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Scott Farnes

Scott Farnes
Scott has over 25 years of accounting experience encompassing audit, accounting, and tax services. Scott’s industry experience includes small businesses, assisted housing, governmental clients, clients in the public housing industry, tax credits, construction contractors, and the nonprofit sector. He provides these clients with a variety of services including evaluating their business structure, keeping them current on required standards, performing financial statement audits, and tax return preparation.
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Recent Posts

Tax-Related Items To Keep in Mind When Disaster Strikes

Posted by Scott Farnes on Nov 19, 2020 8:06:00 AM

Unfortunately, disaster can strike at any time. If you've been affected by a disaster this year, here are six tax-related things to keep in mind that usually happen after a major disaster strikes:

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Topics: Personal Finance, Taxes

Seasonal Employees and the Healthcare Law

Posted by Scott Farnes on Nov 11, 2020 8:10:00 AM

Businesses often need to hire workers on a seasonal or part-time basis. For example, some businesses may need seasonal help for holidays, harvest seasons, commercial fishing, or sporting events. Whether you are getting paid or paying someone else, questions often arise over whether these seasonal workers affect employers with regard to the Affordable Care Act (ACA).

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Topics: Business Ownership, Small Business, Seasonal Employee, Seasonal Worker

Health Coverage Terms Employers Should Know

Posted by Scott Farnes on Oct 13, 2020 8:51:00 AM

Under the Affordable Care Act, certain employers - known as applicable large employers - are subject to the employer shared responsibility provisions. You might be thinking about these topics as you make plans about 2021 health coverage for your employees.

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Topics: Business Ownership, Business Expenses

Electronic Signatures Temporarily Allowed for Certain Forms

Posted by Scott Farnes on Oct 1, 2020 8:16:00 AM

The use of digital, or electronic signatures, on certain forms that cannot be filed electronically will now be temporarily allowed. Expanding the use of digital signatures will help to protect the health of taxpayers and tax professionals during the coronavirus pandemic by reducing in-person contact between taxpayers and tax professionals.

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Topics: Taxes, Tax Return

The Home Office Deduction

Posted by Scott Farnes on Sep 10, 2020 7:55:00 AM

With more people working from home than ever before, taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. The short answer is that self-employed taxpayers who use their home for business may be able to deduct expenses for the business use of it whether they rent or own their home. If you are an employee, however, you are not eligible to take the home office deduction - even if you are working remotely in your home office.

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Topics: Taxes, Tax Deduction, Small Business, Tax Return, Tax Preparation, Business Expenses

RIC Shareholder Dividends Qualify as Section 199A

Posted by Scott Farnes on Sep 4, 2020 7:48:00 AM

Section 199A, enacted as part of the Tax Cuts and Jobs Act (TCJA), allows individual taxpayers and certain trusts and estates to deduct up to 20 percent of certain income (section 199A deduction). It is available to eligible taxpayers with qualified business income (QBI) from qualified trades or businesses operated as sole proprietorships or through partnerships, S corporations, trusts, or estates, as well as for qualified REIT dividends and income from publicly traded partnerships. The deduction is not available for C corporations.

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Topics: Taxes, Tax Deduction

Temporary Relief for Retirement Plan Participants

Posted by Scott Farnes on Aug 27, 2020 8:09:00 AM

Temporary administrative relief has been issued that helps certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. Generally, signatures of the individual making the election must be witnessed by a notary public or in the presence of a plan representative. This includes a spousal consent as well.

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Topics: Personal Finance, Retirement

Small Business Tax Tips: Payroll Expenses

Posted by Scott Farnes on Aug 18, 2020 8:16:00 AM

Federal law requires most employers to withhold federal taxes from their employees' wages. Whether you're a small business owner who's just starting or one who has been in business a while and is ready to hire an employee or two, here are five things you should know about withholding, reporting, and paying employment taxes.

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Tax Facts to Know If You're Selling Your Home This Year

Posted by Scott Farnes on Aug 13, 2020 8:31:00 AM

In most cases, gains from sales are taxable. But did you know that if you sell your home, you may not have to pay taxes? Here are ten facts to keep in mind if you sell your home this year.

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Topics: Taxable Income, Personal Finance, Taxes, Home Ownership

Closing Your Business: A Tax Checklist

Posted by Scott Farnes on Jul 30, 2020 8:06:00 AM

More than 100,000 small businesses have closed due to COVID-19. If yours is one of them, you should be aware that there is more to closing a business than laying off employees, selling office furniture, and closing the doors - you must also take certain actions as required by the IRS to fulfill your tax obligations. For example, if you have employees, you must file final employment tax returns as well as make final federal tax deposits of these taxes.

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Topics: Business Ownership, Small Business

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