Finally some IRS guidance on PPP for 2020

Just yesterday, the IRS has confirmed that taxpayers with a reasonable expectation of PPP loan forgiveness may not deduct expenses paid with those funds, even if the forgiveness has not been granted prior to the end of the taxable year. (Rev. Rul. 2020-27) The IRS...

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Wow – $2.3 billion in tax fraud in 2020

The IRS today released the Criminal Investigation Division's annual report PDF, highlighting the agency's successes and criminal enforcement actions taken in fiscal year 2020, the majority of which occurred during COVID-19. A key achievement was the identification of...

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Don’t choose debt

The holidays are coming and the American Marketing Machine is in high gear. I saw a news report yesterday that said that 25% of Americans plan to go into debt this holiday season. Yes, you read that correctly...........they PLAN to go into debt. Wow, that is wild. So...

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There is no 2nd stimulus check yet – beware of fraudsters

There is no second stimulus payment yet of $1,200 or otherwise for the IRS to even send, but that hasn't stopped a new text scam and others from trying to swindle you out of your money and personal information. Urgent messages about the next batch of stimulus...

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When more revenue is not the answer

Yesterday I had a fascinating discussion with a new client who shared with me his rate sheet. What he charges his clients and then what he pays his contractors to get the work done. He is left with 48% of the sale to cover overheads and his taxes and his owners pay. I...

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Outbound of Inbound Sales?

As we do our 2020 year end review and look towards 2021, we are internally discussing the need for both inbound and outbound sales. I personally love marketing and inbound sales but I also see the case for targeted outbound sales. Which is your strategy of choice? Or...

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Tax Planning – 3 ways

Well the election appears to be over but we still don't see a clear path to 2020 tax planning. We need to know the results of the run off elections in GA but those will only happen in January. So, as we face the last 6 weeks of 2020, we will have to play out 3...

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Concerned about 2020 taxes?

We are getting deep into tax planning with our clients now as the year end approaches. Many small business owners have spent the money they would have used to pay taxes. These are difficult times with difficult decisions to be made. What do you do if you do not have...

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Sending out a Pre – Meeting Note?

In prior years, when we had clients coming into our office, we used to send them a note a few days before their meeting, letting them know where to park and other pertinent information to make our meeting as efficient as possible. Today, I feel as though we need to...

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10 months down, 2 to go

Only 2 months left in 2020. Have you achieved any of your 2020 goals? I know COVID and lockdowns changed our lives forever but beyond that, how close are you to achieving your 2020 goals? It is not too late. We have 8 weeks to move forward. make changes. I met with a...

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