AHP Articles - Andrews Hooper Pavlik PLC

Created: Friday, October 23, 2020

Standards OverVIEW: FASB Issues Guidance for Not-For-Profit Presentation and Disclosure of Contributed Nonfinancial Assets

The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) No. 2020-07: Presentation and Disclosures by Not-For-Profit Entities for Contributed Nonfinancial Assets. This article provides a summary of the ASU.

Created: Thursday, October 22, 2020

Simplified Forgiveness Application for PPP Loans Under $50,000

The U.S. Small Business Administration, in conjunction with the U.S. Treasury Department, recently announced a simpler, more streamlined application (Form 3508S) for the forgiveness of Paycheck Protection Program (PPP) loans of $50,000 or less.

Created: Wednesday, September 9, 2020

Employers Have Questions and Concerns About Deferring Employees’ Social Security Taxes

The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations.

Created: Wednesday, September 2, 2020

What Happens if an Individual Can’t Pay Taxes

While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options.

Created: Tuesday, August 18, 2020

Deferring Payroll Tax Obligations in Light of President Trump’s Executive Actions

On Saturday, August 8, 2020, the President issued four executive actions to provide relief from the economic strains caused by COVID-19. Of these four directives, one was an order and the other three were memorandums. This article focuses on the deferment of taxes but gives a brief overview of the other three directives as well.

Created: Thursday, August 6, 2020

Deadline Approaching to Roll Back Required Minimum Distributions

In June, the IRS announced (Notice 2020-51 (PDF)) that anyone who has already taken a required minimum distribution (RMD) at any point in 2020 can roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.

Created: Tuesday, July 7, 2020

Midyear Tax Planning Ideas for Individuals

The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation. Tax planning is especially complicated for 2020.

Created: Monday, June 22, 2020

Updates on Funding for Businesses Suffering as a Result of the Coronavirus Outbreak: Main Street Lending and Paycheck Protection Programs

The Main Street Lending Program has been launched and the Paycheck Protection Program has a new, streamlined loan forgiveness application. This article contains a summary on both programs.

Created: Wednesday, June 17, 2020

Good Records Are the Key to Tax Deductions and Trouble-Free IRS Audits

Certain types of expenses, such as automobile, travel, meals and office-at-home expenses, require special attention because they’re subject to special recordkeeping requirements or limitations on deductibility.

Created: Friday, June 5, 2020

Senate Approves Changes for Paycheck Protection Program

On Wednesday, June 3, 2020, the U.S. Senate passed proposed changes to the Paycheck Protection Program (PPP), expanding the time allotted for loan recipients to spend their funds and still qualify for loan forgiveness. The bill went on to President Trump and was signed into law on Friday. This article highlights the main points of the new law.