Long & Long CPAs PLLC

09/17/2020

$𝟑𝟎𝟎 𝐓𝐚𝐱 𝐃𝐞𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐀𝐥𝐞𝐫𝐭: With the increase of the standard deduction in 2018 many taxpayers no longer itemized since they no longer met the threshold. Statistics show that individual charitable giving fell 3.5% adjusted for inflation in 2018 – cutting revenue to nonprofits.

Starting in tax year 2020, charitable donations up to $300 can be deducted from your adjusted gross income with no requirement for itemization. Donations must be made in cash to a qualifying nonprofit organization. Make certain you keep your receipts so you can deduct your $300.

08/25/2020

Many clients have been asking us how to record their PPP loan once it is received. The correct answer is to record the deposit as a separate loan on the Balance Sheet. Only after the loan is forgiven should it be written off.

Only After the Loan is Forgiven Should it be Written Off Many clients have been asking us how to record their PPP loan once it is received. The correct answer is to record the deposit as a separate loan on the

08/25/2020

News reports about an executive order establishing a “payroll tax holiday” beginning September 1 have created a dilemma for payroll. In our latest post we discuss deferrals, possible employer jeopardy and workarounds for this latest hurdle.

Payroll Tax Holiday Would Take Form of a Deferral There have been recent reports in the news concerning an executive order establishing a "payroll tax holiday" beginning September 1.

11/25/2019

Thank you to all who attended this event! It is so nice to have the support of all of our family and friends. A special thank you to the Pineville Chamber of Commerce and Mayor Jack Edwards for making this day possible.

Photos By: Larry Peck

10/17/2019

Check out my newest Quickbooks How-To video: Reporting Results by Division

A step-by-step guide to setting up a company to report financial results by division (class). Starting with company setup and producing an income statement b...

10/17/2019

All in One Accounting is now Long & Long CPAs!
Many of you have come to know All in One Accounting as the best place for small business to receive expert advice on managing your books and navigating Quickbooks Online. However, with the recent addition to our team, Samuel (Skip) Long III, CPA, it seemed only fitting that we reflect that change in our company's brand. With two CPAs we can now take on new clients and harder projects while also providing you with more perspectives for better assistance.
We look forward to strengthening our relationships with all of you in the future!

10/17/2019

Take a look at our new office space located in beautiful downtown Pineville!