HOFFMASTER, CPA PLLC
Experienced. Friendly. Professional.
Providing outstanding tax and accounting services.
Experienced. Friendly. Professional.
Providing outstanding tax and accounting services.
2020 Archive Blog Articles
2020 Archive Blog Articles
Possible Tax Changes Under the New Administration
Possible Tax Changes Under the New Administration
December 2020
I subscribe to The Kiplinger Tax Letter, a biweekly e-newsletter providing personal finance advice, analysis and business forecasts to tax professionals, and a recent issue outlined what we might expect in tax changes under Joe Biden. Read more.
Understanding Taxation on Virtual Currency Transactions
Understanding Taxation on Virtual Currency Transactions
November 2020
In recent years, cryptocurrency has become more popular for sending and receiving payments, and now the Internal Revenue Service (IRS) is increasing enforcement, monitoring and audits of these virtual currency transactions. Read more.
Important Upcoming Tax Deadlines for August 2020
Important Upcoming Tax Deadlines for August 2020
July 2020
There have been many changes, adjustments and deadline extensions in the tax and financial industry this year due to coronavirus. Individuals and companies have been able to take advantage of financial assistance options such as federal loan programs, tax credits, economic impact payments and other available financial relief options to try and stay afloat during this challenging time. Read more.
PPP Loan Recipients Get More Time to Spend Funds, Qualify for Forgiveness
PPP Loan Recipients Get More Time to Spend Funds, Qualify for Forgiveness
June 2020
Details surrounding Paycheck Protection Program (PPP) loans and forgiveness are fluid and changing, but new legislation will increase the amount of time small businesses and other recipients must spend PPP loan funds and qualify for forgiveness of the loans. Read more.
New Relief Options Available to NC Taxpayers and Wake County Small Businesses
New Relief Options Available to NC Taxpayers and Wake County Small Businesses
May 2020
North Carolina may be slowly starting to reopen, but many small businesses and individuals are still feeling the financial affects caused by COVID-19. In an effort to help ease some of the hardship, the North Carolina General Assembly recently passed a new bill with tax relief provisions for taxpayers and the NC Rural Economic Development Center Inc. made $5 million in funding available to small businesses located in Wake County. Read more.
Tax Changes and Relief Options Still Available during COVID-19
Tax Changes and Relief Options Still Available during COVID-19
May 2020
During the last few months, many individuals, small business owners and companies have applied for and found financial assistance in the form of federal loan programs, tax credits, economic impact payments and an extended tax deadline (July 15, 2020). However, for some, these financial relief options may still not be enough. Read more.
Understanding Small-Business Loan Programs that Help Ease Financial Hardships Caused by COVID-19
Understanding Small-Business Loan Programs that Help Ease Financial Hardships Caused by COVID-19
April 2020
Many small businesses have turned to financial assistance from the federal government in the form of small-business loan programs to stay afloat amid the coronavirus pandemic. Two of the most popular programs are the Small Business Administration’s (SBA) Economic Injury Disaster Loans (EIDLs) and Paycheck Protection Program (PPP). Read more.
8 Things You Need to Know about the New July 15 Tax Deadline
8 Things You Need to Know about the New July 15 Tax Deadline
April 2020
Whether you missed the original April 15 tax deadline, or you’ve already filed your 2019 taxes, the new July 15, 2020, deadline for federal and North Carolina state taxes offers many benefits to taxpayers. Read more.
Tax Relief for Employers Amid Coronavirus Pandemic
Tax Relief for Employers Amid Coronavirus Pandemic
April 2020
In addition to disrupting our daily lives and routines, COVID-19 is also taking a financial toll on many businesses and individuals. The government is hoping to ease some of the financial burdens in the form of stimulus checks, loan programs and tax credits. Read more.
New Federal Program Helps Small Businesses Retain Workers, Pay Bills
New Federal Program Helps Small Businesses Retain Workers, Pay Bills
April 2020
Small businesses have been some of the hardest hit financially amid the coronavirus pandemic. In an effort to support small businesses impacted by COVID-19, the Department of Treasury has created assistance in the form of the Paycheck Protection Program. Read more.
Coronavirus Stimulus Checks: How Much Will You Receive and When?
Coronavirus Stimulus Checks: How Much Will You Receive and When?
April 2020
In an effort to stay healthy and protect others from the coronavirus pandemic, many Americans are practicing social distancing and following stay-at-home mandates issued by authorities. Unfortunately, these safety measures have resulted in lost income and jobs for many people. Read more.
Federal, State Tax Deadline Extended from April 15 to July 15, 2020
Federal, State Tax Deadline Extended from April 15 to July 15, 2020
March 2020
The coronavirus, or COVID-19, pandemic is disrupting the daily lives of many Americans. Federal and state officials are helping provide some relief to taxpayers by extending the tax deadline from April 15, 2020 to July 15, 2020. Read more.
Tax Advantages of Hiring Family Members for the Family Business
Tax Advantages of Hiring Family Members for the Family Business
March 2020
We are usually aware of the difficulties that can arise when working with family members, but there are also many real benefits. In addition to working with people you trust and spending time with those you love most, there are also tax advantages to hiring family members—especially your children. Read more.
What You Need to Know About the IRS Hiring Surge
What You Need to Know About the IRS Hiring Surge
March 2020
More than 150 million Americans are expected to file individual tax returns for the 2019 tax year before the traditional April 15 deadline, and this year, it’s more important than ever to work with a professional tax preparer to make sure your taxes are done correctly and accurately. Read more.
Five Retirement Savings Tax Changes You Need to Know in 2020
Five Retirement Savings Tax Changes You Need to Know in 2020
February 2020
Only 55 percent of the adult population participate in a workplace retirement plan, according to data from the U.S. Bureau of Labor Statistics published in 2018. Read more.