Thomas M. Ploskonka CPA

What’s the Best Entity Type for a Family Business?

What’s the Best Entity Type for a Family Business?

What’s the Best Entity Type for a Family Business? Most of your clients probably started their family business solo and with little thought to what happens to the business when the owner gets married and has a family. Smaller owner-operator businesses are usually structured as sole proprietorships with...

SEC amends disclosure rules for acquisitions and disposals

SEC amends disclosure rules for acquisitions and disposals

SEC amends disclosure rules for acquisitions and disposals The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.

What’s the Best Entity Type for a Family Business?

What’s the Best Entity Type for a Family Business?

What’s the Best Entity Type for a Family Business? Most of your clients probably started their family business solo and with little thought to what happens to the business when the owner gets married and has a family. Smaller owner-operator businesses are usually structured as sole proprietorships with...

Keep your eyes on the stars, and your feet on the ground. Theodore Roosevelt

6 Predictions for How This Crisis Will Impact Small Businesses Long-Term

6 Predictions for How This Crisis Will Impact Small Businesses Long-Term

6 Predictions for How This Crisis Will Impact Small Businesses Long-Term Whatever the new normal becomes, small-business owners will be at the forefront of shaping life as we know it. Some trends will prove durable long beyond this time.

IRS Expands Partner Materials for Coronavirus Stimulus Payments

IRS Expands Partner Materials for Coronavirus Stimulus Payments

IRS Expands Partner Materials for Coronavirus Stimulus Payments The IRS has placed a special emphasis on partnering with new organizations that work with groups focusing on veterans, homeless, low-income taxpayers as well as non-English speaking audiences to share information about the payments.

5 Ways Entrepreneurs Can Rebound After a Crisis

5 Ways Entrepreneurs Can Rebound After a Crisis

5 Ways Entrepreneurs Can Rebound After a Crisis During this global pandemic, true entrepreneurs will find opportunities to make a positive impact.

IRS Expands Partner Materials for Coronavirus Stimulus Payments

IRS Expands Partner Materials for Coronavirus Stimulus Payments

IRS Expands Partner Materials for Coronavirus Stimulus Payments The IRS has placed a special emphasis on partnering with new organizations that work with groups focusing on veterans, homeless, low-income taxpayers as well as non-English speaking audiences to share information about the payments.

To every action there is always opposed an equal reaction. Isaac Newton

IRS to Taxpayers: Act Now to Speed Up Stimulus Payments

IRS to Taxpayers: Act Now to Speed Up Stimulus Payments

IRS to Taxpayers: Act Now to Speed Up Stimulus Payments HomeTaxIRS to Taxpayers: Act Now to Speed Up Stimulus PaymentsKen BerryMay 9th, 2020The IRS is drawing a line in the sand: It has announced that taxpayers have until high noon on Wednesday, May 13, to provide direct deposit information for their stimulus payments. Otherwise, they’ll have to wait f...

Should I Return My Small-Business Loan?

Should I Return My Small-Business Loan?

Should I Return My Small-Business Loan? It's a good question. And with the SBA PPP deadline looming, we sought out an expert to answer it.

IRS Proposes New Regulations for Estates and Trusts Itemizing Deductions

IRS Proposes New Regulations for Estates and Trusts Itemizing Deductions

IRS Proposes New Regulations for Estates and Trusts Itemizing Deductions The Internal Revenue Service has issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions.

Quality means doing it right when no one is looking. Henry Ford

SBA issues PPP guidance on laid-off employees who refuse to be rehired

SBA issues PPP guidance on laid-off employees who refuse to be rehired

SBA issues PPP guidance on laid-off employees who refuse to be rehired Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.

Some IRS Coronavirus Stimulus Payments Are Still Being Delayed

Some IRS Coronavirus Stimulus Payments Are Still Being Delayed

Some IRS Coronavirus Stimulus Payments Are Still Being Delayed Are you still waiting for your stimulus payment due to a recent address change or no or outdated direct deposit information on file with the IRS? You may have to wait a little longer.

How to Gauge and Monitor Employee Engagement

How to Gauge and Monitor Employee Engagement

How to Gauge and Monitor Employee Engagement How to identify disengaged employees and fix the situation.

IRS Continues Sending Out Coronavirus Stimulus Payments

IRS Continues Sending Out Coronavirus Stimulus Payments, Offers FAQs on Error Messages

IRS Continues Sending Out Coronavirus Stimulus Payments Taxpayers should check the FAQs often for the latest additions; many common questions are answered on IRS.gov already, and more are being developed. Here are answers to some of the top questions people are asking.

Most folks are as happy as they make up their minds to be. Abraham Lincoln

Amid Unemployment Surge, Millions of Remote and Essential Workers Plug Away

Amid Unemployment Surge, Millions of Remote and ‘Essential’ Workers Plug Away

Amid Unemployment Surge, Millions of Remote and Essential Workers Plug Away Garbage haulers still collect trash. Cops are on the beat. Couriers deliver food and packages. Insurance agents work from home. The coronavirus crisis

21 Million Taxpayers Delayed Filing Past April 15

21 Million Taxpayers Delayed Filing Past April 15

21 Million Taxpayers Delayed Filing Past April 15 As of April 17, 2020, the IRS reported that 115,961,000 individuals had filed their 2019 tax returns, compared to 137,233,000 returns filed for 2018 by April 19, 2019. That is 21,272,000 less— a drop-off of 15.5%.

