Career Opportunity
Accountant: Prepare individual corporate and partnership tax returns. Prepare payroll, property and sales tax returns. Prepare written correspondence to Federal and state taxing authorities. Correspond...
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Applying for Unemployment in Massachussetts
The U.S. Department of Labor has issued guidance to the states instructing state agencies to apply existing unemployment law flexibly related to Coronavirus Disease 2019 (COVID-19). The fastest way to...
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Applying for Unemployment in Minnesota
Congress recently passed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). That law includes several changes that may affect your eligibility for unemployment benefits. These changes...
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Your COVID-19 Resource Portal
Rapacki + Co. now has a comprehensive COVID-19 Portal linking you to up-to-date financial information relating to the pandemic. The portal includes videos, articles and resources with information on...
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CARES ACT – $300 Charitable Contribution Rule
Usually, only those who itemize their deductions qualify for the charitable contribution deduction, and taxpayers are also only allowed to deduct donations that are up to 60% of their AGI. However, the...
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Economic Injury Disaster Loans
Economic Injury Disaster Loans Since the onset of the coronavirus pandemic, the federal government has adjusted eligibility guidelines to better serve businesses affected by the pandemic. Sole...
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NOL (Net Operating Loss) Rules Changes
The CARES Act made three changes to Net Operating Losses (NOLs) to improve cash flow for struggling businesses: Provided a five-year carryback for losses earned in 2018, 2019, or 2020, which allows...
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Need help organizing your financial documents?
If you don’t have a clear idea of how long you need to keep your various financial documents, you’re not alone. Many us of end up keeping everything, and the piles just keeping growing – sometimes at...
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Making Working from Home Work for You
With the onset of the Covid-19 pandemic, many more of us are working from home, and finding it brings new challenges such as having children under foot, creating a workable work space, and avoiding...
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Income Taxes for Estates and Trusts
Estates and trusts are taxed on income they earn, just like individuals. Assets (stocks, bonds, rental property and other interest- and dividend-producing assets) owned by an individual become part of...
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Beware – Unemployment Benefits are Taxable
With the advent of the Covid-19 pandemic, many workers are applying for jobless benefits for the first time. One survey indicated many recipients are unaware that unemployment benefits are subject to...
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Does it Make Sense to Pay Vendors Early?
According to Gene Marks, CPA and president and CEO of the Marks Group, it does make sense to pay your vendors early. Your vendors are critical partners, and if you treat them this way you will see the...
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Get to Know your General Ledger
Familiarizing yourself with your company’s general ledger is particularly important in managing your cash flow during these precarious financial times. According to Gene Marks, CPA and president and...
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Retirement Risks to Consider
Planning for retirement is tough even in the best of times, and it has become even more challenging in the face of the Covid-19 pandemic. A recent study by Shwab Retirement Plan Services found that 41...
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What you need to know about your W-4 form (even if you aren’t starting a new...
The W-4 form you fill out when you start a new job lets your employer know how much tax they should withhold from your paycheck. It is important to note that you should also fill out a new W-4 form any...
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New EZ Paycheck Protection Program (PPP) Loan Forgiveness Form
The Small Business Administration recently issued the EZ Paycheck Protection Program (PPP) Loan Forgiveness Form, which allows some qualified borrowers to fill out a smaller (a two-page rather than a...
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Getting Close to Retirement? Start Considering Your Medicare Benefit Choices Now
If you are approaching retirement age, currently age 65 according to the Federal government, you should know about your Medicare options and the many accompanying rules and exceptions. Who Gets...
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PPP Loan Forgiveness Update
The IRS issued information late last Wednesday “clarifying” rules for deducting expenses that are eligible to be paid with Payroll Protection Pram (PPP) funds. Although Congress clearly intended for...
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Good News if Your PPP Loan is for $50,000 or Less
You are likely approaching the time when you will need to apply for Paycheck Protection Program (PPP) loan forgiveness. Here is some good news if your PPP loan: Considered your employees Is for $50,000...
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Last Minute Year-End Retirement Deductions for Small Business Owners
You still have time before December 31 to take steps to help you fund your retirement. Here are four strategies that might help. Establish Your 2020 Retirement Plan Do you have your employer’s...
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