jaxcpa.com RSS Feed https://jaxcpa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Fri, 01 Oct 2021 09:00:00 -0500 Fri, 01 Oct 2021 09:00:00 -0500 Use These Strategies To Pass on Wealth to Heirs https://www.jaxcpa.com/newsletter.php#4 Low interest rates and a volatile stock market create additional opportunities for wealthy individuals to transfer money to heirs tax-free. Fri, 01 Oct 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#4 Small Business: Tips for Ensuring Financial Success https://www.jaxcpa.com/newsletter.php#2 Learn how cost accounting helps you make smarter business decisions and lead you to financial success. Fri, 01 Oct 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#2 Marginal vs. Effective Tax Rates https://www.jaxcpa.com/newsletter.php#1 Understanding marginal and effective tax rates is important for tax planning purposes, but many taxpayers don't fully understand the difference. Fri, 01 Oct 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#1 If You Receive an IRS Letter or Notice https://www.jaxcpa.com/newsletter.php#5 The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Fri, 01 Oct 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#5 Defer Capital Gains Using Like-Kind Exchanges https://www.jaxcpa.com/newsletter.php#3 If real estate's your game, did you know that it's possible to defer capital gains by taking advantage of a Section 1031 exchange that allows you to swap investment property on a tax-deferred basis? Fri, 01 Oct 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#3 What Is a Designated Roth Account? https://www.jaxcpa.com/newsletter.php#2 If you are a high-income earner who participates in a 401(k), 403(b), or governmental 457(b) retirement plan that has a designated Roth account, making contributions to that account could be a smart move. Wed, 01 Sep 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#2 Verifying Your Identity When Calling the IRS https://www.jaxcpa.com/newsletter.php#4 If you need to contact the IRS, you will be asked to verify your identity. Here's what you need to know before you call. Wed, 01 Sep 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#4 Tax Rules for Divorce and Alimony Payments https://www.jaxcpa.com/newsletter.php#5 Tax rules regarding divorce and separation can and do change - as they recently did under tax reform - and the last thing on anyone's mind during a divorce or separation is its effect on their tax situation. Wed, 01 Sep 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#5 Tax Relief for Those Affected by Natural Disasters https://www.jaxcpa.com/newsletter.php#1 Tax relief may be available if you've been affected by a natural disaster this year, but only if you meet certain conditions. Wed, 01 Sep 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#1 Six Things To Know Before You Start a Business https://www.jaxcpa.com/newsletter.php#3 Starting your own business is an exciting prospect, but there is more to it than simply writing a business plan. Wed, 01 Sep 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#3 Did you miss our Form 1099 webinar? Watch the recording here. https://www.jaxcpa.com/blog.php?id=18 Accounting Services Senior, Brad Patterson, and Senior Tax Manager, Todd Gunn, covers a comprehensive overview of Form 1099 preparation to help businesses stay in compliance with the law. Topics explored in this webinar includes what payments need to be reported, who needs to be sent a 1099, the various types of Form 1099s to use for different payment types, and how to send a Form 1099. New and existing rules as well as penalties and how to mitigate penalties are also explored in this session. Thu, 07 Jan 2021 09:00:00 -0600 https://www.jaxcpa.com/blog.php?id=18 Form 1099 Preparation and Compliance Webinar on January 6, 2021 https://www.jaxcpa.com/blog.php?id=17 Accounting Services Senior, Brad Patterson, and Senior Tax Manager, Todd Gunn, will cover a comprehensive overview of Form 1099 preparation to help businesses stay in compliance with the law. We will explore what payments need to be reported, who needs to be sent a 1099, the various types of Form 1099s to use for different payment types, and how to send a Form 1099. New and existing rules as well as penalties and how to mitigate penalties will also be covered in this session. Mon, 04 Jan 2021 09:00:00 -0600 https://www.jaxcpa.com/blog.php?id=17 PPP Loan Forgiveness - December 2020 Update https://www.jaxcpa.com/blog.php?id=16 Wed, 30 Dec 2020 09:00:00 -0600 https://www.jaxcpa.com/blog.php?id=16 Nikki Dailey Promoted to Shareholder https://www.jaxcpa.com/blog.php?id=15 The firm is proud to welcome Nicolette "Nikki" Dailey as its newest Shareholder. Fri, 04 Dec 2020 09:00:00 -0600 https://www.jaxcpa.com/blog.php?id=15 Timing of Tax Impact Related to PPP Loan Forgiveness - November 2020 Update https://www.jaxcpa.com/blog.php?id=14 The IRS issued Revenue Ruling 2020-27 on November 18th, giving much needed clarity to the timing of the tax impact related to PPP loan forgiveness. Our CPA Todd Gunn provides the following information relating to this latest update. Fri, 20 Nov 2020 09:00:00 -0600 https://www.jaxcpa.com/blog.php?id=14 PPP Loan Forgiveness August 2020 Update https://www.jaxcpa.com/blog.php?id=13 Another Interim Final Rule was issued a few days ago that addresses the threshold for the limitations on owner-employee comp, along with guidance on rent & mortgage interest paid to a related party. There was also a FAQ on loan forgiveness issued earlier this month that covers multiple topics, some of which have already been covered in prior Interim Final Rules and the loan forgiveness application instructions. Fri, 28 Aug 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=13 Ennis, Pellum CPAs recognized as a 2020 Healthiest Company https://www.jaxcpa.com/blog.php?id=12 The wellness program at Ennis, Pellum & Associates, CPAs - Wellness Matters - Bean Counters for Healthy Living - has earned the firm a 2020 Healthiest Company award by the Florida First Coast Worksite Wellness Council (FCWWC). The firm is being