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About Accel

Accel Tax & Business Services combines the dedicated client service expected from a small firm with the experience and capabilities typically found in larger ones. It is this combination that has established our Charleston, Mt. Pleasant based firm for growing businesses, entrepreneurs, professionals and individuals with traditional, special or unique tax, accounting and business advisory needs.

PPP Loan Forgiveness for the Self-Employed

We have received many questions regarding how the Paycheck Protection Program (PPP) loan applies to the self-employed. Specifically, how much of the loan may be forgiven? Here is what we believe based on guidance that the SBA has issued to date: Loan Forgiveness For Self-Employed Individuals. The full PPP loan principal amount [...]

PPP Loan Forgiveness for the Self-Employed2020-05-05T16:28:10+00:00

FAQ re Paycheck Protection Loans for Businesses

Update 4/8/2020: The roll out of this program has been rocky, to say the least. Some banks (Wells Fargo being one) have announced that they are not participating. If you are having difficulty applying through your bank, we encourage you to contact a local community bank and ask if it will let you apply [...]

FAQ re Paycheck Protection Loans for Businesses2020-04-16T11:17:33+00:00

Retirement Provisions of the Coronavirus Relief Bill

The Senate’s $2 trillion coronavirus-relief bill that passed on March 25 includes benefits for Americans whose retirement accounts have been battered by the stock-market meltdown. Hardship distributions from IRAs and 401(k)s “Hardship withdrawals” of up to $100,000 are available. The withdrawals would still be taxable, but account owners can pay the income tax due [...]

Retirement Provisions of the Coronavirus Relief Bill2020-03-27T13:27:48+00:00

FAQ re Coronavirus Stimulus Checks

The massive coronavirus stimulus bill is expected to clear Congress today.  Courtesy of the Wall Street Journal, here is a FAQ regarding the stimulus checks for individuals: How much money is it? The plan provides $1,200 for each adult and $500 for each child under 17. A married couple with two children would get [...]

FAQ re Coronavirus Stimulus Checks2020-03-27T12:40:43+00:00

Coronavirus Update–Financial Remedies

Update: We have added additional blogs on key topics: FAQ re Coronavirus Stimulus Checks FAQ re Coronavirus Loans for Small Businesses Retirement Provisions of the Coronavirus Relief Bill We hope that you and your family are safe and healthy.  As economic losses continue from the coronavirus pandemic, South Carolina and the federal government have [...]

Coronavirus Update–Financial Remedies2020-03-27T13:18:15+00:00

The IRS Is Using AI to Identify Tax Cheats

Businesses have been using deep learning, neural networks, and other forms of artificial intelligence (AI) for several years to track and predict consumer behavior—so-called “big data.”  The government also uses AI to identify trends in data and draw inferences from that data.  For instance, Terrorist A and Terrorist B both have a close connection [...]

The IRS Is Using AI to Identify Tax Cheats2020-03-03T19:54:47+00:00

Expanded Section 179 Rules for Commercial Rental Properties

In general, real property and improvements to real property are depreciated over either 27.5 years (residential property) or 39 years (commercial property).  In the past, major improvements such as HVAC replacements and roofs were caught by this rule. However, the tax law that went into effect in 2018 expanded the depreciation rules for non [...]

Expanded Section 179 Rules for Commercial Rental Properties2020-02-23T23:15:40+00:00

The New Form W-4 For Employees

Form W-4, Employee's Withholding Certificate, has been redesigned for 2020. Previously, income tax withholding was based on an employee's marital status and withholding allowances or tied to the value of the personal exemption. With the revised Form W-4, however, income tax withholding is generally based on the worker's expected filing status and standard deduction for [...]

The New Form W-4 For Employees2020-02-12T12:29:58+00:00

Should Your Business Deduct Unpaid Customer Invoices?

A common question that clients ask us is this: "May my business claim a deduction when a customer fails to pay us?"  The answer is, "It depends." Every business must adopt a "method of accounting" in its first tax year.  This is the method by which it reports its income and expenses on its [...]

Should Your Business Deduct Unpaid Customer Invoices?2020-01-31T22:53:17+00:00