News

NEW Tax Rules for 2020!

Published on August 6th, 2020

Here are several new tax laws passed this year to consider as you start planning your 2020 tax obligation. Make up to $300 of charitable contributions. For the 2020 tax year only, an above-the-line deduction of $300 is available to all Americans who want to make a charitable contribution. You can donate to more than […]

PPP Loan Forgiveness Updates

Published on August 5th, 2020

The Small Business Administration (SBA) issued additional “Frequently Asked Questions” on Tuesday dealing with forgiveness of the Paycheck Protection Program loans created by the CARES Act earlier this year. Attached is a link to the SBA website where the full text of the FAQ’s are available. https://www.sba.gov/document/support-frequently-asked-questions-ppp-loan-forgiveness We here at Riney Hancock want to keep […]

Taxable or Not Taxable?

Published on August 4th, 2020

There are a number of areas in the tax code that cause confusion as to the taxability of money received. Here are some of the most common areas of confusion. Unemployment compensation. Unemployment compensation is typically required to be reported as taxable income. Because of the pandemic, millions of taxpayers could now be facing a […]

Cash or accrual? What’s the difference?

Published on July 31st, 2020

When you start a business, you have many decisions to make. One of those is the method of accounting your business will use for reporting income and expenses on your tax return. It is an extremely important decision. With few exceptions, the method you choose can only be changed in the future with the IRS’s […]

Every small business should establish controls

Published on July 28th, 2020

Every week reporters publish stories about companies that have lost thousands, even millions of dollars because of fraud. They recount the dreadful details of business owners who learned – too late – that a lack of basic controls left their companies vulnerable to pilferage, embezzlement, and other types of misappropriation. How do these lessons apply […]