U.S. Department of Health and Human Services Relief Funds Update

Posted by Mike Kelly, CPA  On April 10, 2020, the U.S. Department of Health and Human Services (HHS) automatically began distributing relief funds to “providers who billed Medicare-fee-for-service in 2019, be a known Medicaid and CHP or dental provider and provide after January 31, 2020 diagnoses, testing, or care for individuals with possible or actual cases of COVID-19, or prevented … Continued

COVID-19 Update: Three important topics for your review

Posted by Michael D. Kelly, CPA In our continued effort to provide guidance to companies and nonprofits, we have outlined three important topics in this edition of our BLS Important Update. Our firm has received numerous questions on the topics below and have prepared a summary to help provide clarity. Treatment of Owners and Forgiveness of Certain Payroll Costs On … Continued

COVID-19 Update: FAQ Updates for PPP Economic Injury Disaster Loans

Posted by Michael D. Kelly, CPA   The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below. PPP EIDL FAQ Highlights:   If a borrower applied for an Economic Injury Disaster Loan … Continued

COVID-19 Update: SBA FAQs on PPP Loan Forgiveness

Posted By Mike Kelly, CPA   In an effort to provide guidance to companies and nonprofits that received a Payroll Protection Program (PPP) Loan, the Small Business Administration published Frequently Asked Questions related to PPP Loan Forgiveness. The guidance provided is lengthy and questions still remain. To help give a summary of what you need to know now, the BLS … Continued

Tax Planning Issues

Death and Taxes

As Benjamin Franklin once said, “Nothing is certain but death and taxes” so it makes sense to discuss how these two issues are intertwined with each other.

Estate Tax Portability

Sharing is Caring – Elect Portability

George Steinbrenner, the former Yankees owner, was in the news in 2010 when he died during a period of time when the estate tax was repealed, but the rest of us will likely not be as lucky (bad word choice?) as the estate tax appears to be around for the foreseeable future.

Single Member LLC Tax Planning

Single Member Limited Liability Companies – Tax Issues

I commonly meet taxpayers who are the sole owners of their businesses who wish to incorporate or form a limited liability company (LLC) for legal purposes but may not understand that their decision may have unintended tax consequences or result in other unanticipated costs.

Delaware Corporate Tax Planning

Tax Issues Related to the Personal Residence

When we think about our personal residence, we probably do not give much thought to the tax impact associated with it. If we do think about the tax aspect, our focus probably is on the savings related to the mortgage interest and real estate tax deductions.