Sara Khan, CPA

06/04/2020

Please see below post for important changes to PPP program especially the minimum requirement to spend on payroll is now 60% of Loan proceeds.

05/10/2020

Net operating loss results from situation in which a business or individual has more tax deductions than it has taxable income. Cares Act provides a temporary five year Net operating loss carry back which may entitle tax payers to significant tax refunds. Check your 2018, 2019 tax returns to see if you have a net operating loss.

05/05/2020

As the tax filing deadline is July 15 you have until that date to contribute to an IRA for 2019. If you are eligible the maximum amount you can contribute to an IRA is $6000 plus an additional catup of $1000 If you were 50 years or older on Dec 19 2019.

04/29/2020

Did your company perform software development activities in United States in 2019? You may qualify for 7-10% tax credit for qualified research expenses that means dollar-for-dollar reduction in tax liability. Based on Path Act 2015, for companies started after Dec 31 2015 the R&D credit can be used to offset payroll cost up to $250,000. How to determine your qualified expenses is a technical process and you can contact me for that.

04/29/2020

https://www.youtube.com/watch?v=_5yJnhlcncw

My presentation on COVID19 related individual and business tax relief.

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04/28/2020

If you are less than 60 years of age, suffering financially due to Covid 19 and need to take money out of your 401k you can do that without extra 10% penalty. There are other tax implications in this relief provided by CARES Act. Contact me for details.