Hello, We, John & Edwin Keh CPA, are a NYS licensed CPA firm. We are sure that you have already submitted your 2021 audited report to BPSS, but please consider using our services at this time. The 2022 audited financial […]
IRS delays implementing the 1099-K $600 reporting threshold until 2023
Tax pros, third-party settlement organizations, e-commerce platforms (including eBay, PayPal, Etsy, CashApp, and Venmo), and individuals and small businesses that use those platforms to sell their products and services celebrated this tax season 2023. The Internal Revenue Service (IRS) announced […]
Parents should expect smaller refunds
At the beginning of the tax season, the IRS said many filers should expect smaller refunds. Sure enough, as of the third week in February, the average refund was down 11 percent to $3,140. The 2021 tax year was unique […]
2022 Individual Income Tax Brackets
Tax brackets are the dollar ranges that dictate what percentage of earnings is subject to tax. The higher the tier, the higher the tax rate, which is capped at 37 percent for the biggest earners and 10 percent at the […]
COVID-19 relief package: No stimulus checks but it offers a $300 bonus to unemployment benefits
A bipartisan group of lawmakers unveiled a $908 billion coronavirus rescue package Monday, with a potential deal coming down to the wire since Congress has until the end of the week to strike an agreement that can be tied to […]
PPP Loan Application Form 3508S: Forgiveness Simplified
If you received a Paycheck Protection Program loan for less than $50,000, your forgiveness process just got easier. On October 8, the Small Business Administration (SBA) released PPP Loan Forgiveness Application Form 3508S which requires fewer calculations and less documentation for borrowers. […]
PPP Forgiveness: 8 Weeks vs. 24 Weeks
The Paycheck Protection Program Flexibility Act made some significant changes to PPP loans. One of the biggest changes was to the eight-week forgiveness period. If you were assigned a PPP loan number or or before June 5, 2020, you now have the […]
PPP Loan Program Extended; Loan Data Released: What Small Businesses Need To Know
On Saturday July 4, 2020, President Trump signed a new law extending the deadline for applying for a Paycheck Protection Program (PPP) loan from June 30 to August 8. This extension comes on the heels of new Interim Final Rules […]
2019 Tax Law Changes
2019 Tax Law Changes Businesses 1. Schedule C-EZ Obsolete Schedule C-EZ is the simplified version of IRS Schedule C, Profit or Loss from Business (Sole Proprietorship). For 2019, the IRS has discontinued Schedule C-EZ, so the long form most be […]
License Classes for Beer, Wine, Liquor Sales in New York
1. License class for beer sales. The New York Liquor Authority recognizes and awards ten different classes of license for the sale of beer. You need to consider the type of establishment you wish to operate and apply for the appropriate […]