Aug 6, 2020 | Blog, Corona Virus, Small Business Taxes, Tax Law
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing...
Jul 14, 2020 | Blog, Individual Taxes, Small Business Taxes, Tax Law, Taxes
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020,...
Jun 10, 2020 | Blog, Corona Virus, Small Business Taxes, Tax Law, Taxes
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under...
May 5, 2020 | Blog, Community, Corona Virus, Small Business Taxes, Tax Law
The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses with relief...
Apr 7, 2020 | Blog, Corona Virus, Small Business Taxes, Tax Law
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to...
Apr 7, 2020 | Blog, Corona Virus, Small Business Taxes, Tax Law
On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Employee...
