Want my podcasts and blog posts delivered to your inbox? Click here to subscribe
To listen to the podcast version of memo click here —> Podcast Version
IMPORTANT NOTE: Not all states are following the IRS direction on this. Be sure to check with your tax advisor.
Many people had their PPP Loan proceeds deposited into the bank account they use for business operations. This made perfect sense.
But when doing their taxes, they simply add up the total deposits made into that account and treat that as total business income on their tax returns.
You can see how this will OVERSTATE your income as the PPP Loan proceeds are NOT taxable to you.
If you do your own taxes (which is the worst idea ever!) take extra time this year to analyze what figure you should be using as total business income. Make sure your accountant takes their time to only include deposits that are valid business income from clients / customers.
If you don’t use my firm for tax preparation, I urge you to schedule an initial consultation with me to give me the chance to showcase what we offer that other firms do not.
Remember, the moment you have a business or tax question is the moment you should be calling me.
Want my blog posts delivered to your inbox? Click here to subscribe
Please reach out to me without hesitation with any tax, business or
accounting question, and to schedule a consultation.
Tax Laws are complex.
It is very easy to make mistakes that can incur penalties.
Do you have a Tax, Accounting or Business Question?
Call Me Immediately. (732) 673-0510.
Is your CPA or Attorney
ignoring your Phone Calls and Emails?
Call Me Immediately. (732) 673-0510.
Remember,
“If We Aren’t Working For You, Then You Aren’t Working At Your Best”
Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County
#Lockdown #Covid2019 #ppploanforgivness #PPP #PPPloan #PPPloans #Lockdown #Covid2019 #CoronavirusLockdown #CoronavirusPandemic #COVIDー19 #StimulusChecks #GovMurphy #VAR #Covid19 #Coronavirus #smallbusinessowners #incometaxes #incometax #irs #SmallBusinessSaturday #smallbusinessowner #businessmarketing #businessowner #yearend #jerseyshore #cpa #taxplanning #Accounting #TedTalk
