More Information about the CARES act and Emergency Small Business Loans

FAQ regarding PPP loan forgiveness PPP Forgiveness Application
Please note, your bank should send you a form
that applies to you.

If you employ 50 or more full-time employees, you may be subject to the Shared Responsibility payment and reporting rules under the Affordable Care Act (ACA). Employer Pay or Play Rules Applicable Large Employers (ALEs) are subject to the Employer Shared Responsibility rules, known as the Employer Mandate. An employer is generally an ALE for…

As the end of the year approaches in Maine and around the country, it is a good time to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the challenge include turbulence in the stock market, overall economic uncertainty, and Congress’s failure to…

Accountants from LG&H, in conjunction with SBA and SCORE, provided a free seminar for new and potential business owners called “The 2015 Small Business Success Bootcamp” in Bangor on October 22. We kicked off the day with Abe Furth, owner of Woodman’s Bar & Grill, Verve, and Orono Brewing Company, as our key note speaker….

The following is a summary of important tax developments that have occurred in the past three months that may affect you, your family, your investments, and your livelihood. Please call us at 207-990-4585 to talk and/or set up an appointment here in Bangor, Maine for more information about any of these developments and what steps…

Supreme Court upholds subsidies for health care purchased on Federal Exchange. The Supreme Court by a 6-3 vote determined that premium tax credits (also known as health insurance subsidies) under the Affordable Care Act (ACA), are not limited to taxpayers who live in States that have established their own health insurance Exchange but are also…

Whether in Bangor, Maine or elsewhere in the United State, shareholder-employees of S corporations continue to be subject to some special income tax rules. The term shareholder-employee refers to individuals who own 2% or more of the stock of an S corporation on any day of a tax year, as well as certain other individuals…

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Before January 1, 2015, an individual could rollover a distribution from one IRA to another IRA in a nontaxable transaction if the rollover was completed within 60 days after the income was received. This could be done only once in any 1-year period. However, it was determined on an IRA-by-IRA basis. Starting January 1, 2015, the nontaxable distribution on rollover rule will be applied on an aggregate basis. So, no matter how many IRA accounts a person has, only one nontaxable rollover per year will be allowed.

The Patient Protection and Affordable Care Act (the Affordable Care Act) had some key provisions that apply to businesses. Perhaps the item of most interest to employers is that beginning in 2015, many businesses that do not offer affordable health insurance coverage that provides a certain minimum value to at least 95% (70% for 2015)…

The 2010 health care reform legislation was landmark legislation that affects all individuals in some way. Besides the obvious effect this massive legislation has on health care, there are many significant provisions of the legislation that affect an individual’s income taxes. Some provisions of this law were effective in 2010, many are effective beginning in…