recognized with its 2020 award at the GOLD level. Fri, 07 Aug 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=12 Paycheck Protection Program Loan Forgiveness Simplified https://www.jaxcpa.com/blog.php?id=11 Many small and midsize businesses with Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act have been struggling with spending those funds productively within the eight-week loan forgiveness period (Covered Period). Many projected that a portion of their PPP loan would not be forgiven unless they re-hired or paid workers who were not needed (due to their current level of operations) to satisfy the loan forgiveness safe harbors. Restaurant, hospitality and retail businesses were hit especially hard due to closures, occupancy limitations, and curtailed travel during their Covered Period. In addition, many self-employed individuals realized they would have to repay some of their PPP loans since the loans were based on 2.5 months (75 days) of 2019 Schedule C income, while forgiveness was based on only eight weeks (56 days) of that same number (assuming the individual did not have any other expenses that qualify for loan forgiveness). Thu, 02 Jul 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=11 June 22 PPP Final Interim Ruling Provide Further Guidance And Updated Loan Forgiveness Application Forms https://www.jaxcpa.com/blog.php?id=10 Further to the Paycheck Protection Program (PPP) Loan Forgiveness webinar we held on June 10, 2020, Todd Gunn is providing the below key updates on the latest PPP developments, rulings and loan forgiveness applications.Last week, the SBA published the revised PPP Loan Forgiveness Application, form 3508. This new version has been trimmed down to 5 pages and has given some additional insight on how certain aspects of changing to the 24 week covered period will impact the forgiven amount. The SBA also released a shortened version of the PPP Loan Forgiveness Application, form 3508EZ, that can be used if certain criteria are met. In addition, another Interim Final Rule was issued last week and an additional Interim Final Rule was released on Monday, updating the rules again. A few key pieces of information from the new forms and interim final rule are included here. Thu, 25 Jun 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=10 Employee Benefit Plan Implications of Layoffs and Partial Plan Terminations - What Plan Sponsors Need to Know https://www.jaxcpa.com/blog.php?id=9 The U.S. unemployment rate reached 14.7% in April, its highest level since the Great Depression, as companies looked to cut costs amid the coronavirus pandemic. While downsizing the workforce can help companies remain afloat, plan sponsors need to understand how these decisions could affect their retirement plans. If layoffs are significant, a partial plan termination may occur and create major financial implications for a plan sponsor, including disqualifying the entire plan, tax liabilities and penalties and terminated employees becoming 100% vested. Mon, 22 Jun 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=9 SBA reopens Economic Injury Disaster Loan (EIDL) program to all small businesses effective June 15, 2020 https://www.jaxcpa.com/blog.php?id=8 EIDL applications already submitted before the portal shut down on April 15 are being processed on a first-come, first-served basis. SBA also began accepting new EIDL and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses on June 15. Wed, 17 Jun 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=8 PPP Loan Forgiveness Webinar Recording https://www.jaxcpa.com/blog.php?id=7 On June 10, 2020, CPAs Todd Gunn and Dwin Horne hosted a live webinar on Payment Protection Program (PPP) Loan Forgiveness regarding the latest guidance from the SBA in regards to expenses qualifying for forgiveness and potential limiations, exploring the loan forgiveness application and getting PPP questions answered. Mon, 15 Jun 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=7 Latest PPP Key Changes as of June 3, 2020 https://www.jaxcpa.com/blog.php?id=4 On June 3rd the Senate voted to approve the changes to the PPP Loan program that the House passed earlier this week. The bill is now expected to be signed by President Trump. A few of the key changes are: Thu, 04 Jun 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=4 May 22 PPP Final Interim Rules Provide Further Guidance And Some Surprises https://www.jaxcpa.com/blog.php?id=6 ​This Forbes article does a good job summarizing the latest changes to PPP rules made 5/2 Tue, 26 May 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=6 Tax Extension Update: IRS Extends More Tax Deadlines to July 15, 2020 https://www.jaxcpa.com/blog.php?id=5 The Internal Revenue Service (IRS) has announced the extension of key tax filing and estimated tax payment deadlines in response to the COVID-19 Outbreak. Mon, 13 Apr 2020 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=5 Celebrating 40 Years of Great Relationships https://www.jaxcpa.com/blog.php?id=3 It is with sincere gratitude and pride that we celebrate a key milestone in the firm's history and growth: Our 40th anniversary. Sat, 29 Sep 2018 09:00:00 -0500 https://www.jaxcpa.com/blog.php?id=3 Things You Should Know About the New Tax Reform That Impact Partnerships and Partners https://www.jaxcpa.com/blog.php?id=2 The Tax Cuts and Jobs Act (TCJA) provides a large new tax deduction for owners of pass-through entities which makes it of particular interest to partnerships and their partners. Ask your CPA to help you identify which changes affect your business and the best strategies for maximizing the new tax law's benefits. Mon, 06 Aug 2018 04:00:00 -0500 https://www.jaxcpa.com/blog.php?id=2 How to Plan for an Efficient Financial Statement Audit https://www.jaxcpa.com/blog.php?id=1 First time having your financial statements audited? Don't know what to expect or how you can best prepare for the audit efficiently? Use this step-by-step guide to help you prepare for the audit. Thu, 21 Jun 2018 04:00:00 -0500 https://www.jaxcpa.com/blog.php?id=1