Business Owner

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 Program (PPP) loans. The legislation, the Consolidated Appropriations Act, 2021, also provides $600 stimulus... Read more

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 taxes. Per IRS Notice 2020-65, employers may opt out of withholding social security taxes... Read more