Posts by Caras & Shulman

Featured Articles September 2020

Click on the links below to jump to each section in this article: Small Business Update: Payroll Tax Deferral It's Never Too Early to Check Tax Withholding Preparing for a Successful Retirement Tax Considerations When Hiring Household Help Tax Tips for Workers in the Gig Economy Small Business Update: Payroll Tax Deferral On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2%...

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Tax Tips August 2020

Click on the links below to jump to each section in this article: What is Form 1099-NEC? RIC Shareholder Dividends Qualify as Section 199A Temporary Relief for Retirement Plan Participants Tax Facts to Know If You're Selling Your Home This Year Small Business Tax Tips: Payroll Expenses   What is Form 1099-NEC? Starting in tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation to report any payment of $600 or more to a payee. There is a new form that only applies to...

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Featured Articles August 2020

Click on the links below to jump to each section in this article: Dirty Dozen Tax Scams: 2020 Edition Exiting a Business: Which Option Is Right for You? Protect Tax Records Before Disaster Strikes Filing an Amended Tax Return Tax Breaks for Teachers and Educators Dirty Dozen Tax Scams: 2020 Edition The "Dirty Dozen" is a list of common tax scams that target taxpayers. Compiled and issued annually every year by the IRS, this year it includes many aggressive and evolving schemes related to...

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Featured Articles July 2020

Click on the links below to jump to each section in this article: Paying off Debt the Smart Way Small Business Financing: Securing a Loan July 15 Deadline for Reporting Foreign Income Here's How to Pay If You Owe Money to the IRS Q & A: Returning an Economic Impact Payment   Paying off Debt the Smart Way With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans,...

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Featured Articles for June 2020

Featured Articles for June 2020

Click on the links below to jump to each section in this article: Loan Forgiveness Under the Paycheck Protection Plan Pass on Wealth to Heirs Using These Strategies Preparing an Effective Business Plan Avoid These Common Errors When Filing a Tax Return Loan Forgiveness Under the Paycheck Protection Plan As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for - and receive - a loan of up to $10...

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PPP Loan Update: 8 Weeks Extended to 24 Weeks!

Late Wednesday night, the Senate unanimously passed the Paycheck Protection Program Flexibility Act which makes significant modifications to the provisions of the original Paycheck Projection Program (PPP). These modifications are expected to be signed into law by the President. Among the key provisions is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount. The following is a summary of the...

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Paycheck Protection Program (PPP) Loan Forgiveness Application

As of Friday, May 15, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as...

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COVID-19 Updates: Things You Should Know

COVID-19 Updates: Things You Should Know

Click on the links below to jump to each section in this article: Tax Returns & Estimated Taxes Now Due July 15 CARES Act: Information for Individual Taxpayers Tax Breaks Help Small and Medium-sized Employers The Tax-Smart Way to Loan Money to Friends & Family Relief for Other Coronavirus-related Tax Issues   Tax Returns & Estimated Taxes Now Due July 15 Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to...

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Promotions

We are celebrating several promotions here at Caras & Shulman. We know that our greatest assets are the people who serve our clients everyday. Today we recognize (from left to right) Lindsey Murphy, Lead Associate, Operations, Melissa Astone, Supervisor, Accounting & Audit, Alexandra Binek, Senior Associate, Accounting & Audit, Nancy Cuneo, Lead Associate, Accounting Services, and Raffi Donabedian, Manager, Accounting & Audit. Also, missing from the photo - Danielle Shnaper, Lead Associate,...

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2019 MSCPA Day of Service

Members of the Caras & Shulman team donated their time to the 2019 MSCPA Day of Service. Giving back to our local communities is important to us, and it also provides the opportunity to spend some quality time with colleagues outside the office. This year, the effort was to beautify the grounds of the Town Common in Burlington, MA. It turned out to be a beautiful day! Thank you to those who were able to participate in such a great event. From left to right - Julia Basile, Jaclyn Edwards,...

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