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!

As a small business owner with limited resources, you may find it difficult to gauge when to outsource responsibilities or handle them on your own. This is particularly true when it comes to business accounting, especially if you’ve just started your business or if your company has grown beyond an expected size. From choosing a business structure that helps you save the most money on taxes to providing advice on a major business move, there are many instances when your small business needs a certified public accountant (CPA).

Wendy Klein CPA Professional Corporation wishes you and yours a happy, healthy, and prosperous holiday season.

Original Article Source Credits:   CNET , https://www.cnet.com/

Article Written By:  Oscar Gonzalez 

Original Article Posted on:  June 10, 2021 

Link to Original Article:  https://www.cnet.com/personal-finance/taxes/irs-started-sending-unemployment-tax-refunds-to-2-8-million-when-will-you-see-yours/

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  May 27, 2021

Link to Original Article:  https://www.irs.gov/newsroom/interest-rates-remain-the-same-for-the-third-quarter-of-2021

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  May 18, 2021

Link to Original Article:  https://www.irs.gov/newsroom/what-someone-should-do-if-they-missed-the-may-17-deadline-to-file-and-pay-taxes

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:  Shehan Chandrasekera

Original Article Posted on:  Mar 17, 2021

Link to Original Article:  https://www.forbes.com/sites/shehanchandrasekera/2021/03/17/how-are-crypto-loans-taxed/?sh=71b94954135e

DIY or do-it-yourself activities are a great test of creativity and an excellent opportunity to save a little money. Doing things yourself can also be therapeutic or fun. However, as the DIY craze catches on, many believe just by watching a couple of YouTube instructional videos, all tasks can be completed swiftly and economically as a DIY, even the sometimes complicated task of filing tax returns for small businesses.

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

Original Article Source Credits:   CPA Practice Advisor  , https://www.cpapracticeadvisor.com/

Article Written By:  NA

Original Article Posted on:  Jan 27th, 2021

Link to Original Article:  https://www.cpapracticeadvisor.com/tax-compliance/news/21207772/8-tax-tips-for-2021

Original Article Source Credits:   Entrepreneur , https://www.entrepreneur.com/

Article Written By:  Michel Valbrun

Original Article Posted on:  February 12, 2021 

Link to Original Article:  https://www.entrepreneur.com/article/363362

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

Article Written By:  Ashlea Ebeling

Original Article Posted on:  Feb 12, 2021

Link to Original Article:  https://www.forbes.com/sites/ashleaebeling/2021/02/12/10-tax-tips-for-filing-your-2020-tax-return-irs-urges-taxpayers-to-e-file-use-direct-deposit-for-quickest-refund/?sh=5923e8cb463d

Original Article Source Credits: IRS, https://www.irs.gov/

Article Written By: NA

Original Article Posted on: 27th January 2021

Link to Original Article: https://www.irs.gov/newsroom/important-reminders-before-filing-2020-tax-returns

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  January 15, 2021

Link to Original Article:  https://www.irs.gov/newsroom/2021-tax-filing-season-begins-feb-12-irs-outlines-steps-to-speed-refunds-during-pandemic

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

Original Article Source Credits:   IRS , https://www.irs.gov/

Article Written By:  NA

Original Article Posted on:  December 16, 2020

Link to Original Article:  https://www.irs.gov/newsroom/new-things-taxpayers-should-consider-as-they-get-ready-to-file-taxes-in-2021

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.

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