Nicole M. Albrecht

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) made many temporary changes in the tax law. The new Consolidated Appropriations Act (CAA) adjusted some of these and left others to die on December 31, 2020.  Below are insights into some of the changes.  Borrow $100,000 from Your IRA and Pay It Back within […]

Embedded in the COVID-19 relief law is $900 billion for financial assistance. As you would expect in these unusual times, some of the relief is in the form of direct government financial assistance and some is from tax benefits that can impact both tax year 2020 and tax year 2021.   Most of the provisions […]

Do you have a mileage log that will survive an IRS audit? If so, good for you! If not, get ready to give up all (not some, but all) of your vehicle tax deductions for not just one year but three years, as you will see in this true story.   The story is about […]

Before borrowing any money, especially from the government, you need to remember to always read the documentation involved to be sure you know all the ins and outs to what you are agreeing to. This is even more important when borrowing through the Small Business Administration’s (SBA Economic Injury Disaster Loan (EIDL) program. The EIDL […]

Here are seven powerful business tax deduction strategies that you can easily understand and implement before the end of 2020. 1.Prepay Expenses Using the IRS Safe Harbor – You just have to thank the IRS for its tax-deduction safe harbors. IRS regulations contain a safe-harbor rule that allows cash-basis taxpayers to prepay and deduct qualifying […]

If You’re Considering Moving to a Different State, Taxes in the New State may be the Deciding Factor Especially if you expect them to be Lower Consider All Applicable State and Local Taxes – If your objective is to move to a lower-tax state, it may seem like a no-brainer to move to one that […]

by Rob Britton CFA, CFP & Nicole Albrecht EA, CTC The Senate passed the legislation 96-0 and the bill now heads to the house for a vote tomorrow. If passed the bill would be the largest aid package in US history. The key points of the bill are as follows: The most anticipated piece of […]

The number one audit risk that S-Corporations have to deal with is salary and wages paid to officers of there corporation. One of the fastest ways for the IRS to audit an S-Corporation is to file an 1120S tax return with no amount showing on Line 7. It is assumed by the IRS that no […]

Helpful tips for tax time. Being a small-business owner isn’t easy. After all, balancing payroll, managing employees, drawing up marketing plans, and handling the bookkeeping can be stressful! Luckily, the Internal Revenue Service (I.R.S.) allows small-business owners to take some surprising deductions, which may help come tax time. Read on to learn more. Remember, the […]

Here are some things you might consider before saying goodbye to 2019. What has changed for you in 2019? Did you start a new job or leave a job behind? Did you retire? Did you start a family? If notable changes occurred in your personal or professional life, then you will want to review your […]