Posts Tagged ‘Eubanks Accounting’
Tax Credits Provided to Small Businesses
Summary of Keypoints Overview of FFCRA tax credits for small businesses: The Families First Coronavirus Response Act requires small businesses to provide paid sick leave and emergency family and medical leave, while offering refundable payroll tax credits to offset the cost of these required wages. Scope and timing of credits: The FFCRA provides a 100%…
Read MoreFamilies First Emergency Family and Medical Leave Expansion Act
Summary of Keypoints Overview of Families First emergency leave requirements: The Families First Emergency Family and Medical Leave Expansion Act (EFMLEA) and the Emergency Paid Sick Leave Act (EPSLA) require employers with fewer than 500 employees to provide paid leave related to COVID-19, with potential exemptions for employers with fewer than 50 employees if compliance…
Read MoreSBA EIDL Help for Small Businesses
Summary of Keypoints Overview of SBA Economic Injury Disaster Loans (EIDL): Under the Coronavirus Preparedness and Response Supplemental Appropriations Act of 2020, the SBA provides low-interest federal disaster loans to small businesses experiencing substantial economic injury due to COVID-19. Loan purpose and use of funds: EIDL proceeds may be used for working capital needs, including…
Read MoreLatino Economic Development Corp – Tax Planning and Reporting for Small Business
Summary of Keypoints Event overview: A tax planning and reporting presentation for small businesses hosted by the Latino Economic Development Corp on March 19, 2020. Presenters: The session was led by Jennifer Eubanks, with participation from Rod Johnson of the U.S. Small Business Administration. Primary focus: The presentation addressed tax planning and reporting considerations relevant…
Read MoreDeductions Denied for Failure to Substantiate – Penalties Imposed
The Tax Court requires taxpayers to substantiate business expenses or face stiff penalties. As we enter another tax season, the deductibility of expenses will be in the forefront of business owner’s minds. The Tax Court took a strong position on the matter in this 2006 court case, placing the burden of substantiation on taxpayers to…
Read MoreFour tax strategies you can use to reduce your income taxes and increase your 20% Pass-Through Income Section 199A deduction
Summary of Keypoints Purpose: The article outlines four tax planning strategies designed to reduce taxable income while increasing eligibility for the 20% Pass-Through Income deduction under IRC Section 199A. Capital loss harvesting: Taxpayers can offset capital gains that negatively affect the Section 199A deduction by realizing capital losses before year-end. Charitable contributions: Increasing itemized deductions…
Read MoreAlert – how to handle the government shutdown as a Federal contractor.
Summary of Keypoints Situation overview: A partial federal government shutdown has begun, creating uncertainty for federal contractors and requiring immediate contract-by-contract assessment. Prime contractor guidance: Contractors should maintain close communication with the Contracting Officer (CO/KO), COR, and COTR; stop work on unfunded contracts; and follow any stop-work orders issued on funded contracts. Funded contracts without…
Read MoreJennifer Eubanks named Top Financial Professional by Northern Virginia Magazine
Lower Your Tax Bill for 2018
Summary of Keypoints Context: The article outlines year-end 2018 tax planning opportunities under the Tax Cuts and Jobs Act, which introduced major changes for both individuals and businesses, including new rates, deductions, and limitations. Individual tax planning: Key strategies include managing investment income to minimize the 3.8% net investment income surtax, timing capital gains and…
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