VT Tax & Finance Blog

There’s no sugar coating it - we are in the midst of a global pandemic and likely recession. Times are tough for business owners and the catch phrase “cash is king” has never rung so true. If you are in…

With yesterday's Congressional approval for an additional $310 billion in Paycheck Protection Program (PPP) loans we are once again initiating our daily blog. As you read below, please keep in mind that…

Kiplinger - 5 Financial Boxes You Should Check Before COVID-19 Strikes, by Evan T. Beach, CFP®, AWMA®, Wealth Manager, Campbell Wealth Management, 4/23/2020 I'm not sure I've ever read, let alone written,…

Are you a small business owners suffering from the “revolving bookkeeper door”? Perhaps your need for a part-time bookkeeper is resulting in turnover as a result of your part-time bookkeeper leaving you…

As most people know by now, July 15 is the new due date for your 2019 tax returns. This is particularly pertinent for those of you that need to make payments for any balance due from 2019, as well as paying…

The Small Business Administration issued FAQs on April 6 in response to demands from banks and borrowers to provide greater clarity as to what information is required for purposes of obtaining a Paycheck…

Unfortunately there is still not a lot of clarity coming out of the SBA with regard to the loan calculations. At this point we are applying our own interpretations for selected items which thus far seem…

Although there has been a lot of discussions and attempts to interpret some of the guidance issued late last Thursday from the SBA, there has not been a lot of clarification for the program. Our impression…

Last night the SBA issued their interim final rule with regard to the loan submission process. Today in our daily update we want to share with you our takeaways from this document. 1. The rate has increased…

The following is an UPDATED summary of the Paycheck Protection Program as of April 8, 2020: On March 31, 2020, the Department of Treasury released the Paycheck Protection Program application and updated…

As COVID-19 continues to upend nearly every aspect of life in the United States, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in an attempt to get funds out to individuals. Following…

Federal Extended Deadline Rules: The IRS has issued their final ruling on extending the April 15th tax deadline for both filing your taxes and making any tax payments to July 15th.   It is not necessary…

The following article published in The Hill publication includes some very interesting insight in how small businesses can change for the better as a result of Coronavirus. By Gene Marks, 3/11/2020 -…

Williston, Vt., March 9, 2020 – Meg Gallup has been promoted to the position of Associate Accountant at Davis & Hodgdon Associates CPAs. Meg was hired by the firm as a Client Relations Assistant in September…

Do you have a QuickBooks Online (QBO) file that you no longer need? Did you know that when your QBO subscription has been deactivated, the file becomes read-only for one year, at which time the file is…

RUTLAND, Vt., March 2, 2020 – Davis & Hodgdon Associates CPAs and the Center for Women and Enterprise (CWE) of Vermont have announced a multi-year sustainable partnership. Labeled as a “Signature Partnership”…

IRS Tax Tip 2020-20, February 18, 2020 Filing a tax return electronically reduces errors because the tax software does the math, flags common errors and prompts taxpayers for missing information. Using…

Tax season isn't just busy for accountants. It's also a busy time of year for thieves who are looking to steal your identity. Tax season offers many opportunities for identity thieves to take advantage…

WILLISTON, Vt., February 3, 2020 – 140 Vermont businesses from diverse industries completed the latest annual economic survey in January regarding the outlook of Vermont’s small- to medium-sized businesses.…

The following is important information from the Vermont Department of Taxes regarding refundable and nonrefundable tax credits. A refundable tax credit can reduce your tax liability to below zero. If…