The IRS will audit a tax return for many reasons, including bad luck. Math errors, inconsistent information, and high deductions might also trigger an audit. While audits can be intimidating, the...
Many small business owners love running their business, whether it be creating a specialized product, offering a much-needed service, ensuring the success of a construction business, or whatever...
If you ask some dealers why some accounting functions are being done a certain way, they might answer, “Because we’ve always done it that way.” But with all the changes that have taken place in the...
Since the first round of the Paycheck Protection Program was rolled out as part of the CARES Act last spring, more than 5 million businesses, including some auto dealerships, have benefited from PPP...
Tax identity theft is a serious issue for the IRS as fraudsters continue to find new ways to steal taxpayers’ Social Security numbers and other personal information to file false tax returns....
Along with other changes, the recent $2.3 trillion Consolidated Appropriations Act (Act) made significant changes to the Employee Retention Credit (ERC) created earlier in 2020 by the CARES Act....
On August 8, 2020, President Trump issued a memorandum to the Secretary of the Treasury authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31,...
Article Update: As of June 5, 2020, the president signed the Paycheck Protection Program Flexibility Act into law. On June 4, 2020, the U.S. Senate passed the House version of a bill designed at...
On Friday, May 22, 2020, the Small Business Administration issued a pair of documents containing much-needed guidance for borrowers and lenders participating in the SBA’s Paycheck Protection Program...