ZOMMA GROUP BLOG

Tax Tip 2022-49: Debunking myths about federal tax refunds

Tax Tip 2022-49: Debunking myths about federal tax refunds

When it comes to refunds, there are several common myths that can mislead taxpayers. Myth: Calling the IRS, tax software provider, or a tax professional will provide a more accurate refund date Many people think talking to the IRS, tax software provider or their tax...

Why a gifting strategy still matters

Why a gifting strategy still matters

The IRS recently announced next year’s cost-of-living adjustment amounts. For 2022, the federal gift and estate tax exemption has cracked the $12 million mark: $12.06 million to be exact. Arguably more notable, the annual gift tax exemption has increased by $1,000 to...

Consider all the angles of joint ownership

Consider all the angles of joint ownership

Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate planning concern. You must also be aware of...

Data visualization: A picture is worth 1,000 words

Data visualization: A picture is worth 1,000 words

Graphs, performance dashboards and other visual aids can help managers, investors and lenders digest complex financial information. Likewise, auditors also use visual aids during a financial statement audit to quickly identify trends and anomalies that warrant...

Demand mounts for ESG attestations

Demand mounts for ESG attestations

Interest in environmental, social and governance (ESG) matters has grown significantly during the COVID-19 pandemic. And that momentum may continue under the Biden administration. Currently, about 90% of large public companies voluntarily publish so-called...

Flash reports: Real-time financial reporting

Flash reports: Real-time financial reporting

Timely financial reporting is key to making informed business decisions. Managers need to know what’s in the pipeline to respond promptly and decisively. Unfortunately, it typically takes several weeks to prepare financial statements under U.S. Generally Accepted...

Estate planning for the young and affluent can be tricky

Estate planning for the young and affluent can be tricky

Events of the last decade have taught us that tax law is anything but certain. So how can young, affluent people plan their estates when the tax landscape may look dramatically different 20, 30 or 40 years from now — or even a few months from now? The answer is by...

Is it time to upgrade your accounting system?

Is it time to upgrade your accounting system?

Timely financial data is key to making informed business decisions. Unfortunately, it’s common for managers to struggle with their companies’ accounting systems to get the information they need, when they need it. Often, it takes multiple, confusing steps to enter and...

Related-party transactions draw attention from auditors

Related-party transactions draw attention from auditors

Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related...

Restating financial results

Restating financial results

In the first half of 2021, there was a surge in financial restatements. The reason relates to guidance issued by the Securities and Exchange Commission, requiring special purpose acquisition companies (SPACs) to report warrants as liabilities. SPACs are shell...

Best practices for reporting business-related T&E expenses

Best practices for reporting business-related T&E expenses

Many companies have resumed some level of business-related travel and entertainment (T&E) activities — or they plan to do so this fall. Unfortunately, these expense categories may be susceptible to incomplete recordkeeping and even fraud. So, it’s important for...

Tax breaks to consider during National Small Business Week

Tax breaks to consider during National Small Business Week

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider. 1. Claim bonus depreciation or a Section 179 deduction for asset additions Under current...

A family bank professionalizes intrafamily lending

A family bank professionalizes intrafamily lending

Because of the COVID-19 pandemic and the resulting economic turndown in some areas, you may have family members in need of financial support. If you’re interested in lending money to loved ones in need, consider establishing a “family bank.” These entities enhance the...

With a self-directed IRA, you choose your own investments

With a self-directed IRA, you choose your own investments

If you’re the type who would rather order ala carte rather than a set entrée, you might prefer a “self-directed” IRA. With this option, you may be able to amp up the benefits of a traditional or Roth IRA by enabling them to hold nontraditional investments of your...

What are your options to pay for long-term care?

What are your options to pay for long-term care?

Too often, people planning their estates focus on tax and asset-protection issues and overlook long-term health care needs. But the high cost of long-term care (LTC) can quickly devour resources you need to maintain your lifestyle during retirement and provide for...

Related-party transactions draw attention from auditors

Related-party transactions draw attention from auditors

Related-party transactions and financial connections are a normal part of operating a business. But these arrangements have gotten a bad rap because dishonest people sometimes use them to disguise poor performance or dishonest activities. So, identifying related...

CAMs: Thumbs up or thumbs down?

CAMs: Thumbs up or thumbs down?

Auditors of public companies started reporting critical audit matters (CAMs) in their audit opinions in 2019. This represents a major change to the pass-fail auditors’ reports that had been in place for decades. Now, accounting rule makers are assessing how this...

Is an LLC the right choice for your small business?

Is an LLC the right choice for your small business?

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as...

3 Essential Estate Planning Strategies not to be Ignored

3 Essential Estate Planning Strategies not to be Ignored

With most tax planning, there are certain strategies that are generally effective and shouldn’t be ignored. The same holds true for estate planning. Here are three essential estate planning strategies to consider that may help you achieve your goals. 1. Use an ILIT to...

Changes to the Employee Retention Credit

Changes to the Employee Retention Credit

The IRS has announced changes to the Employee Retention Credit. The ERC was part of a COVID-19 relief package. The new rules have decreased the time frame that employers can take advantage of the credits. When Were The Changes Made? The ERC, a relief measure in the...

