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CORONAVIRUS (COVID19) & TAXES UPDATE March 28th

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Congress passed and President Trump signed a $2 trillion stimulus package known as the Coronavirus Aid, Relief and Economic Security Act or CARES for short. There are numerous provisions in CARES but one of the most intriguing is a new SBA loan known as the Paycheck Protection Program. The purpose of this loan program is to provide […]

CORONAVIRUS (COVID19) & TAXES UPDATE March 27th

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Under the Families First Coronavirus Response Act, effective April 1, 2020, through December 31, 2020, employers with less than 500 employees are required to pay both sick and family leave to employees who can’t work because of Covid-19. If you own a business and have employees, this can and probably will affect you. Sick Leave Employers must provide […]

CORONAVIRUS (COVID19) & TAXES UPDATE March 18th

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Treasury Secretary Steven Mnuchin announced yesterday that the 2019 tax payment deadline of April 15, 2020, will be delayed for 90 days. What does this mean exactly? Individuals and businesses have always been able to request a six-month extension of TIME to file their tax returns. However, if tax is owed, that tax must still […]

CORONAVIRUS (COVID19) & TAXES – March 17th

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All of us are aware of the widespread media coverage concerning COVID-19 of late. Unfortunately, there is a lot of uncertainty surrounding the virus and even though the virus isn’t widespread in Wyoming, it is starting to have an effect here with the closing of schools and other facilities and the cancellation or postponement of events. […]

IRA’s and Roth IRA’s

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IRA’s and Roth IRA’s are popular retirement savings options. However, there are limitations to the amount that can be contributed each year. There is a maximum limitation set by the government each year. In addition, there are other factors that may reduce the amount set by the government. These factors include wages, self‐employment earnings, age, […]

Tax Law Changes

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Over the past year, we have been informing you of the various changes that came with the new tax law here is one more. Recently the IRS came out with guidance on how a rental activity may qualify for the new Qualified Business Income (QBI) deduction as a “trade or business” enterprise. They followed up […]

Deterring Employee Theft

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Whether you are just deciding to hire an internal bookkeeper or have employed one for years, the driving force behind the decision is that you, the business owner, simply don’t have time to do it yourself anymore. Once hired, the Company’s bookkeeper generally does it all including paying bills, payroll, invoicing customers and collecting payment, […]

Elimination of Entertainment Expense Deduction

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This is one change you may not have heard about in the Tax Cuts and Jobs Act of 2017 (TCJA): Effective January 1, 2018, Congress eliminated the 50% deduction previously allowed for entertainment expenses. Up through December 31, 2017 businesses could deduct 50% of entertainment expenses directly related to or associated with the active conduct […]

FMLA – One more year to claim this credit

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Family and Medical Leave Act Credit There is a new income tax credit available for employers under the Tax Cuts and Jobs Act (TCJA) of 2017. Effective in tax years beginning after 12/31/2017, and beginning before 01/01/2020, employers can claim a tax credit equal to 12.5% of wages paid to employees during any period that […]

Tax Reminders

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TAX REMINDERS Tax season is here again so we are sending a couple quick reminders. 1099 Forms will need to be issued by January 31, 2019, click here for more details. The client portal feature is available for transferring data, click here for more details. The annual client organizer has been mailed. The questionnaire portion […]