Corporate tax news — from filing obligations to policy changes affecting businesses of every size.
Normally, I don’t post about state-specific issues, but I am in this instance, and here’s why: when you read what this company is doing, it may well ring a bell even if you don’t live in Pennsylvania. That’s because these kinds of schemes know no geographic boundaries: you’ll find them all over the country. In…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. O is for Ordinary and Necessary. To claim a deduction for business expenses, Section 162 of the Tax Code…
It’s my annual Taxes from A to Z series! If you’re wondering how to figure basis for cryptocurrency or whether you can claim home office expenses during COVID, you won’t want to miss a single letter. G is for GILTI. GILTI – which ranks up there as one of the best tax acronyms of all-time…
If you follow me on Twitter, you’d know that our law firm didn’t take out a Paycheck Protection Program (PPP) loan. But if we had, you might soon know the details – down to how much money we had received: Treasury and the Small Business Administration (SBA) have agreed with the bipartisan leaders of the U.S. Senate…
Whether you’re reading this from your living room while in your pajamas, or safely tucked away in your newly-renovated laundry room turned home office, you’ll probably agree that employment has changed over the past several weeks. Because of COVID-19, governors and municipalities have issued stay-at-home and other orders, resulting in the complete or partial shutdowns…
As the COVID-19 crisis continues to roil the economy, all eyes seemed to be focused on the Paycheck Protection Program (PPP). But that’s not the only option for relief for struggling small businesses. One opportunity that’s often overlooked is the Employee Retention Credit or ERC. It’s found in the CARES Act, and like the PPP, it’s designed…
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. There are programs in place to help businesses through the pandemic. One of those programs is the Economic Injury Disaster Loan program (EIDL). The EIDL isn’t new. It’s an existing program administered through the Small…
As COVID-19 continues to impact the United States, the federal government is taking action to ease the burden on taxpayers. Most recently, Congress passed a massive stimulus package that was signed into law by the President. The stimulus bill (also called the Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act) has several moving pieces…
Still confused about the business expense deduction for meals and entertainment under the Tax Cuts and Jobs Act (TCJA)? In the months following the new law, taxpayers and tax professionals alike weren’t sure what the new limits and restrictions would mean for businesses. In October of 2018, the Internal Revenue Service (IRS) offered transitional guidance on the rules….
If you have your business tax payments set to auto-pilot, check those addresses: The IRS is closing business payment P.O. Boxes in the Cincinnati and Hartford areas beginning July 1. Payments mailed to a closed payment location will be returned to the sender. To help ensure timely receipt, check Where to File before mailing in a payment….