Tax Planning Articles
Tax Planning Articles
Tax Watch
Our tax planning articles give you the actionable information you need to be prepared for your financial future. With the help of a DMJ tax planning CPA, you can better understand tax code changes, new legislation, analysis, and some of the biggest issues facing businesses and individuals. They are a resource for professionals who want to position their business for tax time and provide a baseline of information that will help you better understand and engage with your own tax planning accountant.
The Tax Information You Need
Our tax planning articles offer insight into some of the biggest concerns facing your business’s financial planning. Up-to-date resources are structured to provide the information you need. When you follow up with your tax planning CPA, they’ll address your specific challenges unique to you or your situation.
Cybersecurity Risks to Medical Devices: How Real is the Threat?
Although medical devices are a critical part of patient care, they continue to pose cybersecurity risks to patient care and system data. These devices often are connected to a healthcare provider’s network and other devices within the network system, enabling...
PPP Loan Forgiveness: State Tax Implications
One of the greatest concerns for small business owners following COVID-19 stimulus legislation last year was whether loans forgiven under the Paycheck Protection Program (PPP) would be taxable. While Congress never intended the loans to be taxed, the IRS determined...
IRS Helps All Taxpayers Combat Tax Return Identity Theft
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. According to a 2019 U.S. Government Accounting Office report, the IRS...
Employer-Owned Life Insurance Benefits May Be Subject to Income Tax
As a business owner or employee benefits specialist, you may be aware that the Pension Protection Act was enacted in 2006 to increase oversight of retirement accounts and hold businesses accountable for underfunded accounts. However, what many employers don’t know is...
Business Owners Can Overcome Common Business Exit Obstacles
Business owners probably think of retirement as a time to let go of all business stresses and to finally begin relaxing. Surprise—according to a recent study, more than 70% of former owners regret selling their companies less than a year after the sale. What causes so...
FASB Releases Guidelines to Nonprofits on Reporting Gifts-in-Kind
The Financial Accounting Standards Board (FASB) has released ASU 2020-07, Not-for-Profit Reporting of Gifts-in-Kind. The purpose of the ASU is to improve GAAP reporting by increasing the transparency of the presentation and disclosure of contributed nonfinancial...
New Round of PPP Loans Available for Qualified Applicants
Background On 12/27/2020, the President signed into law the Consolidated Appropriations Act of 2021. This legislation, which spans 5,593 pages, was the longest bill ever passed by Congress. The bill provides $900 Billion in stimulus relief to support the United States...
What Your Business Should Know About the Consolidated Appropriations Act of 2021
According to the Senate Historical Office, the Consolidated Appropriations Act of 2021 may be the largest single item of legislation in American history. It has been passed by Congress but is waiting on the President to sign it before it is final law. “The Act” is...
$900 Billion COVID-19 Relief Bill Passed by Congress
It took months of contentious negotiations, but on the evening of December 21, Congress voted to approve a second stimulus package intended as a relief measure for businesses and individuals adversely affected by the COVID-19 pandemic. The $900 billion pandemic relief...
PPP Expenses are Deductible
Last night, December 21, 2020, the House and Senate passed the Consolidated Appropriations Bill of 2021, a mammoth 5593-page law. The legislation includes several tax measures, including a Coronavirus relief bill titled the "COVID-related Tax Relief Act of 2020." This...
Strategies That Work
Every business and individual is different, but our tax planning articles are meant to get you up-to-speed fast. Contact a tax planning accountant at DMJ to review how the tax changes may affect you, and what can be done to minimize the impact. For over 70 years, clients have trusted DMJ & Co., PLLC, to help chart the right financial course. Contact us today to find out how an experienced tax planning specialist can help you or your business.