Newsletters
Virus Relief Includes Tax Breaks and PPP Expense deduction
Posted December 2020
The relief bill that passed the House and Senate on Monday, December 21 includes help for small businesses, the jobless, and direct payments to most Americans. It also provides funding for vaccine distribution, food assistance, tax breaks, and money for education and child care.
Tax Filing Reminders – December 2020
December 31st
February 1st
March 1st
PPP LOANS TOTALING $2 MILLION OR MORE REQUIRE ADDITIONAL DISCLOSURE
Posted December 2020
The SBA has recently proposed guidance for entities receiving Paycheck Protection Program (PPP) loans equaling $2 million or more.
GET READY FOR THE NEW FORM 1099-NEC
Posted December 2020
There is a new IRS form for business taxpayers that pays or receives nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee.
Tax Filing Reminders – November 2020
December 15th
December 31st
Using Equity as a Compensation Tool
Posted November 2020
Equity is one of the most powerful tools available for attracting, retaining, and motivating employees. Offering employees a stake in your company’s success aligns their interests with those of the owners, rewards them for excellent performance, and provides them with an incentive to stay with the company for several years. Here is a quick review of some of the ways you can share equity with employees. Although this discussion focuses on corporations, there are a variety of incentive compensation tools for LLCs and partnerships as well.
WHAT TAX RECORDS CAN INDIVIDUALS THROW AWAY?
Posted November 2020
The deadline for individual taxpayers who extended their 2019 tax returns has now passed. The original April 15 filing deadline was extended this year to July 15 due to the COVID-19 pandemic and the final extended due date was October 15. If you are finally finished filing last year’s return, you might wonder: which tax records can be tossed once everything is complete? Now is a good time to go through old tax records and see what you can discard.
Education Tax Breaks
Posted November 2020
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education.
Good news for PPP loan recipients of $50,000 or less
Posted October 2020
On October 9, 2020, the Small Business Administration (SBA) released a new interim final rule (IFR) providing additional guidance on the forgiveness process for PPP loans of $50,000 or less.
Tax Filing Reminders – October 2020
October 15th
November 15th
December 15th
December 31st