David Reape CPA Archives - Page 14 of 19 - HW&Co. CPAs and Advisors

File cash transaction reports for your business – on paper or electronically

By: David M. Reape

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged […]

Why do partners sometimes report more income on tax returns than they receive in cash?

By: David M. Reape

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income […]

Even if no money changes hands, bartering is a taxable transaction

By: David M. Reape

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your […]

Businesses: Get ready for the new Form 1099-NEC

By: David M. Reape

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment […]

Steer clear of the Trust Fund Recovery Penalty

By: David M. Reape

If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to […]

Ohio Excludes Forgiven PPP Loan Proceeds from CAT Taxation

By: David M. Reape

The State of Ohio has joined other states in excluding forgiven Paycheck Protection Program (PPP) Loans from taxation. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed by Congress, […]

Launching a business? How to treat start-up expenses on your tax return

By: David M. Reape

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to […]

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

By: David M. Reape

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The […]

Business charitable contribution rules have changed under the CARES Act

By: David M. Reape

In light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some […]

IRS Adds Economic Impact Payment Information

By: David M. Reape

The IRS recently addressed a question regarding an Economic Impact Payment being sent to someone who was deceased. From the IRS Economic Impact Payment Information Center: Q: Does someone who […]

IRS Limits Tax Benefits of PPP Loans

By: David M. Reape

The IRS issued guidance on April 30th stating expenses paid with a forgiven PPP loan are NOT deductible. Notice 2020-32 states that “no deduction is allowed for an expense that […]

Hiring independent contractors? Make sure they’re properly classified

By: David M. Reape

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified […]

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