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 ·
IRS Plans to Audit More Small Businesses in 2021
According to Accounting Today, the IRS recently announced that they plan to increase audits on small business tax returns by 150%. The past few tax years have seen relatively low audit rates for pass-through entities,…
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Business · 3 min read ·
Gig Workers & Tax Reporting
The gig economy has come to include an even larger sector of the working population amidst the Coronavirus pandemic. With companies such as delivery services scrambling to meet the increased need for things like food…
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Business · 2 min read ·
What You Need to Know About New IRS Stimulus Tax Breaks
Congress passed the COVID-19 Economic Relief Bill on December 17 th 2020 in light of the ongoing coronavirus crisis. The law includes a variety of financial assistance for both citizens and small businesses. Because t…
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Taxes · 3 min read ·
What is the Statute of Limitations on Your Taxes?
Determining the statute of limitations (SOL) on your taxes can be deceptively complicated. Luckily, in their recent article “How the IRS Determines Statute of Limitations on Collections,” CPA Practice Advisor outlined…
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Business · 2 min read ·
Taxation of Lawsuit Settlements
Tax protocol is complex and unclear surrounding lawsuit settlement funds. Payments received from legal proceedings are usually taxable, and funds used in the legal process (such as attorney fees) are often not deducti…
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Business · 1 min read ·
IRS Does Not Give Blanket Forgiveness
https://youtu.be/wIFXnAezZrA Are you an entrepreneur who's been struggling to keep up with your income tax payments? Are you thinking you're still going to have a problem in 2021? Many are used to the IRS offering bla…
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Business · 2 min read ·
Small Business Owners Concern with Tax Nexus Laws for 2020 W2s
As 2020 comes to a close, many small business owners are concerned about the complexities of filing their tax returns after a significant shift in their business operations and workforce distribution. We’ve already co…
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Business · 2 min read ·
“Marriage Penalty” Update for 2020 Taxes
Recently there have been some developments regarding so-called “marriage penalty” that some couples experience when filing taxes. This penalty occurs when spouses that have similar gross incomes pay more in taxes when…
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Business · 1 min read ·
IRS Payment Options
https://youtu.be/jsWi7WFCUKQ If you are an individual, family, or a business owner and struggling to pay your income taxes, the IRS has some payment plans that may help you. The first one is an installment agreement.…
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Business · 1 min read ·
Deductibility of Alternative Health Plans
https://youtu.be/_D8yK9XtX1w Have you noticed that the cost of insurance has gone up year after year? Are you aware that premiums have increased over 54% since 2009? The IRS has recently issued regulations that may he…
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COVID-19 · 2 min read ·
Exciting News! PPP Forgiveness is Here!
https://youtu.be/DE6XaJ7FNJo Are you an employer who received a PPP loan and were waiting to find out if the IRS guidelines of non-deductibility were going to remain, or if Congress was going to make an adjustment? We…
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Taxes · 2 min read ·
Tips for Writing Off End-of-Year Business Assets
If you’re hoping to capture some big write-offs for your company’s 2020 tax return, acquiring new business assets may be the way to go. Recent legislative changes have made deductions for new equipment put into servic…
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