Check out our weekly Digest for April 29th located in the Latest Updates and News sections our Covid-19 resource center which includes a link to the SBA’s PPP policy guide and the SBA’s PPP FAQ’s (as updated April 28th) among other great resources … Check out our recent blog post & video Will I Ever See the Stimulus Money I was Promised?, which details how to update your banking information for… Read more
Here’s hoping that this email and my “not so short video” answers your questions about the stimulus checks or at least clears up some of the confusion. Remember: The amount you get in your stimulus check in the coming months is determined by your 2019 or 2018 tax return (whichever tax return was most recently filed). Next year, when we prepare your 2020 tax return we will complete a reconciliation… Read more
Posting this a bit later in the day, I wanted to make sure that I had the most up to date information to share. I have attended 3 webinars today, including a U.S. Chamber of Commerce Town Hall meeting where the discussion was focused on potential additional funding for both the Paycheck Protection Program (PPP) and EIDL, other small business grants. “The PPP is out of money: On Thursday morning,… Read more
I am so glad to share this photo from another beautiful morning run on the beach today, I hope you are all doing something for YOU each day, it really does help. The reports are coming in about the stimulus checks. It seems that only those eligible individuals who had an over-payment direct deposited into their (current) bank account when they filed their 2018 or 2019 tax returns… Read more
In this video, I talk about how the Economic Injury Disaster Loans & Emergency Economic Injury Grants can help your business. I remember the joke that “Ask an accountant how much is 1+1”, and they say “what would you like it to be”. It sounds like the new Non-Joke “what is my average monthly payroll cost” and we say “what day is it” … Please watch my video, which I… Read more
Over the course of a few weeks nearly everyone’s business and life has been turned upside down. It’s been a crazy time with businesses forced to close, an overload of information (and mis-information on social media) and people risking their lives to save others. With the recent disruption in mind, we have been working to help support you however we can. We’ve seen a number of our clients already impacted… Read more
I have been checking the New York Times Morning Briefing daily as well as my online accounting and business newsletters, the IRS and NYS website, et al, to see what’s going on with our country, our government, our economy, taxes and of course, the Coronavirus. Here’s the link for today’s NYT briefing My team and I have also been researching valuable resources for loans, grants, and best health and business… Read more
The Families First Act (H.R. 6201) – what it means for you and your employees Employers will still be able to claim a new quarterly payroll tax credit intended to fund the paid sick leave if it is used for qualified purposes — that is, for employees who are unable to work or telework because of the Coronavirus. The credit will cover 100% of the sick leave wages paid to… Read more
On Tuesday, March 17, the Treasury Department announced that taxpayers will be able to defer paying their taxes for 90 days past April 15th. BUT…there are some things you need to know: The filing deadline has not changed, it is still April 15, 2020. An extension is required to extend the filing of your 2019 tax return. Income tax payments for returns with a due date of April 15, 2020,… Read more
Even with our “new normal”, life and taxes go on with a slight shift in our process. It’s a rainy Tuesday morning in NYC but I wanted to share yesterday’s sunrise from Rockaway Beach which is right down my block. Take a deep breath as you start your day and try to stay calm as we head into what will probably be another challenging day. Yesterday our firm met the… Read more
There are special deductions and credits which help working parents defray some of the bite from child care costs. Follow the specific rules and receive tax benefits for qualified child care while you are at work and breathe easy knowing your child is in a safe secure environment. Interested in finding out more about this and other employment related benefits and how they can reduce your taxes, contact us,… Read more
It’s tax season and it seems that the rest of the country finally figured out that Tax Simplification is anything but… Now the big question is how do I find the best CPA or Tax Professional for me. The question seems “simple” too. But is it? Today was the second time this article was published in the last few weeks, click through to read it. How to Find the Best… Read more
I was asked to contribute to a feature in a short video montage at Intuit’s QuickbooksConnect conference. Several accountants spoke about aspects of accounting. I was happy to answer “what do you love about your clients?” Any guesses as to what I replied? Here’s the gist: I love that I’m able to speak with my clients and they understand what I’m saying. At A. Parness Company CPA we believe in… Read more
The phrase “business advisory” is used a lot in the accounting industry, more now than ever, but what is it really? More and more small business owners and medical practitioners are realizing they want and need more than just an accountant to fill in the boxes on their tax returns, and frankly, they are right, they do need more than just tax compliance! What does business advisory look like for… Read more
For medical practices and other professional practices the risk of data breaches and fraud is high, so taking all the necessary steps to protect your patient’s or client’s sensitive data is a must. Unfortunately for many practitioners the decision to increase their company’s data protection comes too late – after they’ve been victimized by a malicious hacker. The good news is, simple and inexpensive steps can be taken to avoid… Read more
These days, you can use technology to take care of almost any issue facing your business. If you have a task you don’t like to do, there’s an app or software program to take care of it for you. It might take a bit of your time to learn and understand how the software or app works, but doing so will save you valuable time and precious energy. It will… Read more
You and your staff can really benefit from using technology to handle repetitive administrative work; this will help free up staff time to be used for higher level tasks like speaking with customers and analyzing the data. These days, you can use technology to take care of almost any issue facing your business. Artificial Intelligence can be used as an interface with other software so that you and your… Read more
No one really likes talking about their death, which makes updating—or even writing—a will an unpleasant experience. Often, people put off thinking about their will for another day, assuming they have a lot of time to deal with it. Along comes the SECURE Act and we see the importance of proactive planning, not just for your retirement, but for your beneficiaries as well. NEIL D. KATZ, J.D., LL.M., CPA Last… Read more
What comes to mind when you think about a business conversation? I picture sitting at my computer or surface, starting off my meeting with a wave and a smile. It’s possible that this is the first “in person” meeting we are having, so starting off with a video chat is a great way to fast track a relationship. I hosted a recent video chat meeting with a new contact while… Read more
I offered my top tip for accountants and their clients for an article which was published last week, then I googled communicate and this is what I found: com·mu·ni·cate verb 1. share or exchange information, news, or ideas. Similar: liaise, be in touch, be in contact, be in communication Use it in a sentence “We as effective tax advisers communicate with our clients so we can understand what their needs are… Read more