Congress Agrees On Favorable Changes To Paycheck Protection Loans: What Does It Mean For Borrowers?   Original link: https://www.forbes.com/sites/anthonynitti/2020/06/03/congress-agrees-on-favorable-changes-to-paycheck-protection-loans-what-does-it-mean-for-borrowers/#73f2ec9b66fd Earlier today, the Senate unanimously approved H.R. 7010, a bill that will dramatically alter several critical terms of the recently-enacted Paycheck Protection Program (PPP). The bill, which passed the House last week and now heads to … [more]

IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others   Original Post – https://www.irs.gov/newsroom/irs-extends-more-tax-deadlines-to-cover-individuals-trusts-estates-corporations-and-others   IR-2020-66, April 9, 2020 WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 (PDF) extends additional key tax deadlines for individuals and businesses. Last month, the IRS announced … [more]

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”).  The Act includes various provisions designed to provide an economic stimulus to both individuals and businesses.  The intention of the new legislation is to increase cash flow and liquidity and to reduce the cost of capital. … [more]

IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program Original post – https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program   IR-2020-59, March 25, 2020 WASHINGTON — To help people facing the challenges of COVID-19 issues, the Internal Revenue Service announced today a sweeping series of steps to assist taxpayers by providing relief on a variety of … [more]

Treasury Secretary Steven Mnuchin, “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Click the link below for more information. https://www.foxnews.com/politics/tax-day-moving-to-july-15-amid-coronavirus-crisis-mnuchin-announces

The news today is dominated by information about the COVID-19 virus. Our heartfelt sympathies go out to those who have been affected by the coronavirus-those affected physically and economically. At JSA, we are blessed to have not been affected directly by COVID-19 yet. It seems we all know someone who has felt the impact. Our … [more]

On Wednesday, the IRS issued guidance clarifying the ability to deduct meals in light of the changes brought about by the Tax Cuts and Jobs Act. Please click on the link which will take you to the article. Please contact us or call the office at your convenience if you have any questions-we’d be happy … [more]

Is your withholding holding you back? Last December, Congress passed the Tax Cuts and Jobs Act (TCJA).  The law is one of the most comprehensive changes to the Tax Code in almost 40 years.  And it affects everyone. While it will result in lower total Federal income taxes for most Americans, the structure of the new … [more]

Senior Accountant, CPA Local CPA firm in Little Rock seeking to fill senior staff accountant position. CPA or CPA-qualified candidate. The qualified candidate will have 2-3 years of recent public accounting experience with supervisory skills a plus. Position requires skills in both income tax and financial statement preparation. Must have excellent problem solving skills with … [more]

IR-2018-32:  Interest on Home Equity Loans Often Still Deductible Under New Law One of the most-often asked questions we receive about The Tax Cuts and Jobs Act is the deductibility of interest on home equity lines of credit (HELOC) and second mortgage.  Here is some information regarding that question.  It doesn’t answer all possible scenarios … [more]

Here’s a link to a good article on itemized deductions after the Tax Cut and Jobs Act of 2017 was passed in December.  Please call us with any questions-we’re here to help you! https://www.forbes.com/sites/kellyphillipserb/2017/12/20/what-your-itemized-deductions-on-schedule-a-will-look-like-after-tax-reform/#111116206334

Johnson Smith and Associates – Our office has received a few phone calls where the caller has indicated they received a call or a voicemail stating that someone with Johnson, Smith and Associates would be hand-delivering some important documents to their residence and they needed to verify that someone above the age of 18 would … [more]

As some of you may have noticed, we recently changed our name!! Johnson, Smith & Associates, PLLC is now JSA CPAs, PLLC!  We will still be providing the same exceptional services which you have come to depend on us for.  Our office location, phone, and fax numbers will remain the same.  Our website is now … [more]

IRS announced the 2016 standard mileage rates as follows: Standard mileage rate for business use decreased to 54 cents per mile. Medical and moving mileage rate decreased to 19 cents per mile. Charitable mileage deduction remains at 14 cents per mile. These rates are effective 1/1/2016.

As December 31, 2015 rapidly approaches, we would like to take this opportunity to remind you of a few items that can require special reporting. These items can increase your tax liability and trigger penalties if not accounted for correctly. S-Corporation Shareholder-Employees If your S-corporation pays health and accident insurance premiums on behalf of greater-than-two … [more]