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Potential Tax Changes in House Version of Infrastructure Plan
On September 15, 2021, the House Ways and Means Committee approved certain tax provisions associated with President Biden’s $3.5 trillion infrastructure spending proposal and has recommended rolling back some recent tax cuts to pay for…
To File or Not to File: IRS Extends Some Tax Deadlines
This week the U.S. Treasury Department announced it is delaying the income tax deadline for individuals from April 15, 2021 to May 17, 2021. This includes 2020 Form 1040 tax returns, extensions thereon and any…
What You Need to Know About the American Rescue Plan
The American Rescue Plan Act of 2021 (ARPA) was signed into law on March 11. The $1.9 trillion ARPA is the latest U.S. legislation package designed, among other things, to address the ongoing impacts on…
COVID-19 Business Support
The coronavirus pandemic has introduced uncertainty into every facet of our lives. We are concerned about the health and safety of our families and friends, and many of us are grappling with significant business issues…
CAA Extends the Employee Retention Credit to More Struggling Businesses
The $900 billion Consolidated Appropriations Act, 2021 (CAA), which became law in December, provides additional pandemic-related financial relief to individuals and small businesses and addresses the disputed tax deductibility of business expenses paid with forgiven…
New Legislation Provides More Forgivable Loans to Small Businesses and Other Tax Benefits
The President has signed into law the $900 billion Consolidated Appropriations Act, 2021 (CAA). It provides one-time relief payments to adults and children, adds to extended weekly unemployment benefits, and provides aid for small businesses…
CARES Act Revisited: Expenses Paid with PPP Loan Now Deductible
Just in time to throw our year-end tax planning on its head, Congress overwhelmingly passed a $900 billion COVID-19 relief bill just before midnight on Monday that ensures tax deductibility for business expenses paid with forgiven Paycheck Protection…
How to improve the strength and value of your business
Could your business use a tune-up? Just like your car, your business can benefit from a periodic peek “under the hood” to uncover problems or inefficiencies that might jeopardize its value down the road. A…
Is revenue recognition on your mind? Maybe it should be.
Updated revenue recognition guidance (ASC 606 – Revenue from Contracts with Customers) was supposed to have been implemented by private companies and most nonprofits in the fiscal years beginning after December 15, 2018. COVID-19 and…
New IRS Guidance Allows, But Does Not Force, Employers to Postpone Withholding Payroll Taxes
In early August, President Trump signed an executive order declaring a payroll tax holiday. On Friday last week, the Internal Revenue Service issued guidance to address some of the logistical issues related to deferring payroll…
New Answers to PPP Forgiveness Questions Published by SBA
The Small Business Administration (SBA) and Treasury Department published a new Frequently Asked Questions (FAQ) document on August 4, 2020 to address some of the processes and calculations Paycheck Protection Program (PPP) borrowers should use…