Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.Read More
Archive for the ‘Tax’ Category
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Paid Family and Medical Leave Under the Families First Act
The Families First Act requires certain employers to provide paid family and medical leave to employees unable to work due to COVID-19 concerns.Read More
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Avoid Penalties on Early Retirement Plan Account Withdrawals
The COVID-19 pandemic has resulted in many people borrowing from their companies’ retirement plans, but this could have averse affectsRead More
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Why Do Partners Sometimes Report More Income on Tax Returns Than They Receive in Cash?
In some cases, partners may be taxed on more partnership income than was distributed to them from their partnerships. Here’s why.Read More
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Business Vehicle Purchases: Deductions for 2020
Current tax law allows generous deductions for buying new and used business vehicles, but there are some important limitations and exceptionsRead More
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Midyear Tax Planning Ideas for Individuals
The extended July 15 deadline for filing your 2019 federal income tax return is behind us, and it’s time to start thinking about tax planning moves for 2020Read More
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Businesses: Get Ready for the New Form 1099-NEC
A tax form that used to be filed back in the 1980s is coming back for 2020: Form 1099-NEC. Here’s what businesses need to know.Read More
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Tax-Favored QSBC for the COVID-19 Era and Beyond
The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to…Read More
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COVID-19 Crisis May Affect Tax Angles for Rental Property Losses
The COVID-19 crisis may affect tax angles for rental property losses. Here is a summary of important federal income tax rules for such losses.Read More