The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020. Here’s a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them. For Individual Taxpayers Charitable donations.… Continue reading
News & Updates
Keep Employees Safe From COVID-19 Without Discrimination
How can an employer keep its workforce safe from COVID-19 exposure on the job, while still following medical privacy rules? The Equal Employment Opportunity Commission (EEOC) may be able to help, as it reviews how COVID-19 workplace issues intersect with recommendations from the Centers for Disease Control (CDC) and with various laws. The relevant laws include… Continue reading
Be on High Alert for Ransomware Attacks
The FBI has warned of a staggering increase in ransomware attacks against businesses since the start of the COVID-19 pandemic. Here’s what business owners and managers should know about these attacks to help prevent them—and manage an attack if preventive measures fall short. Three Types of Ransomware Here’s an overview of three basic types of… Continue reading
2020 Year-End Tax Planning Ideas for Small Businesses
Small business owners still have time to make tax planning moves to lower their 2020 federal income tax bills—and possibly lay the groundwork to save taxes in future years. Here are 10 ideas for small businesses to consider. Claim Bonus Depreciation for 2020 Asset Additions Thanks to the Tax Cuts and Jobs Act (TCJA), 100% first-year… Continue reading
SSB CPAs Announces New Team Members
Adam R. Timblin, CPA joins our team as a Senior Manager. He will provide assurance and advisory services to our clients and play a key role in expanding the service we offer to small businesses. He comes to SSB with 12 years of experience in public accounting and 2 years’ experience serving as the CFO for… Continue reading
Year-End Moves for Charitable Donations
‘Tis almost the season for charitable giving. Besides helping a worthy cause, your donations may qualify for a festive write-off on your 2020 tax return if you qualify. Here are five ways to boost your deduction for charitable contributions if you itemize. Bunch Contributions Under the Tax Cuts and Jobs Act (TCJA), for 2018 through 2025,… Continue reading
Fraud Alert: Have You Heard About New Vishing Attacks?
For years, businesses and individuals have had to worry about so-called “phishing” scams sent via email or text. These cyberattacks are designed to hook unsuspecting victims into revealing sensitive information. Now there’s a new twist aimed largely at small businesses: Voice phishing scams (also known as “vishing” using social engineering). A recent alert from the Cybersecurity… Continue reading
SSB CPAs Announces Team Member Promotions
Samuel D. Fries, CPA, CFP has been promoted to the position of Senior Manager. Sam is a member of SSB’s tax team and, as a Certified Financial Planner (CFP), he heads up our investment advisory service, SSB Managed Wealth, LLC. In addition to assisting SSB clients with their financial planning, Sam’s concentration is in the… Continue reading
Home Office Deductions in the COVID-19 Era
Have you been working from home during the COVID-19 crisis? Join the club. Approximately 42% of the American workforce is currently working from home full time, according to a recent study by the Stanford Institute for Economic Policy Research. Only 26% are working on business premises—and many of those are essential workers, such as public… Continue reading
Monitor Overtime Pay for Your Remote Workers: DOL Guidance
Paying your employees for hours that you know they’ve worked is straightforward enough. But what if they’re doing more work than you think they are—or more than you’ve asked them to do? As federal regulations state, “Work not requested but suffered or permitted is work time” and, thus, must be compensated. As explained in a… Continue reading
