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.

Watch Out for PFIC Status if You Own Foreign Investments

The term “passive foreign investment company” (PFIC) suggests a sophisticated, highly specialized investment that the majority of U.S. persons probably would not own. In reality, many U.S. persons--whether living in the United States or abroad--may unwittingly become PFIC shareholders and thus subject to unexpected federal income tax and reporting requirements. PFICs are foreign corporations [...]

Watch Out for PFIC Status if You Own Foreign Investments2020-09-14T17:39:52+00:00

Say No to Payroll Tax Deferral

On August 8, 2020, the President issued a Memorandum allowing employers to defer withholding and payment of an employee's portion of the Social Security tax (i.e., the 6.2% FICA portion of the federal payroll tax on employees). Medicare taxes, however, are not covered. The payroll tax deferral is effective starting September 1, 2020, and [...]

Say No to Payroll Tax Deferral2020-09-02T15:03:28+00:00

Tips for Filing an Amended Tax Return

If you discover a mistake on your tax return after you've already filed, don't panic. In most cases, all you have to do is file an amended tax return. Here's what you need to know: Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. An amended [...]

Tips for Filing an Amended Tax Return2020-08-07T13:41:10+00:00

Tax Consequences of PPP Loan Forgiveness

If your business has obtained a PPP loan, you will presumably soon be applying to have some or all of that loan forgiven pursuant to the SBA's PPP guidelines.  That raises the interesting question of what the tax effects of forgiveness are.  Is the forgiven portion taxable? The short answer, according to the IRS, [...]

Tax Consequences of PPP Loan Forgiveness2020-07-24T14:22:31+00:00

Rolling Over 2020 Retirement Plan Required Minimum Distributions

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of [...]

Rolling Over 2020 Retirement Plan Required Minimum Distributions2020-07-20T14:37:20+00:00

Employee Retention Credit Could Help Your Business

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an [...]

Employee Retention Credit Could Help Your Business2020-06-24T15:06:33+00:00

Unprecedented “Triple Whammy” Tax Deadline Approaches

An unprecedented "triple whammy" tax deadline is fast approaching.  July 15 is the due date for the following: Individual income tax returns (Form 1040) and trust income tax returns (Form 1041); First quarter 2020 estimated tax payments; and Second quarter 2020 estimated tax payments Although an extension is available until October 15 to file [...]

Unprecedented “Triple Whammy” Tax Deadline Approaches2020-06-11T14:51:29+00:00

Important Changes to PPP Loan Forgiveness Rules

Good news!  Congress has passed, and the President is expected to sign, a bill that adds considerable flexibility to the rules for PPP loan forgiveness.  Under the previous rules, forgiveness required that at least 75% of business expenses in the 8-week period after the loan closing be used for payroll expenses.  The new rules [...]

Important Changes to PPP Loan Forgiveness Rules2020-06-04T13:31:37+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
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