Cook CPA, LLC

05/14/2021

In our final video of this tax season, we provide an update on PPP loans, SBA grants, and the Employee Retention Tax Credit. Let us know if you have specific questions regarding your business situation!

05/07/2021

The tax season individual filing deadline is coming up soon! Don't be late!

04/30/2021

In recent days and weeks, President Biden and Congress have proposed various changes to the tax code. Here is an update on some of those proposed changes.

04/23/2021

Earlier this year, Congress expanded the child tax credit and recently the IRS issued additional guidance on how these changes will be administered. From increased amounts to making this credit more refundable, there is some good news here for taxpayers.

04/16/2021

What business structure you choose will impact how the business income is taxed. We provide a quick refresher on the tax treatment of common entity structures in this video.

04/09/2021

If you filed your 2020 tax return with the incorrect amount of taxable unemployment benefits, you may find this video beneficial as we discuss guidance recently released from the IRS for taxpayers in this situation.

04/02/2021

There are several ways to set up an S-Corporation and in this video we go through the steps of doing a simple conversion with an LLC.

03/26/2021

This has been a fluid tax season with numerous ongoing changes. Here's a quick update on some of the recent developments.

03/19/2021

The IRS announced this week it is pushing back the April 15 deadline to May 17 for filing and paying the 2020 tax returns to allow more time to process the 2020 tax returns. Contact us with additional questions!

03/12/2021

This week Congress passed another stimulus bill that has numerous tax provision that may impact you including changes to the child tax credit, unemployment benefits, and more.

03/05/2021

Are received bonuses subject to additional taxes? If not, why does it often seem like that is the case?

03/03/2021

Forgiven Paycheck Protection Program (PPP) loans are not taxable on Federal tax returns, but that does not mean the funds are automatically tax exempt at the state level. This article provides summary information on a state-by-state basis regarding the taxability of forgiven PPP loans.

Congress chose to exempt forgiven Paycheck Protection Program (PPP) loans from federal income taxation. Many states, however, remain on track to tax them by either treating forgiven loans as taxable income, denying the deduction for expenses paid for using forgiven loans, or both.