At MKA, we are more than just an accounting firm. We care about our community, and for that reason, philanthropy is a one of our company’s focal points. MKA has done work with various non-profits in Central Florida, many of which are clients of ours. As a result of our avid community involvement, we have […]
In the week of March 21st, millions of American were applying for unemployment. Simultaneously, the rate of job loss in the U.S. exceeded job loss during the worst weeks of the Great Recession. This comes after the longest economic expansion on record came to a halt with the global spread of covid-19. So, has the […]
This presidential election has certainly been unprecedented with everything going on in the world, and the fact that it is happening during a global pandemic has made it even crazier. With the state of the world being so, well, 2020 right now, there is a lot to consider before you cast your vote for who […]
If you own a business, consider the following strategies to minimize your tax bill for 2020. Net Operating Losses (NOLs). The CARES Act temporarily relaxed many of the NOL limitations that were implemented under the Tax Cuts and Jobs Act (TCJA). If your small business expects a loss in 2020, know that you will be […]
Here are some strategies that may lower your individual income tax bill for 2020. Take Advantage of Generous Standard Deduction Allowances. For 2020, the standard deduction amounts are $12,400 for singles and those who use married filing separate status, $24,800 for married joint filing couples, and $18,650 for heads of household. If your total annual […]
Does your paycheck look a little higher than normal? If so, it could be a tax trap. The Problem A payroll tax holiday effective September 1 was recently signed via a presidential executive order. Payroll tax holidays typically provide forgiveness of Social Security and Medicare taxes that are normally withheld from your paycheck. This year’s […]
On August 28, 2020 the Department of Treasury and Internal Revenue Service issued guidance implementing the Presidential Memorandum issued on August 8, 2020. This allowed employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. This deferral generally applies to wages paid starting […]
On June 5, 2020, the President signed the PPP Flexibility Act, loosening restrictions on small business loan recipients. Loans made under the PPP are eligible for forgiveness if the borrower meets certain requirements, including the use of the loan proceeds for qualifying expenses. The Act makes several key changes to those requirements including: Decreases the amount […]
On May 15, the Small Business Administration (SBA), put out the following: “Today, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, […]
On April 21, the U.S. Senate passed a bipartisan agreement that will provide $321 billion in additional funding for the Paycheck Protection Program. House members have been advised to return to Washington, D.C., for an April 23 vote on the interim Coronavirus relief package, and the president has stated he will sign the bill into […]
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