IRS E-File Form 1040

E-Filing Amended Individual Tax Returns The IRS has formally followed up on an announcement from earlier this year regarding amended individual income tax returns (Form 1040).  For the first time ever,… Read More »

Banking Relationship Focus - Financial Transformation Part 2

Your Banking Partner Connect with your banking partner to explore what options are available to you in the short-term to expand lines of credit, enter asset-based lending agreements, or obtain short-term… Read More »

Cash and Working Capital Focus - Financial Transformation Part 1

Cash Flow Positive cash flow is the best indicator of a business’s health and potential for success.  Businesses must generate enough operating cash to ensure it can maintain operations, distribute cash… Read More »

PPP Loan Forgiveness: Full Forgiveness

The “Paycheck Protection Program Flexibility Act of 2020” (the “PPPFA”) was signed into law by President Trump on June 5, 2020, and to date, the SBA and Treasury subsequently released the following guidance:  Interim… Read More »

Eligibility to Subtract Cost of Goods Sold

Overview On April 3, 2020, the Texas Supreme Court published its opinions on 3 tax cases in connection with a taxpayer’s eligibility to subtract COGS as well as which costs are eligible to be subtracted… Read More »

PPP Update: Flexibility Act Signed Into Law

Changes Made by the PPP Flexibility Act Earlier today the PPP Flexibility Act was signed into law, bringing about several key changes to the PPP’s forgiveness feature.  Further guidance is expected from… Read More »

Retirement Plan Provisions of the CARES Act

Retirement Plan Distributions The CARES Act waives the 10% additional tax on early distributions related to the coronavirus from retirement plans and IRAs for amounts not to exceed $100,000 subject to… Read More »

Deferral of Employment Tax Deposits and Payments through December 31, 2020

On April 10, 2020, the IRS issued 11 FAQs on the deferral of employment tax deposits under the CARES Act in response to various questions that arose since the enactment of the new law. One of the most… Read More »

CARES Act Provides Favorable Changes for Taxpayers with Net Operating Loses

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provides added relief for taxpayers with net operating losses (NOLs).  The Act allows for a five-year carryback period and eliminates… Read More »

How does the CARES ACT affect my Qualified Retirement Plans?

On March 27, 2020, the United States Congress passed the Coronavirus Aid, Relief, and Economic Security Act (the Cares Act or Act) as a response to the global pandemic COVID-19. While the Cares Act has… Read More »

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