Blog

Welcome to our Blog Page

The McDonnell Richardson CPA, P.C. Blog Page provides frequently updated useful news and information to help keep you informed on tax strategy, business, and estate planning.  Please do not hesitate to contact us for any questions and additional information you may have regarding these topics.

4 minutes ago

KJ Law & CPA

PPP LOAN INFO. UPDATE
As of June 30, 2020, there was approximately $130 billion left in PPP loans for funding. On Saturday July 4, 2020, a new law was signed extending the deadline for applying for a Paycheck Protection Program (PPP) loan from June 30 to August 8.
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2 days ago

KJ Law & CPA

COVID 19 and Childcare Care Expenses
If you have two or more children below 13 and $6,000 or more of childcare expenses, then you may be able to benefit from two tax breaks. The dependent care FSA can be used for up to $5,000 in childcare expenses. However, the childcare credit counts up to $6,000 in care costs if you have two or more kids. You can't claim the credit for the $5,000 you pay with tax-free money from the dependent care FSA. You can take the childcare credit for the extra $1,000 in expenses if you have two or more children under 13, which can reduce your tax liability from $350 to $200 depending on your income.
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3 days ago

KJ Law & CPA

Hey guys, me again. Throughout this COVID 19 era, we have always been open to serve you because we value you. With the newly updated mandates, we are continuing to strictly enforce the measures below to ensure your health and the health or our valued team members. Please note the following:
1. Face masks are required at all times when inside any one of our offices;
2. If a conference room is not available, you will be required to wait outside;
3. We have hand sanitizer for use in each conference room and the front desk;
4. Each conference room is thoroughly sanitized after each use; and
5. All team members that meet with you are required to wear masks at all times.
We apologize if these state mandates and the policy stated above create any inconvenience. However, please appreciate that we are required to follow the mandates. Also, the policies are not only for your safety and the safety of our team members. The policies are for the safety of your spouse, children, parents and the family members of our team. Let’s work on this together as a team. THANK YOU!!
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3 days ago

KJ Law & CPA

Hey guys, tax filing is 7/15/2020. If you brought your information in, thank you! If not, please bring your information in ASAP. Thank you! As always, please call us if you need anything. ...

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2 weeks ago

KJ Law & CPA

Tax Savings with COVID 19
In these challenging economic times, it is extremely worthwhile to review many of the classic tax-saving opportunities that have provided a significant reduction of taxes during a wide range of economic conditions. While the recently enacted CARES Act contains several significant tax-saving opportunities, a great deal of needed cash can be generated by applying the tried-and-true tax provisions that have been used by tax planners for many years. It is essential to review all the circumstances of your business to determine planning ideas that are relevant in each set of circumstances. Please let us know if you need assistance.
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2 weeks ago

KJ Law & CPA

PPP Recipients Can Apply Early for Loan Forgiveness

An interim final rule from the Small Business Administration says businesses and other recipients of Paycheck Protection Program funding can apply for loan forgiveness before the end of the period during which PPP funds must be spent for forgiveness calculations. Applying early, however, might come with a price. As always, please let us know if we can help.
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3 weeks ago

KJ Law & CPA

COVID UPDATE
Hey guys, we will keep tracking this for you, however, a bill was introduced June 18 that may allow certain small-business owners to apply for a second Paycheck Protection Program loan.
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3 weeks ago

KJ Law & CPA

New PPP loan forgiveness applications released
The US Small Business Administration and Treasury released Wednesday a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly. SBA and Treasury also unveiled a new EZ application for PPP loan forgiveness, in addition to a new interim final rule issued Tuesday night.
Full Story: Journal of Accountancy online (6/17)
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3 weeks ago

KJ Law & CPA

After we successfully represented our client in a federal case here in Dallas, we are now in the U. S. Court of appeals for the 5th circuit in New Orleans. We won round one for the client. Of course the win on behalf of our client is wonderful, however it is a bit sentimental because New Orleans is my hometown, well actually Marrero just outside. It is nice speaking with the appeals court and hearing the same accent I have and talking about the different places I frequented. We hope to get the opportunity to argue there. ...

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3 weeks ago

KJ Law & CPA

COVID UPDATE
The Small Business Administration is reopening its Economic Injury Disaster Loan and EIDL advance grant portal to a broader array of eligible small businesses and nonprofits affected by the coronavirus pandemic, beginning Monday.
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