AHP Blog

Different color binders atop of a computer keyboard
Created: Friday, November 6, 2020

Now More Than Ever, Carefully Track Payroll Records

The subject of payroll has been top-of-mind for business owners this year. The COVID-19 pandemic triggered economic changes that caused considerable fluctuations in the size of many companies’ workforces. Employees have been laid off, furloughed and, in some cases, rehired. There has also been crisis relief for eligible businesses in the form of the Paycheck Protection Program and the payroll tax credit.
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.
Hand on calculator to determine payroll
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.