Tax Insights with Hawkins Ash CPAs

Taxpayers may only deduct 50% of the cost of food and beverages. The 2021 tax bill removed some of the limitations for expenses incurred in 2021 and 2022. In this episode, we talk about the IRS recently coming out with its clarification. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting fir...

Now that we are past May 17th, the tax filing season is not done. There are still a lot of people who extended their returns and now have until October 15th to file. But as people file their returns there are many proactive steps that the IRS is taking to correct potential errors on people’s returns. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size ho...

Many of the younger people that are investing in Cryptocurrency may not know how the taxes work. In this podcast, we talk about cost basis and gains and losses, but even these concepts are not as easy as they first appear. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting firm providing ind...

You can tell something is on the IRS radar when they actually put a question on the tax return to remind people to report the gains from such transactions. Beginning last year, the IRS asked a question on the first page of the Form 1040 to see if a taxpayer sold, sent, exchanged or otherwise acquired any interest in cryptocurrency or any other virtual currency. In these lively interviews, Jeff Dvo...

The American Rescue Plan that was signed into law in March included a number of provisions that are now being implemented. In this episode, Jeff talks about another one – the Restaurant Revitalization Fund (RRF). In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting firm providing individuals,...

In the old days, rental of your personal residence was mainly done for properties on a nice lake, a warm climate, or a resort area. Now with Airbnb, people everywhere are renting out their homes. These rentals can last hours, days or weeks. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting...

In the old days, rental of your personal residence was mainly done for properties on a nice lake, a warm climate, or a resort area. Now with Air BNB people everywhere are renting out their homes. These rentals can last hours, days or weeks. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting...

It's another year and another Tax Day. Just when you thought it couldn't get crazier, it did. Last year it was COVID, PPP, EIDL loans, and COVID sick pay. This year it's a tax law changing right in the middle of tax season, affecting returns that had already filed. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-s...

If you are trading on the increasingly popular trading platforms like TD Ameritrade, Scwab, Vanguard, and Robinhood, it’s important to know the tax implications on your portfolio—especially when you take gains and more importantly when you take losses. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public...

With the low rate of taxpayers who itemize and the even lower amount of people who have enough medical expenses to get over the 7.5% hurdle to make any of them deductible, there are very few people who can benefit from the itemized deduction. Many people will see a tax benefit when it comes to their companies cafeteria plan (125 plan) or health savings account. In these lively interviews, Jeff Dvo...

With the expansion of the Child and Dependent Care Credit for 2021, Jeff explains what expenses count for this credit, who is eligible, and how this credit is calculated. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting firm providing individuals, businesses and organizations the services...

With over 40 million people who received unemployment benefits this year, many people are surprised to find out when they do their taxes that this is taxable income. This episode talks about the changes that have happened over the last week regarding unemployment. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-se...

The Senate has passed the American Rescue Plan Act 2021, which includes a new round of direct stimulus payments to individuals. This episode provides an in-depth look at what you can expect from the third round of recovery rebates. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax topics into bite-size how-to's. Hawkins Ash CPAs is a full-service public accounting firm prov...

Tax laws have changed a lot in the last two years and they continue to change by the minute. It’s time for an update on some tax bills that may become law soon. This episode tackles how Wisconsin state tax on PPP expenses might be changing, the projected $1.9 trillion dollar tax bill, and the future of the child tax credit. In these lively interviews, Jeff Dvoracheck, CPA, breaks down complex tax...

Many employers continue to feel the impact of the pandemic. As the effects have continued into 2021, the government has issued new legislation to help businesses. As part of the tax bill signed in December, significant changes have been made to the Employee Retention Credit (ERC). This episode provides an overview of everything you need to know about the Employee Retention Credit. In these lively...

Whether it be by you giving out your private information, breaches of data, or the dark web, there is a lot of information out there that will let scammers get into our personal lives. This episode provides an overview of what the IRS is doing to help prevent identity theft.

If you live in Wisconsin, one of the surprises from the last week or so is how the state is planning to treat the PPP loan forgiveness. We thought initially that it would not change taxable income, but it appears that it will. This episode provides an overview of how both Minnesota and Wisconsin will treat the taxability of PPP loan forgivable expenses.

The tax bill signed in late December included a number of items that will affect individual tax returns. This episode of our Tax Insights podcast provides a look at several of these tax extenders.

If you do payroll for your company or you are a payroll professional, January is always a little more stressful. Not only do you need to do your normal quarterly reports, you also have to do your year-end payroll reports including the Form W-2. With all the changes that happened in 2020 from a payroll point of view, this may be the most complex year ever. In this episode, Jeff Dvorachek highlights...

As we close out 2020, there are terms that were never used and now are commonplace—words like social distancing and contact tracing. But another term that did not exist last year was PPP. Now every business owner knows what PPP is, Paycheck Protection Program. In this episode, we cover changes to PPP and another round of PPP.

Congress passed and the President signed a tax relief package that has a lot of moving parts which include stimulus checks, changes to the Paycheck Protection Program (PPP), a new round of PPP loans, and many extenders for items set to expire at year-end. This podcast provides an overview of stimulus checks and PPP expense deduction. Future episodes will provide an overview of other provisions inc...

There are a lot of ways to save taxes this year, but those same ideas may save you more in the future. Considering the Biden tax plan increases, the goal of tax planning is not always to pay the lowest amount of tax this year; it's about paying the least amount of tax in the long run.

As we get to the end of the year, of what seems like the longest year ever, there are things that you can do before December 31 to save taxes.

Late in November, the IRS re-affirmed that PPP expenses are not deductible and they issued guidance on how to treat the PPP expenses if the expense is incurred in a different year than forgiveness of the actual PPP loan.

In the last episode, we started to look into the Biden tax plan by reviewing expected tax increases. If you missed it, you can listen on our website or with Apple Podcasts. This episode looks at the tax decreases we can expect. Once again no politics, just the facts.