Possible tax consequences of guaranteeing a loan to your corporation
What if you decide to, or are asked to, guarantee a loan to your corporation? Before agreeing to act as a guarantor, endorser, or Indemnitor of a debt obligation of […]
Large cash transactions with your business must be reported to the IRS
If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in […]
Claiming a theft loss deduction if your business is the victim of embezzlement
A business may be able to claim a federal income tax deduction for a theft loss. But does embezzlement count as theft? In most cases it does but you’ll have […]
Give Your Business an End-of-Summer Check-up
As summer winds down, your business’s financial statements may be due for a quick check-up. Here are several review suggestions to help determine the health of your business prior to […]
Gilbert CPAs Names Amanda Williams, CPA as Newest Shareholder
SACRAMENTO, CA – Gilbert CPAs, a premier CPA firm in Sacramento, California, is pleased to announce the promotion of Amanda Williams, CPA, as the Firm’s newest Shareholder. She provides a […]
The Biden administration proposes far-reaching tax overhaul
President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion […]
IRS Collection Financial Standards
The IRS has released its 2021 Collection Financial Standards. These standards are used to determine the ability of a taxpayer to pay a delinquent tax debt. They’re effective for an […]
Dependent Care Assistance
The pandemic caused many people to be unable to use the money set aside in their dependent care assistance programs in 2020 and 2021. In general under these plans, an […]
PPP Application Deadline Extended
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, […]
The latest on COVID-related deadline extensions for health care benefits
The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply to […]