ARTICLES/ NEWS

Articles

Aspen Valuations Joins Accounting in a Box, Expanding Service Offerings for Businesses With Ties to Canada

July 7, 2020
Accounting in a Box is pleased to welcome Canada-based Aspen Valuations Inc. to its network of independent firms, allowing for enhanced services to U.S. clients with subsidiaries and operations in Canada, especially within the energy sector. Aspen Valuations Inc. is a boutique firm with offices in both Calgary and Vancouver that specializes in business valuation,...
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Articles

PPP Flexibility Act

June 7, 2020
The much anticipated bill, Paycheck Protection Program Flexibility Act of 2020 was signed into law on Friday, June 5th, 2020. The new law provides for greatly expanded flexibility for PPP debt forgiveness by 1) extending the period during which eligible costs will be forgiven, 2) relaxing restrictions with respect to non-payroll costs, 3) extending the...
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Articles

Status of Your Stimulus Payment

April 26, 2020
Millions of Americans have already received their stimulus payments authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The IRS continues to calculate and automatically send the payments to most eligible individuals, however some may have to provide additional information to the IRS to get their payments. You may be eligible to...
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Articles

Should you amend your 2018’s tax return?

March 30, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 as part of a $2.2 trillion aid package. Some parts of the bill do not require you to take any action such as the ‘stimulus check’ for eligible individuals ($2,400 for joint filers, $500 per qualifying child). However,...
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Articles

IRS Tax Payment and Filing Deadline Extended to July 15, 2020 Due to COVID-19

March 18, 2020
The IRS today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of...
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Articles

How To Select Accounting Software for Construction Contractors

October 11, 2019
There is no one best software for all contractors. Although QuickBooks is known as the most popular software among the smaller-sized businesses, many contractors are still searching for alternatives. QuickBooks users find the software easy to use and affordable. However mid-size self-perform contractors opt for more expensive software because the software gives them detailed job...
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Articles

Bookkeeping and Accounting – what are the differences?

October 11, 2019
Years ago when accounting software for small businesses was not as popular, the roles of a bookkeeper and an accountant were distinctively different. A bookkeeper typically handles and records daily transactions such as paying bills, creating invoices, collecting payments, making deposits, managing timesheets for payroll, reconciling bank accounts etc. Records kept by a bookkeeper reflect...
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Articles

How long should you keep your tax returns and supporting documents?

October 11, 2019
In general, the IRS has three years from the due date of the return or the date on which the return was filed, whichever is later, to audit and adjust the return. However, the IRS has six years to audit a return if a person fails to report over 25% of gross income. If a...
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