Featured Articles & Tax Tips Blog
Welcome to the CPA Advisory Group’s Featured Articles Blog. Here we share tax and accounting news and tips for our clients on a regular basis. Please feel free to suggest ideas for topics you would like to see addressed, by dropping an email to [email protected]. Enjoy the articles and subscribe to our newsletter for periodic email updates.
Pandemic Assistance Checklist by Dave Krebs, CPA (Sept. 15, 2021)
From the Pinnacle CPA Advisory Group — This checklist was prepared for our clients and friends as a quick way to identify eligible programs. Please contact us for the details. Many of the details are not available yet from the government. This is not meant to be an...
Infrastructure legislation advances, but still has way to go
From Pinnacle Wealth Planning Services — Two large infrastructure bills have taken important steps to advance in Congress. Here's where they stand: On Aug. 10, 2021, the Senate passed a $1.2 trillion bipartisan infrastructure bill, to be named the Infrastructure...
So, you’re earning a few bucks from your hobby. Is it a business?
From IRS.gov — Millions of people enjoy hobbies that are also a source of income. From catering to cupcake baking, crafting homemade jewelry to glass blowing. No matter what a person’s passion, the Internal Revenue Service offers some tips on whether your hobby has...
Why Businesses Should Start Tax Planning Today
From Forbes.com — By Bassam Mustafa, EA, Forbes Business Council — It’s August 2021, and you most likely submitted your 2020 tax return months ago. For most people, taxes are the last thing they want to think about once they’ve finally submitted their returns. The...
Phishing scheme targets unemployment benefits and PII
By Seena Gressin Attorney, Division of Consumer & Business Education, FTC Have you gotten an alarming text message about your unemployment insurance benefits from what seems to be your state workforce agency? You’re not alone. Identity thieves are targeting...
DRAs (Designated Roth Accounts) are worth a look for high earners
From Thomson Reuters and the Pinnacle CPA Advisory Group — Dear Clients and Friends, Many company retirement plans give employees the option of contributing to Designated Roth Accounts (DRAs) [also sometimes called Roth 401 (k) accounts]. If your company offers the...
Tax trouble beyond your ability to pay? Consider an ‘Offer in Compromise’
From Thomson Reuters and the Pinnacle CPA Advisory Group — Dear Clients: If you have an outstanding tax liability that is beyond what you can afford to pay, you should consider making an Offer in Compromise (OIC). An OIC is a written agreement with the IRS that...
IRS: Watch out for these ‘Dirty Dozen’ information scams in 2021
From IRS.gov and the Pinnacle CPA Advisory Group — Americans urged to watch out for tax scams during the pandemic WASHINGTON – The Internal Revenue Service issued a “Dirty Dozen” list for 2021 with a warning for taxpayers, tax professionals and financial institutions...
Pandemic Assistance Checklist by Dave Krebs, July 21, 2021 update
From the Pinnacle CPA Advisory Group — This checklist was prepared for our clients and friends as a quick way to identify eligible programs. Please contact us for the details. Many of the details are not available yet from the government. This is not meant to be an...
Advance Child Tax Credit payments start tomorrow
From the Pinnacle CPA Advisory Group and IRS.gov — The American Rescue Plan of 2021 increased the maximum Child Tax Credit to $3,600 for children under the age of 6, and to $3,000 per child for children between ages 6 and 17. The Rescue Plan also put a plan in place...
Student Loan Interest Rates Increase for 2021-22
From Pinnacle Wealth Planning Services — After two years of decreases, interest rates on federal student loans are set to increase almost a full percentage point for the 2021-2022 school year. The interest rates on federal student loans are reset each year after the...
Businesses hurt by COVID eligible for new state grant
From The Columbus Dispatch — By Mark Williams Ohio small and medium-sized business hurt by the coronavirus are eligible for grants up to $30,000 under new programs rolled by the state this week The programs will provide a total of $155 million to businesses than...