The Hoffman Group is a full-service accounting and consulting firm headquartered in the Baltimore, Maryland region. Our dedicated team provides a comprehensive array of assurance, consulting and tax services for businesses and individuals. By thoroughly evaluating our clients’ unique financial needs, we create personalized solutions and develop comprehensive plans for their success. To us, the most valuable part of our business is client relationships. That is why we are built on the pillars of transparency, trust and respect. Our highly skilled team of professionals and Certified Public Accountants provide the knowledge, passion and technical abilities to help our clients thrive.
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Overcoming the Challenges of Remote Auditing During the COVID-19 Crisis
Many people are currently working from home to help prevent the spread of the novel coronavirus (COVID-19). Your external auditors are no exception. Fortunately, in recent years, most audit firms have been investing in technology and training to facilitate remote audit procedures. These efforts have helped lower audit costs, enhance flexibility and minimize disruptions to business operations. But auditors haven’t faced a situation where everything might have to be done...
IRS Releases 2021 Amounts for Health Savings Accounts
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” who is covered under a “high deductible health plan.” In addition, a participant can’t be enrolled in Medicare or have...
Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren’t Deductible
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under the PPP, and The income associated with the forgiveness is excluded from gross income under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. PPP basics The CARES...
Safe Harbor for PPP Loans of Less Than $2 Million
On May 13, the Small Business Administration (SBA) updated its Paycheck Protection Program Frequently Asked Questions page to clarify how they will determine if a borrower applied in good faith out of monetary necessity. It states: “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the...
At The Hoffman Group, we take a personal interest in your success. Drawing on over 60 years of combined practice, our team has a breadth of experience in anticipating challenges businesses may face and developing strategic plans to meet their financial objectives. We focus on an array of industries such as construction, manufacturing and distribution, and government contracting to help you make healthy financial and business decisions that amplify profitability and maximize competitiveness.