An authorized third party gained access to Equifax data on as many as 143 million Americans. That's nearly half the population of the United States as of the last census.
FDEP Drafts Priority Focus Area for Blue Springs Basin Action Management Plan
FDEP has prepared a draft delineation of the Priority Focus Area (PFA) for the Volusia Blue Spring and Spring Run Basin Management Action Plan (BMAP). Restoration to include all area in the BMAP area, but PFA boundary will be focus for 5-year targets.