If your job is located in another state, but you are working from home due to COVID-19, you might be wondering how this will affect the reporting of your 2020 taxes for both states. For example, if you work in New York, but live in New Jersey, you might be questioning if your total income earned while working remotely is considered only in New Jersey or if your total pay is still considered just New York income.
Read MoreBy Heidi Wohlleb, CPA, Partner of Nisivoccia Would you like to make your year-end process easier, have less questions from your auditors, and possibly generate some extra funds for surplus/financing of capital ordinances? Let’s get started! Prior Year Audit Journal Entries Be sure to obtain and post any prior year audit journal entries. Your auditor may have additional journal entries from the Annual Financial Statement to the final audit process.
Read MoreMany retailers have spent the past several weeks applying for loans and planning for the day they can reopen. If you haven't had time to review CARES Act tax credits and incentives, know that the new law allows you to: Claim a retention credit for 50% of employees' "qualified wages" (up to $10,000 per worker) from March 13 through December 31, 2020.
Read MoreYou probably already know that you need to count rental income as part of your federal gross income. What you may not know is that you must include: Any advance rent in the year you receive it, regardless of the period covered or the accounting method you use.
Read MoreNearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. This decision was made by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments.
Read MoreOn April 30, 2020, the IRS issued Notice 2020-32, that states "no deduction is allowed for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a covered loan." The IRS has determined that taxpayers who have their PPP loans forgiven may not deduct any business or interest expenses related to the income associated with the loan, effectively eliminating the “tax free” nature of the loan forgiveness included in the CARES Act.
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