jaxcpa.com RSS Feed https://jaxcpa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Mon, 01 Mar 2021 09:00:00 -0600 Mon, 01 Mar 2021 09:00:00 -0600 Tax Breaks for Families With Children https://www.jaxcpa.com/newsletter.php#3 If you have children, one or more of these tax credits and deductions could help your family reduce the amount of tax owed. Mon, 01 Mar 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#3 Small Business Tax Roundup https://www.jaxcpa.com/newsletter.php#4 In 2020, the IRS issued a number of guidance documents as well as final rules and regulations that clarified several tax provisions affecting businesses. Mon, 01 Mar 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#4 Renting Out a Second Home https://www.jaxcpa.com/newsletter.php#2 Tax rules on rental income from second homes can be confusing, especially if you rent the home out for several months of the year and also use the home yourself. Mon, 01 Mar 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#2 Capital Gains Tax on Sale of Stocks https://www.jaxcpa.com/newsletter.php#5 If you made money last year buying and selling stocks, you may owe capital gains tax. Mon, 01 Mar 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#5 Avoiding an IRS Tax Audit https://www.jaxcpa.com/newsletter.php#1 With taxes becoming more complicated every year, there is an even greater possibility of tax confusion turning into a tax mistake and an IRS audit. Avoiding "red flags" like these could help. Mon, 01 Mar 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#1 What's New for 2020 Tax Returns https://www.jaxcpa.com/newsletter.php#2 Taxpayers should be aware of several key items involving credits, deductions, and refunds when filing their tax returns this year. Mon, 01 Feb 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#2 Taxable vs. Nontaxable Income https://www.jaxcpa.com/newsletter.php#5 Are you wondering if there's a hard and fast rule about what income is taxable and what income is not taxable? The quick (and easy) answer is that all income is taxable unless the law specifically excludes it. Mon, 01 Feb 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#5 Tax Filing Season Starts February 12 https://www.jaxcpa.com/newsletter.php#1 The IRS begins accepting and processing 2020 tax year returns on Friday, February 12, 2021. Mon, 01 Feb 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#1 Social Security Benefits and Taxes: The Facts https://www.jaxcpa.com/newsletter.php#4 Generally, you pay federal income taxes on your Social Security income only if you have other substantial income in addition to your benefits. Mon, 01 Feb 2021 09:00:00 -0600 https://www.jaxcpa.com/newsletter.php#4 Employer Tax Credit Extended for Payroll Workers https://www.jaxcpa.com/newsletter.php#3 Extended through June 30, 2020, the Employee Retention Credit helps businesses keep their employees on the payroll - despite the challenges posed by COVID-19. Mon, 01 Feb 2021 09:00:00 -0600 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