In the unpredictable world of business and personal finance, income can vary dramatically year to year. Whether driven by economic challenges, startup investments, or unforeseen events, these fluctuations may result in financial setbacks. When allowable deductions...
High-income earners can bypass Roth IRA income limits using the backdoor Roth IRA strategy. This allows individuals to contribute to a non-deductible Traditional IRA and then convert those funds to a Roth IRA. This legal method has important tax considerations....
Few topics generate more confusion for nonprofit organizations than Unrelated Business Income Tax (UBIT). It is also one of the areas that can cause the most problems for your organization, costing you money in the form of taxes, and in more severe cases, potentially...
As the year draws to a close, it’s crucial to take a proactive approach to tax planning. Whether you’re an individual taxpayer or a business owner, these strategies can help you optimize your tax situation and potentially save money. Here are some key considerations...
For more information Patrick Plant info@mjlm.com For Immediate Release (Houston, Texas), June 20, 2024 McConnell Jones Partner Ken Gibbs to Head Firm’s Mid-Atlantic Tax Practice McConnell Jones (MJ) is excited to announce that Ken Gibbs will now serve as the Tax...
Organizations who received a Paycheck Protection Program (PPP) loans should look to maximize their loan forgiveness. The following outlines five key steps for PPP Loan forgiveness; look over these steps now to prepare for maximum loan forgiveness: Step 1: Track...
The Paycheck Protection Program (PPP) Loans are helping many businesses keep their workforce employed during the COVID-19 crisis. Earlier this week, congress provided the SBA with an additional $320 billion for the PPP Loan program to backstop the initial $349...
Initial guidance in the legislation indicates that a borrower should submit to their lender an application to request loan forgiveness and supply the lender with the following documentation relating to the covered period: Documentation verifying the number of FTE and...
In addition to the permitted use of Paycheck Protection Program (PPP) funds, a sole proprietor may use PPP funds for owner compensation replacement per the following guidelines below: Owner compensation replacement for a sole proprietor is defined as 2019 Schedule C...
COVID-19 has presented challenges that many businesses and organizations never contemplated. Bookkeeping and accounting functions,while working remotely, may be one of the many critical tasks you’re struggling to figure out. In this time of crisis, keeping your...