Once again our federal government has, in it’s infinite wisdom, added yet another form of required reporting for small business owners. This one is a purely administrative burden, but has a tremendous amount of pitfalls and penalties if not done timely and correctly. This is not a tax reporting, you can file the forms yourselves. I mainly want to bring the requirement to your attention because I have not heard much about it in general conversation, so many of you may not even know this is out there, but I have heard much about it in my tax world and it is something you are all subject to whether you are aware of it or not. It is something I can help you with or file on your behalf. That will be for you to decide once you have looked into it.

When it comes to managing your finances, especially in the complex realm of taxes, having the right guidance can make a world of difference. Whether you’re an individual seeking financial clarity or a business aiming for fiscal success, understanding the benefits of hiring a Certified Public Accountant (CPA) is essential. In this blog, I’ll walk you through the advantages of working with a CPA. Let’s delve into the world of financial expertise.

When it comes to managing your finances and ensuring that you navigate the complex world of taxes effectively, having the right support can make all the difference. Making informed tax decisions is crucial. In this blog, I’ll share compelling reasons why hiring a CPA is a smart move for anyone looking to make the most of their financial situation.

Starting a business is an exciting endeavor, but it can also be a challenging one. Whether you’re launching your startup in the bustling streets of Los Angeles or amidst the scenic beauty of Idaho, the journey is filled with twists and turns. As a Certified Public Accountant with over 35 years of experience, I understand the unique tax planning needs of individuals and businesses. In this blog, I’ll share valuable insights into why every startup, regardless of its location, can benefit immensely from the expertise of a business consultant.

When approaching your tax situation, whether for your business or personal, it is helpful to approach a professional who knows all the tricks of the trade. A qualified professional can assist you identify areas where there are potential tax saving opportunities so that saved money can be utilized to meet your business growth and other personal endeavors.

Season’s Greetings from Wendy Klein CPA Professional Corporation. We wish you and your family a wonderful holiday season, and a happy, healthy, and prosperous New Year 2023!

Thanks for stopping by my blog. If you’re looking for more information about Wendy Klein CPA Professional Corporation, you’ve come to the right place.

The Biden administration wants to expand information reporting for financial institutions to better capture exchanges of cryptocurrency transactions.

Original Article Source Credits: Forbes, https://www.forbes.com

Article Written By:  Brian Thompson

Original Article Posted on:  Mar 4, 2021

Link to Original Article: https://www.forbes.com/sites/brianthompson1/2021/03/04/sba-substantially-increases-ppp-loan-amount-eligibility-for-new-schedule-c-borrowers/?sh=76f9a2365c23

I’m Wendy Klein, the proud owner of Wendy Klein CPA Professional Corporation. I look forward to sharing my story. I hope that you will enjoy getting to know me better.

The FTB has just clarified that EIDL (Economic Injury Disaster Loan) advance grants are taxable to California. AB 1577 (Ch. 20-39) enacted a California exclusion for PPP loan forgiveness, essentially mirroring the federal exclusion adopted by the CARES Act. However, the federal exclusion for EIDL grants was enacted by the Consolidated Appropriations Act, which California has not conformed to. California would have to enact new legislation to conform to this exclusion.

Original Article Source Credits:   Journal Of Accountancy , https://www.journalofaccountancy.com/

Article Written By:  Jeff Drew

Original Article Posted on:  December 22, 2020

Link to Original Article:  https://www.journalofaccountancy.com/news/2020/dec/covid-19-relief-bill-addresses-key-ppp-issues.html

The new covid relief bill clarified that borrowers who have loans forgiven may claim deductions for expenses even if expense were paid with loan amounts that were forgiven. This applies to all PPP loans.

Original Article Source Credits:   Forbes , https://www.forbes.com/

Article Written By:  Jared Hecht

Original Article Posted on:  Oct 27, 2020

Link to Original Article:  https://www.forbes.com/sites/jaredhecht/2020/10/27/why-you-shouldnt-worry-about-ppp-loan-forgiveness-yet/?sh=1704886b49db

Late last night the president did ultimately sign the covid relief bill, thereby creating the fix that was so highly anticipated.

Original Article Source Credits: Evergreen Small Business, https://evergreensmallbusiness.com/

Article Written By: Stephen Nelson

Original Article Posted on: 21st December 2020

Link to Original Article: https://evergreensmallbusiness.com/ppp-second-draw-loans/

Original Article Source Credits: Evergreen Small Business, https://evergreensmallbusiness.com/

Article Written By: Stephen Nelson

Original Article Posted on: 21st December 2020

Link to Original Article: https://evergreensmallbusiness.com/ppp-loan-amount-increases/

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