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IRS further clarifies deductibility of PPP loan expenses

The IRS has issued more guidance to clear up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.

With tax deadlines past, what record can you toss?

Did you file an extension until Oct. 15 to file your 2019 tax return? After finishing, you may find yourself with piles of tax-related documents. Here are some tax recordkeeping guidelines.

Unusual year mixes up routine year-end tax strategies

Interested in reducing your 2020 tax liability? There’s still time to take these year-end tax planning steps.

SBA publishes loan necessity questionnaire for PPP borrowers

New SBA questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan but also about its economic experience after receiving the loan.

COVID-19 crisis could lead to increased fraud

Conditions are ripe during the COVID-19 crisis for dishonest employees to steal assets, engage in corruption schemes and/or misstate financial results. Here’s a look at the fraud triangle and how the motive, rationalization, and opportunity to commit fraud has grown during the pandemic.

The easiest way to survive an IRS audit is to prepare

Getting a letter from the IRS that your tax return is being audited may strike fear into the hearts of business owners. But the more you know about IRS audits, the better you might fare.

Risk assessment standards could undergo changes soon

The Auditing Standards Board has issued a proposal that would revise its audit standards related to risk assessment. That could mean more audit procedures related to your company’s internal controls, cyberthreats, and other risk factors as your auditors assess your situation.

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New Year, New Rules for Nonprofits

January 12, 2021
9:00 am - 11:00 am

Stay up-to-date on tax and accounting changes and other business and technology topics.

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"Accurate, prompt, and caring, the Kraft team takes care of all things financial so the board and I can concentrate on serving our members.”

Rebecca Leslie

Executive Director

Nashville Academy of Medicine

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"KraftCPAs has taken care of our family businesses for three generations. We sleep better at night knowing that Vic and his team are looking out for our best interest."

Shirley Zeitlin

Chairman

Zeitlin Sotheby's International Realty®

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"KraftCPAs shares the Hiscall values of integrity and commitment to customer service. They keep us ahead of the game and always prove to have my best interest at heart."

Gary Luffman

Chief Executive Officer

Hiscall, Inc.

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"What's not to love? They're simply the best. KraftCPAs takes care of our family business as if it were their own."

Michael Smith

President

Rio Grande Fence Co.

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