No forgiveness: Small businesses still on hook for rescue loans

September 28, 2020

Click here to see the article. When the government pledged to give small businesses billions of dollars in rescue loans during the pandemic, it was an offer almost too good to refuse: The loans could be forgiven if employers only maintained payroll. In little more than four months, the Paycheck Protection Program doled out $525

TLG at 100 Hole Hike Golf Marathon Benefitting First Tee

September 28, 2020

The mission of The First Tee of Greater Charleston is to positively impact the lives of our local youth by providing structured educational programs that build character, instill life-enhancing values and promote healthy choices through the game of golf. On September 28, 2020, golf enthusiasts will take the formidable challenge to play 100 holes of

A More Impactful Alternative to Paying Your SC Quarterly Estimates

September 1, 2020

State tax credits offset your SC tax liability dollar for dollar and can take the place of estimated tax payments and/or SC withholding. South Carolina offers several credits that not only benefit the taxpayer, but serve SC special needs students, start-up companies, and local businesses. While the below list below is far from all-encompassing, we

IRS issues payroll tax deferral guidance

September 1, 2020

Notice 2020-65, 2020-38 IRB, IR 2020-195 (8/28/2020) In a Notice, the IRS has provided guidance to employers regarding the recent presidential directive to allow employers to defer the withholding, deposit, and payment of certain payroll tax obligations. Background. On August 8, 2020, the President, via a Presidential Memorandum, directed the Secretary of the Treasury (Secretary)

Introducing our newest team member – Mark A. Willcox, CPA

August 26, 2020

Mark, a Senior Tax Manager, joined our team in August 2020. Mark graduated from Trinity International University where he received a Bachelor's in Accounting while starring as the kicker for the school football team and top scorer on the soccer team. Mark thrives in a team environment which makes him a perfect fit for The

IRS temporarily stops mailing notices to taxpayers with balances due

August 26, 2020

August 21, 2020 The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog of unopened mail that developed while most IRS operations were closed due to COVID-19, this temporary

Deadline to return distributions to retirement accounts is Aug. 31

August 26, 2020

IR-2020-187, August 24, 2020 WASHINGTON — The Internal Revenue Service today reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES

Check out this article from Forbes: SBA Opens Up New Grants And Loans For Small Businesses And Independent Contractors: The EIDL Program

June 18, 2020

Click here to read the full article via Forbes By: Richard Harroch On June 15, 2020, the SBA announced that it was again opening up its Economic Injury Disaster Loan (EIDL) grant and loan program. This means that independent contractors, freelancers, and gig workers are eligible to receive a $1,000 grant that does not have

Check out this article from Journal of Accountancy: PPP forgiveness changes coming as Senate passes House bill

June 4, 2020

Click HERE to read the article via Journal of Accountancy By: Jeff Drew (Jeff.Drew@aicpa-cima.com) The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed

Promotion Announcement – Stephanie Spinucci, CPA

June 3, 2020

It is with great pleasure that we are announcing the promotion of Stephanie Spinucci, CPA as a Senior Tax Manager at The Lanning Group. Stephanie has worked with Carrie Lanning for close to fourteen years, climbing the ranks with her dedication and commitment to the firm. Stephanie has always shown initiative in the performance of