Author Archives: Donya Oneto CPA
Do You Know What the Paycheck Protection Program is?
The Paycheck Protection Program was enacted as a part of the CARES ACT which was signed into law almost simultaneously as the US (and the world in general) came to a screeching halt in March 2020. The program provides loans … Continue reading
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The Economic Injury Disaster Loans (EIDL) and Loan Advances have received a limited amount of additional funding.
Today President Trump signed into law the PPP and Health Care Enhancement Act. This same Act allocated limited funds to the EIDL advance and loan program. For those who applied during round 1 the EIDL emergency advance was the program … Continue reading
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PPP loan applications starting on Monday, April 27 at 10:30 AM
Statement from SBA and Treasury: “The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the … Continue reading
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Businesses who paid March Sales & Use Tax early may request refund
ANNAPOLIS, Md. (March 20, 2020) – UPDATED: Businesses who paid their Maryland Sales & Use Taxes for March early may request a refund of their payment by emailing taxpayerrelief@marylandtaxes.gov or by calling 410-260-4020. To assist businesses affected by the economic impact of COVID-19, Comptroller … Continue reading
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Tax Day has been moved from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.
On Friday morning, the Treasury Department and IRS announced that the income tax filing deadline has now been extended to July 15, 2020. Earlier this week, Treasury Secretary Mnuchin announced the extension of the tax payment deadline, but did not … Continue reading
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5 DECISIONS TO MAKE WHEN STARTING A BUSINESS
Have a Business Plan a) Business plans are used for financing. b) They provide a yardstick against which future performance will be measured. c) They provide a framework for decision making and coordination of business. d) They define the business … Continue reading
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Supreme Court Decision and Sales Tax
In June 2018 Supreme Court effectively reversed a previous ruling (Quill v. North Dakota, 1992) which prohibited states from requiring on-line retailers, with no physical presence in the state, from collecting and remitting sales tax. The decision in South Dakota … Continue reading
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Wayfair decision could impact your business
Nexus describes the amount and degree of a taxpayer’s connection with a state before the taxpayer becomes subject to the state’s taxing jurisdiction. If a taxpayer has established sales and use tax nexus, the state will require the taxpayer to register, collect and remit sales and use taxes on sales made to purchasers in that state. Continue reading
2019 New Mileage Rates
It is important to note that under the Tax Cuts and Jobs Act, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses. Taxpayers also cannot claim a deduction for moving expenses, except members of the Armed Forces … Continue reading
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401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000
The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute … Continue reading
