SBA just released a new EZ version of the PPP loan forgiveness application, along with instructions. This revised application is due to the changes made by the PPP Flexibility Act. To see if you qualify for this EZ application see our blog post here. Both applications...
With taxpayers working from home these past weeks, you may want to consider claiming a business deduction for expenses that qualify. However, there is uncertainty for taxpayers when it comes to the details of the requirements for a home office. To be eligible for a...
As business owners prepare for employees to return to the workplace, there are several questions that will come up. We want to provide some insight and assist employers as they welcome employees back to the workplace. 1. Do I have to report to the workplace? Yes,...
*This post has been updated. The Small Business Administration (SBA) & US Department of Treasury issued an updated FAQ last week. For the full guidance, see https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf As...
We would like to make you aware that part of the CARES Act allows employers to defer the deposit and payment of the employer’s share of Social Security taxes (6.2% of gross taxable wages). You can defer payments of the employer’s portion of Social Security now through...
Self-employment is the ideal life for many. You are your own boss and you have control over how you do your work; a tempting offer for anyone who had spent his/her life taking orders from others, especially one who’s on his/her toes with a difficult boss, and with no...
Learn how to track your employees paid leave and sick time if they’ve been affected by COVID-19 with QuickBooks Desktop Payroll. Follow the link below for a comprehensive step-by-step process. ...
At the start of the COVID-19 pandemic, you’d probably remember yourself walking past your favorite local pastry shop which you believed to be closed, just temporarily because of the restrictions. But when restrictions have eased up a bit, you notice that the shop was...
A message from MBE CPAs, Managing Partner, Tim Moy Here are the top 7 tips for you to consider if your business is directly or indirectly impacted by COVID-19 (make no mistake that in the end we are all being affected). Staff Plan: Create a plan that maximizes you...
MBE and its affiliates have received numerous questions concerning unemployment benefits (in connection with COVID-19). The DWD added a link concerning COVID-19 to its website https://dwd.wisconsin.gov/covid19/public/ui.htm. This link contains helpful information...
With fears surrounding the economic impact of COVID-19, our partners at MBE Wealth Management would like to offer 6 tips to help you take advantage of the current market decline. Consider making your IRA contributions now. Take advantage of this market decline and use...
Since 2017, MBE CPAs has been a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax,...
Department of Labor announced the final overtime rules that go into effect on January 1st, 2020. Learn more from our subsidiary Workforce Solutions.
The Tax Cut and Jobs Act of 2017 (TCJA) eliminated many business deductions, but it didn’t touch the research and development (R&D) tax credit, which was made permanent with the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act).
Although many businesses meet the qualifying criteria, small and midsize businesses often don’t realize they can take advantage of this potentially lucrative dollar-for-dollar credit. Most businesses that design, develop or improve products, processes, techniques, formulas, inventions or software, however, can claim the credit. With some exceptions, like advertising and quality control expenses, R&D expenses are deductible to qualifying businesses.
Taxpayers who do continue to itemize, generally high-net worth individuals, can continue to deduct their charitable contributions.
The standard for valuing certain assets and liabilities under U.S. Generally Accepted Accounting Principles (GAAP) is “fair value.”
CPAs typically report historical financial performance. But sometimes they’re hired to predict how a company will perform in the future.
There are three types of financial statements under U.S. Generally Accepted Accounting Principles (GAAP).