Re-evaluate your company’s competitiveness in a changed economy
June 22, 2020
Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19…
PPP Flexibility Act eases rules for borrowers coping with COVID-19
June 22, 2020
As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies…
If you’re selling your home, don’t forget about taxes
June 19, 2020
Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in…
Good records are the key to tax deductions and trouble-free IRS audits
June 19, 2020
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In…
Rioting damage at your business? You may be able to claim casualty loss deductions
June 12, 2020
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the…
Seniors: Can you deduct Medicare premiums?
June 12, 2020
If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage…
A nonworking spouse can still have an IRA
June 8, 2020
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home —…
Does your company have an emergency succession plan?
June 8, 2020
For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and…
Tax TipsStudent TaxesTax Planning
Student loan interest: Can you deduct it on your tax return?
June 3, 2020
The economic impact of the novel coronavirus (COVID-19) is unprecedented and many taxpayers with student loans have been hard hit. The…
IRS releases 2021 amounts for Health Savings Accounts
June 3, 2020
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust…
Business meal deductions: The current rules amid proposed changes
June 2, 2020
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that……
Attuning your social media strategy to the pandemic
May 21, 2020
Social media for business: Your time has come. That’s not to say it wasn’t important before but, during the novel coronavirus (COVID-19)…
Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible
May 18, 2020
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program…
Subchapter V: A silver lining for small businesses mulling bankruptcy
May 7, 2020
Many small businesses continue to struggle in the wake of the coronavirus (COVID-19) pandemic. Some have already closed their doors and…
The CARES Act liberalizes net operating losses
May 4, 2020
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a…
Hiring independent contractors? Make sure they’re properly classified
April 27, 2020
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be…
IRS extends some (but not all) employee benefit plan deadlines
April 22, 2020
The IRS recently issued Notice 2020-23, expanding on previously issued guidance extending certain tax filing and payment deadlines in…
New COVID-19 law makes favorable changes to “qualified improvement property”
April 20, 2020
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements……
What are the key distinctions between layoffs and furloughs?
April 15, 2020
As businesses across the country grapple with the economic fallout from the novel coronavirus (COVID-19) pandemic, many must decide…
The 2019 gift tax return deadline is coming up
April 13, 2020
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to…
Relief from not making employment tax deposits due to COVID-19 tax credits
April 13, 2020
The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the…
Just launched: The SBA’s Paycheck Protection Program
April 8, 2020
To stem the tide of joblessness caused by the coronavirus (COVID-19) outbreak, the Small Business Administration (SBA) has officially…
Answers to questions about the CARES Act employee retention tax credit
April 6, 2020
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages…
Coronavirus (COVID-19): Small Business Guidance and Loan Support for Paycheck Protection Program and Others
April 3, 2020
The economic crisis hitting small business owners is moving fast, so we wanted to quickly share with you details of provisions…