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Funding Update

DEBBIE HYLANDER

April 17, 2020

 

SBA not accepting new loan applications as of April 16, 2020,
but additional funds expected to be appropriated early next week

 

As of Thursday, April 16, 2020, the SBA reported that it is: “Unable to accept new applications at this time...

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CARES Act Update for Individuals

Deborah L Hylander

March 28, 2020

 

CARES Act Update for Individuals

The following represents a summary of the recently signed into law CARES Act—also referred to as the Stimulus Package.

 

RECOVERY CHECKS – KEY POINTS

Recovery check distribution...

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Tax Update Announcement - 03/27/2020

Deborah L Hylander

March 27, 2020

Tax Update Announcement

 

In an effort to provide continued clarity around changes to tax law, we are offering this update to our previous tax announcements. As such, we have removed a few of our previous tax update posts.

 

Below, you will find a list of frequently asked questions in reference to...

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COVID-19 Update

Deborah L Hylander

March 25, 2020

COVID-19 Update - Yesterday initial guidance was issued in regards to the Emergency Family and Medical Leave Expansion Act (EFMLEA) and the Emergency Paid Sick Leave Act (EPSLA) of the Family First Coronavirus Response Act (FFCRA).

Baker Donelson has a great summary on their website...

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Security during COVID-19

Deborah L Hylander

March 24, 2020

Security during COVID-19 - With all the information floating around about COVID-19, please be careful about clicking on links in emails. There are a LOT of PHISHING emails using this pandemic to prey on their next victim. Also, if you are working from home, don't use public Wi-Fi , use a password protected Wi-Fi connection with a secure...

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Coronavirus Update

Deborah L Hylander

March 20, 2020

~~ UPDATES ~~

  • On March 20, 2020, Treasury Secretary Mnuchin automatically postponed the deadline for filing Federal income tax returns and making Federal income tax payments due April 15th to July 15th.
  • Extension Forms 4868 or 7004 do not need to be filed unless you need additional time after July...

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Coronavirus Update

Deborah Hylander

March 16, 2020

 

Coronavirus Update - Hylander CPA Firm is devoted to the health and safety of our team, our clients, and our community.  Given the current state of our country due to the coronavirus (COVID-19), our physical office will close beginning Tuesday, March 17th.  Our plan is to reopen March 30th but this could change...

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Coronavirus Update

Deborah Hylander

March 12, 2020

Coronavirus Update - Hylander CPA Firm will continue business as usual. The IRS has not extended any tax filing deadlines. All of our services are available 100% virtually. If you are sick with a cold, flu, or anything else, we respectfully request you take advantage of our virtual services and not come in to our office so that we may...

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BEWARE - IRS to make personal visits to taxpayers

February 20, 2020

In an Information Release and Fact Sheet, IRS has announced that it is increasing the use of data analytics, research and new compliance strategies, including personal visits, to reach taxpayers and tax return preparers who have not filed federal tax returns.

Personal visits by IRS. Following the recent and ongoing hiring of additional enforcement personnel, IRS revenue...

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Tax Tips for the Self-Employed Age 50 and Older

December 27, 2019

If you are self-employed, you have much to think about as you enter your senior years, and that includes retirement savings and Medicare. Here a few thoughts that will help.

 

Keep Making Retirement Account Contributions, and Make Extra “Catch-up” Contributions Too

Self-employed...

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IRS Issues New Bitcoin Tax Guidance

December 20, 2019

The IRS recently issued new cryptocurrency guidance and is hot on your trail if you bought and sold cryptocurrency and didn’t report it on your tax return.

Here are the tax basics. You’ll treat cryptocurrency as property for tax purposes.
  • If you receive bitcoin in exchange for your services, then your income is the...

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Does No 1099 Mean No Deduction for You?

December 13, 2019

Imagine this: you didn’t issue Form 1099s to your contractors. Now, the IRS is auditing your tax return, and the auditor claims you lose your deductions because you didn’t issue the Form 1099s. Is this correct?

No. IRS auditors often make this claim, but they are...

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Are Business Meals still deductible?

August 29, 2019

Here’s good news for business meals: the Tax Cuts and Jobs Act (TCJA) removed the “directly related and associated with” requirements from business meals.

 The net effect of this change is to subject business meals once again to the pre-1963 “ordinary and necessary” business expense...

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Taxpayer Saved 15 Hours of Paperwork, Lost $35,000 to the IRS

May 21, 2019

We know that you don’t like it. But you have to accept it.

 You are in a business and personal partnership with the government. One portion of your partnership agreement is the tax code.

 And we are sure there are many parts of the tax code that you don’t like, particularly the parts where you have to keep tax records. Here’s a...

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1099-MISC Information Reporting

Deborah Hylander

January 7, 2019

The deadline for filing Forms 1099 for payments made to your vendors in 2018 is January 31, 2019!

The IRS requires Form 1099 to be filed if you made payments during the year as part of your trade or business (including rental real estate) for the following activities:

Services performed by independent contractors or others (not employees of your business);
Rent;

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Changes to the individual and corporate income tax rates that take effect beginning in 2018 under the major piece of tax legislation called the Tax Cuts and Jobs Act (the Act).

December 28, 2017

Changes to the individual and corporate income tax rates that take effect beginning in 2018 under the major piece of tax legislation called the Tax Cuts and Jobs Act (the Act).

Rate changes for individuals. Individuals are subject to income tax on “ordinary income,” such as compensation, and most retirement and interest income, at increasing rates that apply to...

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New limit placed on individuals' itemized deductions of various kinds of nonbusiness taxes, which was made by the massive Tax Cuts and Jobs Act (the Act), effective beginning with the 2018 tax year.

December 28, 2017

New limit placed on individuals' itemized deductions of various kinds of nonbusiness taxes, which was made by the massive Tax Cuts and Jobs Act (the Act), effective beginning with the 2018 tax year.

Before the changes were effective, individuals were permitted to claim the following types of taxes as itemized deductions, even if they were not business related:

(1)  state,...

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1099 Filing Deadline

Deborah Hylander

December 27, 2017

The deadline for filing Forms 1099 for payments made in 2017 is January 31, 2018!

The IRS requires Form 1099 to be filed if you made payments during the year as part of your trade or business for the following activities:

  • Services performed by independent...

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How are taxes on business income calculated under tax reform?

Dominique Molina

December 20, 2017

How are taxes on business income calculated under tax reform? By Dominique Molina
 

As of the time of this writing, the House has just passed its recently approved conference version of tax reform and the Senate is scheduled to vote within days.  The latest version of the bill leaves more questions than answers, particularly in the area surrounding pass-through business...

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Trump's Tax Plan Proposal: What's in it for you?

April 27, 2017

Individual Taxes

•        Cut brackets to three: 12-25-35%

•        Double the standard deduction

•        Unspecified new relief for families with children and dependent care costs

•        Eliminate...

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Our New Website

Hylander CPA Firm PLLC is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around...

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