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Private Investment Fund Audit

Posted on January 22nd, 2021
Posted by Muhammad Akram, CPA
Private Investment Fund Audit

Private investment funds are generally subject to annual financial statement audits as a matter of accountability to investors. This audit requirement may be self-imposed by fund management or may exist under federal or state investment advisor regulations. Surprise Examination vs. Private Investment Fund Audit A private investment fund, by definition, will always have “custody” of… Read More »


SBA Releases Application for Second Round of PPP Loans

Posted on January 9th, 2021
Posted by Muhammad Akram, CPA
SBA Releases Application for Second Round of PPP Loans

The Small Business Administration (SBA) has released an application on January 8, 2021 and clarify how borrowers can qualify and apply for the second round of Paycheck Protection Program (PPP) loans. First-time and second-draw PPP borrowers are eligible for second round of PPP loans if they meet the eligibility requirements. The second round of loans… Read More »


Pros and Cons of a Qualified Personal Residence Trust

Posted on December 29th, 2020
Posted by Iris Wang, CPA
Pros and Cons of a Qualified Personal Residence Trust

A  Qualified Personal Residence Trust (QPRT) is an irrevocable grantor trust, which allows an individual to take advantage of the gift tax exemption by putting a personal residence, either primary or secondary, into a trust. There are several pros and cons of establishing a QPRT. Pros and Cons of a QPRT The grantor determines how long… Read More »


COVID Tax Relief for Individuals and Businesses

Posted on December 23rd, 2020
Posted by Muhammad Akram, CPA
COVID Tax Relief for Individuals and Businesses

Congress used the 2021 governmental funding legislation as the vehicle to pass much needed COVID-19 relief, and more.  Spanning 5593 pages, the mammoth $2.3 trillion legislation contains some $900 billion COVID relief including most popular PPP loans for small businesses. The COVID-related Tax Relief Act of 2020 (COVIDTRA) and the Taxpayer Certainty and Disaster Tax… Read More »


Paycheck Protection Program (PPP) Second Draw Loans

Posted on December 22nd, 2020
Posted by Muhammad Akram, CPA
Paycheck Protection Program (PPP) Second Draw Loans

Congress has passed its spending bill, the “Consolidated Appropriations Act (CAA), 2021” on December 21, 2020 which includes Additional Coronavirus Response and Relief (ACRR). The President Trump has signaled he will sign the bill. ACRR includes a provision that provides $284 billion for paycheck protection program second draw loans.  Eligibility Criteria for Second Draw PPP… Read More »


2020 Tax Planning Strategies to Consider

Posted on November 24th, 2020
Posted by Gias Khan, CPA
2020 Tax Planning Strategies to Consider

2020 tax planning strategies have been difficult to advise. The COVID-19 pandemic made 2020 a year of uncertainty. To top it off the election results, on January 5, 2021 for run off senate seats in Georgia, may bring future tax changes. Before the close of the tax year there are effective steps to take now… Read More »


PPP Loan Deductions

Posted on November 23rd, 2020
Posted by Gias Khan, CPA
PPP Loan Deductions

The IRS provides guidance regarding PPP loan deductions as a tax expenses in relation to PPP loan forgiveness. Recently, the IRS released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. Revenue Ruling 2020-27 Scenarios of Disallowance Two scenarios where disallowance can occur. Taxpayers receive the PPP loan and incur eligible expenses within the proper time period… Read More »


PPP Forgiveness Could Impact 2020 Taxes

Posted on November 13th, 2020
Posted by Iris Wang, CPA
PPP Forgiveness Could Impact 2020 Taxes

The Paycheck Protection Program (PPP) loan forgiveness left many unanswered questions. Businesses were left with questions on how the PPP loan forgiveness will affect borrowers’ 2020 tax obligations. The key challenges are the timing of income recognition and deductibility of expenses. Forgiveness Application Timeline Each borrower can choose a covered period of 8 or 24… Read More »


State Tax Consequences of Remote Working

Posted on November 4th, 2020
Posted by Iris Wang, CPA
State Tax Consequences of Remote Working

There are state tax consequences of remote working when people staying in a state that they are not a resident of and telecommuting may end up filing two to three state tax returns. Additionally, earning money in a state that someone does not have residency could require a non-resident tax return and pay applicable state… Read More »


Tax Planning Strategies for Children Taxes

Posted on October 29th, 2020
Posted by Annie Kelsey
Tax Planning Strategies for Children Taxes

Parents can help to generate significant tax savings using tax planning strategies for children taxes. How Children Affect Your Taxes? The upbringing of children can be very expensive from childcare to education costs. A parent’s effective tax planning strategies can help parents to save money for children taxes. Single Parent Filing as Head of Household… Read More »


Closing a Business Tips

Posted on October 27th, 2020
Posted by Annie Kelsey
Closing a Business Tips

The IRS has redesigned and streamlined Closing a business page to help business owners and self-employed individuals navigate the process. Business owners can quickly find the information they need to: (i) close a business from a federal tax perspective regardless of business type and (ii) help take care of employees. Information includes what forms to… Read More »


2021 IRA Contribution

Posted on October 14th, 2020
Posted by Iris Wang, CPA
2021 IRA Contribution

If you made 2021 IRA contribution or you’re thinking of making them, you may have questions about IRAs and your taxes. Here are some important tips about saving for retirement using an IRA. 1. You must be under age 70 1/2 at the end of the tax year in order to contribute to a traditional IRA. There… Read More »


Business interest limitation rules present opportunities

Posted on October 2nd, 2020
Posted by Annie Kelsey

The IRS has issued long-awaited final regulations and other guidance to provide relief and clarity on the limit on the amount of interest certain businesses can deduct.


Business Valuation

Posted on September 25th, 2020
Posted by Gias Khan, CPA

Business owners are generally not willing to pay the pro-rata value for a minority interest in a business when the interest lacks control and marketability.


Payroll Taxes Were Deferred by President Trump

Posted on September 10th, 2020
Posted by Annie Kelsey

The IRS issued guidance, (Notice 2020-65) , on August 28, 2020 which implemented President Trump’s Presidential Memorandum on the deferral of the withholding, deposit and payment of the employee share of social security tax for the period from Sep 1, 2020 through Dec 31, 2020.


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