The AB&P journal
Useful answers for the decisions owners make every week.
Clear guidance on the financial, payroll, and people questions that tend to become urgent when no one explains them early.
Business · 2 min read ·
First-Time Abatement and Reasonable Cause Defense
https://youtu.be/WBHfvLB8Z0k Are you an individual or business owner behind on tax payments to the IRS? Has the COVID-19 Pandemic negatively impacted your income and ability to pay your liabilities? You may be able to…
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Taxes · 4 min read ·
All Taxpayers Can Now Get an IRS Identity Protection PIN
About a decade ago the IRS created an Identity Protection PIN Program. This program gave people with confirmed identity fraud protection against further fraud happening. An IP PIN is a personalized, 6-digit numerical…
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Business · 3 min read ·
How to Extract Tax Benefits From 529 Accounts Without Risking Financial Aid
Many families take advantage of 529 College Saving Plans and don't realize how to use them for tax benefits without risking their financial aid. It’s imperative withdrawals from these savings plans are for the correct…
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COVID-19 · 1 min read ·
COVID College Grants are Not Taxable Income
https://youtu.be/vmVeoUs57so Are you a college student (or the parent of one) wondering how financial aid is going to affect your taxes? Are you concerned COVID grants are taxable income or will affect your future fin…
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Business · 2 min read ·
IRS Expected to Audit More Small Businesses in 2021
In past years the IRS has reported a low number of audits of small businesses, however they have stated that in the future they intend to increase by about 50%. This is hard on all of our small businesses because of a…
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Business · 2 min read ·
Deferred Payroll Taxes
https://youtu.be/cPFl1gmctPI Are you an employer that allowed your workers to defer their payroll taxes in 2020 into the year 2021? Or are you an employee whose employer allowed you to defer these amounts and you're w…
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Business · 2 min read ·
Four Payroll Tax Credits to Claim on your 2020 Return
As you prepare your 2020 tax return, you’ll likely be looking to reduce your tax liability with any deductions and/or credits for which your business is eligible. According to CPA Practice Advisor, there are several p…
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Business · 2 min read ·
What Stimulus Provisions Could Mean for Your Taxes
On December 21, 2020, both houses of Congress passed a bill known as The Consolidated Appropriations Act of 2021. The Act, which went into effect six days later on December 27 th , included a highly anticipated stimul…
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Business · 2 min read ·
Protect Your Business Tax ID from Theft
https://youtu.be/6gbk74sCnLI We all know how important it is to protect our Social Security numbers from identity theft. But are you aware that you should be just as diligent in protecting your business tax ID number?…
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Business · 2 min read ·
Gig Income Must Be Reported
https://youtu.be/IrDTmyhpv7k In 2020, did you earn income as a gig worker or renting out property through Airbnb or other rental property websites? Are you aware that this income is subject to tax? Even if not taxed a…
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Business · 2 min read ·
Do You Qualify for the ERTC or PPP #2?
https://youtu.be/SX0ZnxCNZ8k Are you a business owner that applied for round one of the paycheck protection program, but didn't use the tax credit from the employee retention tax credit due to the fact that you had to…
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Business · 1 min read ·
Entrepreneurs Remain Optimistic
https://youtu.be/U4-5akHbFvU Are you an entrepreneur or thinking of becoming one? Even with the pandemic, entrepreneurs feel a sense of optimism aAccording to the American Express Entrepreneurial Spirit Trendex. What…
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