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.
IRS issues guidance on payroll tax deferral order
From The CPA Advisory Group — The IRS late last Friday, Aug. 28, issued guidance on the payroll tax deferral ordered Aug. 8 by President Trump. The notice allows employers to defer withholding on affected employees' compensation during the last four months of 2020,...
PPP Loan Forgiveness Has Started, But You May Want to Wait
From The Motley Fool — Eager as you may be to get that loan forgiven, it could pay to wait Though the COVID-19 pandemic has done a number on the economy, small businesses have perhaps been hurt the most. Over 100,000 small businesses have closed permanently in the...
Moving to Work Remotely Could Affect Your Taxes
From the The New York Times — So COVID-19 and social distancing have turned you into a digital nomad. You're working from home — in a different city than your office. Or maybe you're even using the pandemic as a chance to work remotely from a vacation home, or a...
Can COVID be claimed as personal casualty loss? Maybe
From the Pinnacle CPA Advisory Group /Thomson-Reuters— If you suffered a personal casualty loss due to a recent event, you might be entitled to a tax deduction. The deduction is generally available for casualty losses incurred in a federally declared disaster, such as...
CORONAVIRUS CHECKLIST Aug. 10 Update by Dave Krebs, CPA
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...
Midyear Checkup: Minimize Small Business Taxes
From the Pinnacle CPA Advisory Group Newsletter/Thomson-Reuters— Retroactive measures in CARES Act merit a look at previous returns, as far back as 2013 If you own a business, consider the following strategies to minimize your tax bill for 2020. Thanks to the...
Ohio Minority Micro-Enterprise Grants Now Available
From the Pinnacle CPA Advisory Group — Clients and friends, Please find below some interesting news on $10,000 state grants now available to minority- and woman-owned small businesses in Ohio. We urge you to take advantage of this new program if you are eligible, or...
Need extra cash in 2020? CARES Act offers retirement plan options
From the Pinnacle CPA Advisory Group Newsletter/Thomson-Reuters — If you’re affected by COVID-19 and find yourself in need of additional cash flow, the CARES Act contains several taxpayer-friendly provisions for retirement plan distributions taken prior to the end of...
Coronavirus Assistance Checklist by Dave Krebs, CPA 7/21/20 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...
Amend a return? Worth considering during the COVID-19 crisis
From the KM&M CPAs Newsletter/Thomson-Reuters — This may be the year to do what you normally avoid: filing an amended return Ordinarily, an amended tax return is only filed when an error or omission is discovered after a return has been filed. Even then, you...
Consider Adjusting Your Tax Withholding
From the Pinnacle CPA Advisory Group Newsletter/Thomson-Reuters— No taxpayer likes to be surprised with a large tax bill (or a smaller-than-anticipated refund) come tax filing season. In many cases, this occurs because the individual didn’t adjust his or her tax...
Answering your questions about COVID and unemployment benefits
From the Pinnacle CPA Advisory Group/Thomson-Reuters— To Our Clients and Friends We hope this letter finds you well. Nothing is more important than the health and safety of you and your loved ones as you deal with the COVID-19 pandemic. The coronavirus crisis has had...