4 Things You Need to Know Before Starting a New Business

4 Things You Need to Know Before Starting a New Business

Once you've decided whether you want to start a side hustle or go full time with your small business idea, you'll need to have a plan in place to launch a successful venture. If you have an idea of what you want to do, you'll need to create a thorough business plan....

What is a Business Valuation?

What is a Business Valuation?

A business valuation is a process of determining the fair value of a business for a range of reasons, including sale value, partner ownership, taxation, and is a normal part of owning or running a business.

Do You Need a Business Management Team?

Do You Need a Business Management Team?

There are many components to business management, but there are three primary components that are present in all of them. Those three components are a solid strategic planning function, long-term planning, and effective and efficient cash flow management. All three...

Employee Retention Credit: Qualified Wages

Employee Retention Credit: Qualified Wages

Did you know you can get a tax credit for retaining employees during the COVID-19 economic crisis? In the ERC guidance, the IRS mentions when “Qualified Wages”. Do you know which wages are considered "qualified wages" when calculating the “Employee Retention Credit”?...

IRS Tax Credit: Employee Retention Credit  (ERC)

IRS Tax Credit: Employee Retention Credit (ERC)

The Employee Retention Credit is a fully refundable tax credit for employers up to $5,000 for each full-time employee that the employers retained between March 13 and Dec. 31, 2020 and up to $28,000 for each retained employee between Jan.1 and Dec. 31, 2021 ($7,000...

Second Draw PPP Loan Approved by SBA

Second Draw PPP Loan Approved by SBA

On January 15th, the Small Business Administration (SBA) has begun accepting applications for the second round of Paycheck Protection Program (PPP) loans. To be eligible for a second PPP loan — which cannot exceed $2 million — a business must have 300 employees or...

PPP Update: Tax Implication for PPP Loan Proceeds

PPP Update: Tax Implication for PPP Loan Proceeds

As of December 20, 2020, Congress agreed on stimulus payments to combat the struggling economy in the wake of the Covid-19 pandemic. The Emergency COVID Relief Act of 2020. The new package approved by Congress provides an additional $900 billion to stimulate the...

RISE Miami-Dade Small Business Loan Deadline Approaching

RISE Miami-Dade Small Business Loan Deadline Approaching

In response to the current economic hardship created by the Covid-19 Pandemic, Miami-Dade County has created a new loan opportunity called RISE Miami-Dade. The county created the loan program to help small businesses in Miami-Dade County impacted by COVID-19. New...

PPP Loan Forgiveness – Key Points

PPP Loan Forgiveness – Key Points

Did you get a PPP Loan? Wonderful! Although information for loan forgiveness may be confusing to decipher, we put together some key points to help you understand the loan forgiveness process. Application Due Date: There is no formal due date to apply for loan...

Learn How to Stay Safe From SBA PPP Scammers Online!

Learn How to Stay Safe From SBA PPP Scammers Online!

Fishing is awesome! Phishing is not! The SBA has become aware of a new ruse used by criminals targeting Small Business Administration (SBA) PPP loan applicants. Criminals are using social engineering techniques to impersonate the SBA and its Office of Disaster...

What is Estate Planning?

What is Estate Planning?

Why do Estate planning? I don’t want to think about it! Let my family members figure it out! Why spend money right now? I am still alive and kicking! Estate planning is necessary to avoid giving your money to the government as opposed to your loved ones! Estate...

PPP Loan Forgiveness Application Revision Announced by SBA

PPP Loan Forgiveness Application Revision Announced by SBA

As of June 16, 2020, The U.S. Small Business Administration (SBA) released the updated PPP (Paycheck Protection Program) Loan Forgiveness Application, which replaces the application that was released last month on May 15, 2020. H. R. 7010, commonly known as The...

The Main Street Lending Program’s New Expansion Updates

The Main Street Lending Program’s New Expansion Updates

The Federal Reserve's $600 billion Main Street Lending Program assists SMB's with less than 15,000 employees or annual revenues of $5 billion or less in 2019. The MSLP supports small to medium-sized businesses the working capital to stay afloat during and after the...

Stay Home, Stay Safe.

Stay Home, Stay Safe.

In times of uncertainty, we as accountants are here not only to help you rest assured with finances but also with anything else you may need. At ZOMMA, we always treat our clients like family and we are here to listen to all of your concerns. Sometimes, everyone needs...

Small Business Relief Programs During the COVID-19 Crisis

Small Business Relief Programs During the COVID-19 Crisis

As a small business owners & members of the community, we want to make sure we are keeping you updated of the options available to you. To obtain more information and see if you qualify for the disaster loans please contact us at info@zommagroup.com. The Small...

Tax Day now July 15 2020! IRS Extends Deadlines

Tax Day now July 15 2020! IRS Extends Deadlines

The Treasury Department and Internal Revenue Service announced on March 21st, that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to...

Zomma Group COVID-19 Check-In

Zomma Group COVID-19 Check-In

Protecting the well-being of our employees, customers, and community has and will always been our top priority. Our team understands the concern and uncertainty caused by coronavirus (COVID-19). We want to remind you we’re here to help. While this situation hasn’t...