Our Financial Blog
— Due to the present health situation within the state, we have decided to suspend meetings until further notice.
Employee Retention Credit
2020/2021 Employee Retention Credit: The Expanded Eligibility and Increased Credit Opportunities The Employee Retention Credit for 2020 and 2021 has been expanded. Now, wages eligible for the credit are increased, the group of Eligible Employers is expanded, and the...
PPP Loan Updates
PPP2 Loans 2021: The Details Millions of small businesses could soon apply for another forgivable federal loan as part of the rebooted Paycheck Protection Program (PPP).KEY TAKEAWAYS A new round of Paycheck Protection Program (PPP) loans was authorized by the passage...
Deductibility Of Business Meals Provided By Restaurants In 2021 And 2022
Deductibility Of Business Meals Provided By Restaurants In 2021 And 2022 You’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those...
New Law’s Tax Provisions That Affect Businesses
New Law’s Tax Provisions That Affect Businesses The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 includes spending and other non-tax...
Good News for You: IRS agrees to the Deductibility of Certain State payments made by Pass-through Entities (Partnerships and S corporations)
This action by the Internal Revenue Service may mitigate the effect of the Tax Cuts and Jobs Act, relating to State tax deductions for taxpayers that are members of pass-through entities. Individual taxpayers with Schedule C’s and one owner LLC’s with W2 wage earners that are not members of a pass-through entity are not affected by the change. Each taxpayer must evaluate their individual tax situation as to the benefit if any.
The Timing of the Deductibility or Non-Deductibility of PPP Expenses
The new Rev. Rul. and Rev. Proc. reduce the incentive for taxpayers to apply for forgiveness before the new Biden administration and the new Congress take power in January. This has become frustrating for almost everyone involved (borrowers, lenders, tax professionals, etc.). The good news is we are all in this together, and we will figure it out. It just may take some patience and time before that happens.
Tax Tips
A Few Other Resources We’ve Created for Our Customers
What is the Energy Efficient Commercial Buildings Tax Deduction?
Building owners who have made energy efficiency improvements to their properties can utilize the statute of limitations for amending tax returns to receive immediate tax deductions under the Energy Efficient Commercial Buildings Tax Deduction, commonly called the...
Business Tax Update
Below please find a corporate tax article prepared by Sal Schibell, which was recently published in various trade magazines. In this piece, Mr. Schibell reviewed some of the more important tax changes that President Donald Trump has proposed and he expanded upon...
Tax Tip – Health Insurance Marketplace, (Affordable Care Act)
Taxpayers who obtain health insurance through the Affordable Care Act Health Insurance Marketplace must advise the Marketplace of changes in certain circumstances. Any life event may impact an individual eligibility for the Premium Assistance Credit, or effect the...