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Expenses Paid with Forgiven Paycheck Protection Program Loans are Not Deductible – For Now

By |2020-05-06T13:24:34-04:00May 2nd, 2020|Coronavirus, News Articles|

Original Article: https://www.barnesdennig.com/2020/05/forgiven-ppp-expense-proceeds-not-deductible/ According to new guidance issued by the IRS, (Notice 2020-32) expenses paid for with debt that is forgiven will not be tax-deductible. That means that if you received a Paycheck Protection Program (PPP) loan and spent the money on qualifying expenses, and the entire amount of the [...]

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Tax Day now July 15th- regardless of amount owed

By |2020-03-21T13:12:13-04:00March 21st, 2020|Coronavirus, Corporate Income Tax, Individual Income Tax, News Articles, Tax Payments|

Issue Number: IR-2020-58 Source: IRS.gov Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed WASHINGTON – The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to [...]

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Coronavirus-Tax Credit, Immediate Relief for Small Businesses to Help Employees

By |2020-03-20T20:10:33-04:00March 20th, 2020|Coronavirus, Corporate Income Tax, Employees, Employers, News Articles, Payroll|

Issue Number: IR-2020-57 Source: IRS.gov Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave   WASHINGTON – Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. [...]

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Guidance for Businesses and Employers Impacted by Coronavirus Disease (COVID-19)

By |2020-03-16T14:36:24-04:00March 16th, 2020|Employers, News Articles, State Taxes|

Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy. Learn more by visiting the Small Business Administration's website: https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19  Details include: Economic Injury Disaster Loan [...]

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Taxpayers should know the signs of a phone scam, especially during filing season

By |2020-03-09T19:23:39-04:00March 11th, 2020|Fraud, News Articles|

IRS Tax Tip 2020-32 Taxpayers should be aware that aggressive criminals pose as IRS agents in hopes of stealing money or personal information. The tax filing season is a prime time for phone scams because people are thinking about taxes. Here are some tell-tale signs of a tax scam along [...]

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Fed Cuts Interest Rates By Half A Percentage Point: How This Will Affect You

By |2020-03-09T19:18:37-04:00March 9th, 2020|First Time Home Buyers, Home Owners, News Articles|

Take Advantage Of Record Low Mortgage Rates Mortgage rates are officially the lowest in American history. 11 trillion in mortgages are eligible for refinancing that would lower the homeowners interest expense and monthly payments. If you have a mortgage rate that is 4% or higher, it’s a good idea to [...]

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AFSG, preferred firm of The Neat Company

By |2019-08-20T21:22:59-04:00August 20th, 2019|AFSG, News Articles|

Need to get your business more organized? Lauryn Charles has partnered with The Neat Company to bring our clients the newest technologies for digital document storage and retrieval. Check out our page on Neat.com and contact us for discount pricing and product demos.  https://www.neat.com/accountant/accountable-financial-services-group/ Neat's software helps automate your bookkeeping! [...]

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IRS extends April 15, other upcoming deadlines for Alabama storm victims, provides other tax relief

By |2019-03-07T16:28:08-05:00March 7th, 2019|News Articles|

IRS Issue Number:    IR-2019-31 Victims of Sunday’s tornadoes and severe storms in Alabama have until July 31, 2019, to file certain individual and business tax returns and make certain tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any Major Disaster Declaration area designated by the [...]

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Recent changes to moving, mileage and travel expenses

By |2018-06-12T01:38:02-04:00June 12th, 2018|Individual Income Tax, News Articles, Tax Cuts & Jobs Act|

source: IRS.govThe Tax Cuts and Jobs Act includes changes to moving, mileage and travel expenses: Move-related vehicle expense The new law suspends the deduction for tax years beginning after Dec. 31, 2017, through Jan. 1, 2026. During the suspension, no deduction is allowed for use of an auto as part [...]

Lauryn Charles interview with Accounting Today about Cloud Accounting Solutions!

By |2017-09-01T13:19:58-04:00September 1st, 2017|AFSG, News Articles|

Objective: Having started her career in small-business banking, Lauryn Charles learned early on that, “If your accounting systems are in place correctly, your whole business will run smoothly.” When she subsequently started her own accounting firm, she knew there had to be a better way for her clients to interact with [...]