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.

2 weeks ago

KJ Law & CPA

5 Quick Tax Topics to consider as we approach Year End:

1. Make up a tax shortfall with increased withholding;
2. Use current losses for quick refunds;
3. Retroactive refunds for bonus depreciation;
4. Consider the timing of payroll tax deduction; and
5. Claim quick disaster loss refunds.
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1 month ago

KJ Law & CPA

What to know about PPP loan audits
The Small Business Administration will audit loans made under the Paycheck Protection Program. Here is a guide on what borrowers might expect in an audit and how the appeals process will work.
Full Story: JD Supra/Nexsen Pruet, PLLC (9/16)
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1 month ago

KJ Law & CPA

How retirement savings have been affected by the pandemic
The economic fallout from the pandemic has caused financial challenges for many Americans, with surveys showing that some have been forced to decrease retirement contributions or take money out of accounts.
Full Story: CNBC (9/14)
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1 month ago

KJ Law & CPA

E-filing problems plague some Sept. 15 tax returns
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the Internal Revenue Service about relief for the problem.
Full Story: Journal of Accountancy online (9/16)
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1 month ago

KJ Law & CPA

Final regulations define "qualifying relative"
The Internal Revenue Service finalized proposed regulations defining "qualifying relative" for tax years 2018-2025, in which the personal exemption amount is zero.
Full Story: Journal of Accountancy online (9/16)
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2 months ago

KJ Law & CPA

IS THE PAYROLL TAX DEFERRAL RIGHT FOR YOU?
Immediately you will have more disposable income. However, you will pay it back 1/1/2021 to 4/30/2021, which will reduce your disposable income. We digested this option and have a summary you can read. It is too large for this platform. IM me your email and we will send you a copy.
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2 months ago

KJ Law & CPA

How lenders should account for forgivable PPP loans
The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the US Small Business Administration, according to new Technical Question and Answer guidance issued by the AICPA.
Full Story: Journal of Accountancy online (8/28)
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2 months ago

KJ Law & CPA

Guidance issued on payroll tax deferral
The Internal Revenue Service on Friday issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.
Full Story: Journal of Accountancy online (8/28)
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2 months ago

KJ Law & CPA

Some older workers being forced out of the labor market amid the pandemic
The pandemic is forcing some older Americans to retire early, with the New School's Retirement Equity Lab finding that 2.9 million people between the ages of 55 and 70 had exited the labor market since March. Involuntary job loss among older workers can have significant financial consequences.
Full Story: The New York Times (tiered subscription model) (8/28)
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