jaxcpa.com RSS Feed https://jaxcpa.com/ Take a look at our recent blog posts and client newsletter articles. en-us Sun, 01 Aug 2021 09:00:00 -0500 Sun, 01 Aug 2021 09:00:00 -0500 Which Educator Expenses Are Tax Deductible? https://www.jaxcpa.com/newsletter.php#4 Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel on their tax returns to reduce the amount of tax owed. Sun, 01 Aug 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#4 Retirement Plan Options for Small Businesses https://www.jaxcpa.com/newsletter.php#5 Employer-sponsored retirement plans are a key component of retirement savings. If you're like many small business owners in the United States, you may be considering the various retirement plan options available for your company. Sun, 01 Aug 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#5 Opting Out of the Monthly Child Tax Credit Payment https://www.jaxcpa.com/newsletter.php#2 While many families will benefit from the extra money deposited into their bank accounts, some may want to opt out and instead take the Child Tax Credit when they file their tax return next spring. Sun, 01 Aug 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#2 Minimizing Capital Gains Tax on Sale of a Home https://www.jaxcpa.com/newsletter.php#3 Learn how to avoid capital gains tax and why home improvements that qualify for the residential energy property credit can make a difference when selling your home. Sun, 01 Aug 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#3 Key Tax Changes Could Affect Your Tax Situation in 2021 https://www.jaxcpa.com/newsletter.php#1 Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here's what you need to know. Sun, 01 Aug 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#1 What Is the Net Investment Income Tax? https://www.jaxcpa.com/newsletter.php#5 The Net Investment Income Tax tends to affect wealthier individuals, but in certain circumstances, it can affect moderate-income taxpayers too. Thu, 01 Jul 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#5 Small Business: Understanding Payroll Expenses https://www.jaxcpa.com/newsletter.php#2 Whether you're a small business owner who is just starting or one who has been in business for a while - ready to hire an employee or two - here is what you should know about withholding, reporting, and paying employment taxes. Thu, 01 Jul 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#2 Settling Tax Debt With an IRS Offer in Compromise https://www.jaxcpa.com/newsletter.php#4 If you owe money to the IRS, an offer in compromise could be the answer. Thu, 01 Jul 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#4 Employee Relocation: What Happens to Your Home? https://www.jaxcpa.com/newsletter.php#3 Employees and small business owners often have questions about what to do with an employee's home - and what the tax consequences might be - when they move to a new job location. Here are some answers. Thu, 01 Jul 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#3 Advance Child Tax Credit Payments Start This Month https://www.jaxcpa.com/newsletter.php#1 More than 36 million American families may be eligible to receive monthly Child Tax Credit payments starting July 15, 2021. Here's what families need to know. Thu, 01 Jul 2021 09:00:00 -0500 https://www.jaxcpa.com/newsletter.php#1 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