Sales tax on Computer Software and Services in Texas

The state of Texas levies sales tax on sale of tangible personal property and enumerated taxable services. Taxable services are defined in section 151.0101. Tangible personal property is defined on code section 151.009 as “the personal property that can be seen, weighed, measured, felt or touched or that is perceptible to the senses in any [...]

2020-08-26T18:30:05-05:00September 16th, 2020|Accounting|

PPP Recipients Can Apply Early for Loan Forgiveness

Many small businesses have inquired about whether they can apply for PPP loan forgiveness before their covered period expires, n​ew Paycheck Protection Program (PPP) guidance released on June 26, 2020 declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.​The new interim final rule says that if [...]

2020-08-26T18:28:13-05:00September 11th, 2020|Accounting|

What Qualifies as a “Business Interruption?”: Standard Requirements

As we touched on in a previous blog post, “What is Business Interruption? And What is Business Interruption Insurance?,” in order for business interruption insurance to kick-in, a loss claim must tick three boxes: there must be an actual loss of income a necessary suspension of operations to some degree must have occurred the cause [...]

2020-08-26T07:14:35-05:00August 26th, 2020|Accounting, Business Interruption|

Tax Planning Opportunities for Recovery Rebates

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a recovery rebate credit of $1,200 for individuals or $2,400 for couples and $500 per child against the tax imposed in the first tax year beginning in 2020. The credit is phased out at a rate of 5% of a taxpayer's adjusted gross income [...]

2020-08-08T05:52:48-05:00August 21st, 2020|Accounting|

Fraud Schemes Common in a Bankruptcy Proceeding

 Bust-out Bust-out occurs when a company obtains goods from creditors and sells those goods for cash with the intention of never repaying them. Goods are ordered by a bogus company, usually with a name that resembles a well established, well known and reliable business but the company has no intention of paying for the goods. [...]

2020-08-10T09:23:10-05:00August 14th, 2020|Accounting|

Fraud Common in a Bankruptcy

Bankruptcy fraud ranges from the simple failure to list assets on bankruptcy schedules to the complex schemes such as bust outs, bleed outs and rent/equity skimming. Most bankruptcy fraud involves an effort to conceal assets from creditors. In the simplest form of this type of fraud, the debtor does not list all assets on the [...]

2020-08-08T05:46:38-05:00August 12th, 2020|Accounting|

Business Interruption and Business Interruption Insurance: An Overview

What is Business Interruption? And what is Business Interruption insurance? Perhaps you’ve heard the term “Business Interruption” and can get a general idea of the concept from context clues. But what are the parameters for an event to qualify as a “Business Interruption?” And how can a business actually obtain insurance for such occasions? These [...]

2020-08-07T09:00:40-05:00August 7th, 2020|Accounting, Business Interruption|

“Who Gets What?” Splitting Assets in Texas Divorces; Part 4: Mixed Property

This is Part 4 of a blog series in which we are answering the common question “who gets what in the event of divorce?” and why. Deriving the answer can be straight-forward or convoluted depending on several factors, so working with a financial expert is often an advisable choice. Before dividing property in Texas, it [...]

2020-08-05T12:46:01-05:00August 5th, 2020|Accounting|

“Who Gets What?” Splitting Assets in Texas Divorces

In the following blog, we will continue to address one of the questions consistently asked during divorce: who gets what? Often, connecting with a financial expert to assist in determining the appropriate division of debts and assets is the most prudent course of action as the process of answering this question has the potential to [...]

2020-07-22T15:25:54-05:00July 31st, 2020|Accounting|
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