Top 5 Crisis-Response Steps for Entrepreneurs

Top 5 Crisis-Response Steps for Entrepreneurs

Top 5 Crisis-Response Steps for Entrepreneurs Adapting during a crisis could lead you to transformative opportunities.

SSI, VA Benefit Recipients and RR Retirees Must Act by May 5 to Add Dependents

SSI, VA Benefit Recipients and RR Retirees Must Act by May 5 to Add Dependents

SSI, VA Benefit Recipients and RR Retirees Must Act by May 5 to Add Dependents Supplemental Security Income and Department of Veterans Affairs beneficiaries need to act by May 5 if they didn’t file a tax return in 2018 or 2019 and have dependents so they can quickly receive the full amount of their Economic Impact Payment.

Hold fast to dreams, for if dreams die, life is a broken-winged bird that cannot fly. Langston Hughes

Senate approves $370 billion in additional small business funding

Senate approves $370 billion in additional small business funding

Senate approves $370 billion in additional small business funding The Senate voted to approve a new coronavirus pandemic relief bill that includes $370 billion in additional funding for small businesses, the bulk of which would go to the Paycheck Protection Program.

AICPA Calls for More IRS Guidance in CARES Act Employee Retention Credit Provisions

AICPA Calls for More IRS Guidance in CARES Act Employee Retention Credit Provisions

AICPA Calls for More IRS Guidance in CARES Act Employee Retention Credit Provisions The American Institute of CPAs (AICPA) has submitted seven recommendations to the Department of the Treasury and the Internal Revenue Service (IRS) calling for much needed clarity and guidance in how small businesses should apply certain employee ...

How to take retroactive 100% bonus depreciation on QIP

How to take retroactive 100% bonus depreciation on QIP

How to take retroactive 100% bonus depreciation on QIP The IRS issued procedures for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP).

VA Benefits Recipients Will Receive Coronavirus Stimulus Payments, No Action Required

VA Benefits Recipients Will Receive Coronavirus Stimulus Payments, No Action Required

VA Benefits Recipients Will Receive Coronavirus Stimulus Payments, No Action Required Veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no further action needed on their part. Timing on the payments is still being determined.

The future belongs to those who believe in the beauty of their dreams. Eleanor Roosevelt

SSI Recipients will Receive Automatic Coronavirus Stimulus Check, No Action Needed, Says IRS

SSI Recipients will Receive Automatic Coronavirus Stimulus Check, No Action Needed, Says IRS

SSI Recipients will Receive Automatic Coronavirus Stimulus Check, No Action Needed, Says IRS SSI recipients will receive a $1,200 Economic Impact Payment with no further action needed on their part. The IRS projects the payments for this group will go out no later than early May.

IRS Launches Website for Non Tax Filers to Register for Coronavirus Stimulus Payments

IRS Launches Website for Non Tax Filers to Register for Coronavirus Stimulus Payments

IRS Launches Website for Non Tax Filers to Register for Coronavirus Stimulus Payments To help millions of people, the Treasury Department and the Internal Revenue Service today launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return.

IRS Publishes FAQ On Payroll Tax Deferral; Provides More Immediate Cash To Businesses

IRS Publishes FAQ On Payroll Tax Deferral; Provides More Immediate Cash To Businesses

IRS Publishes FAQ On Payroll Tax Deferral; Provides More Immediate Cash To Businesses There’s no way to sugarcoat it: sometimes tax planning can get really, really complicated.

IRS Delays June 15 Payments, And More Tax Filing Deadlines for Trusts, Corporations, Nonprofits

IRS Delays June 15 Payments, And More Tax Filing Deadlines for Trusts, Corporations, Nonprofits

IRS Delays June 15 Payments, And More Tax Filing Deadlines for Trusts, Corporations, Nonprofits The IRS has expanded relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.

It does not matter how slowly you go as long as you do not stop. -Confucius

Why Millions of Americans Are Struggling to File for Unemployment Benefits, When They've Never Been More Generous

Why Millions of Americans Are Struggling to File for Unemployment Benefits, When They've Never Been More Generous

Why Millions of Americans Are Struggling to File for Unemployment Benefits, When They've Never Been More Generous Budget cuts, poor staffing and old technology are key problems hobbling state safety nets nationwide.

Move Over Young Entrepreneurs. Older Innovators Are Just as Successful.

Move Over Young Entrepreneurs. Older Innovators Are Just as Successful.

Move Over Young Entrepreneurs. Older Innovators Are Just as Successful. A new study makes the case that entrepreneurship isn't just for the young, or for men. From Steve Jobs to Mark Zuckerberg, the stories of prosperous,

SBA issues details for Paycheck Protection Program loans

SBA issues details for Paycheck Protection Program loans

SBA issues details for Paycheck Protection Program loans The US Small Business Administration has released an interim final rule providing additional guidance and requirements for the program. The final rule includes a number of changes, including a doubling of the loans’ interest rate from 0.5% to 1%.

You will never do anything in this world without courage. It is the greatest quality of the mind next to honor. Aristotle

How Employers Can Help Employees through Uncertain Times

How Employers Can Help Employees through Uncertain Times

How Employers Can Help Employees through Uncertain Times Unprecedented financial times call for behavioral change. However, many individuals don’t know where to start or how to improve their financial situation. This is where employers come in.

Delaying Tax Filing and Payments: How are You Affected?

Delaying Tax Filing and Payments: How are You Affected?

Delaying Tax Filing and Payments: How are You Affected? With these changes in mind, business leaders looking toward the remainder of 2020 should seek opportunities to make adjustments to their tax-related practices. The right adjustments might improve conditions both for employees and employers.