Can I Get More PPP Money?
Are you ready for more Paycheck Protection Program (PPP) money? The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, has opened up what it’s calling ‘Second Draw PPP Loans’ as of January 13, 2021. These loans are available to qualifying small businesses (whether or not they previously had received a PPP loan) […]
How Does Innocent Spouse Relief Work?
Can you be held responsible for taxes a spouse or recently made ex-spouse failed to declare on your joint tax return? Yes and no. It’s called innocent spouse relief, but there are several hoops to jump through to get it. Innocent spouse relief allows the opportunity to transfer tax, interest, and penalties to the spouse […]
Large Gift & Estate Tax Changes in 2021?
The Tax Cuts and Jobs Act (TCJA) temporarily increased the basic exclusion amount of large estate gifts and reduced federal estate tax rates. The moves were made to help high net worth individuals offset estate taxes at the time of death. But what happens now? How might the new administration change course? The TCJA doubled […]
Your Sales Tax “Holiday” Is Ending
In the early months of the pandemic, states and local jurisdictions slowed their enforcement of sales tax collections from small businesses. But now that we’re finding a new norm within pandemic economic restraints, you can expect that grace period to end. This is big news for small businesses forced online for the first time this […]
Surprise! State Taxes May Kick in If Working Remotely
If you spent part of your 2020 quarantine working remotely out of state, you (or your business entity) could be surprised with state taxes. A recent poll found that more than half of Americans who worked remotely during the pandemic aren’t aware of the possible tax consequences once they crossed state lines. Each state has […]
Keeping Your Business Financially Afloat
Warren Buffett’s famous quote, “You never know who’s swimming naked until the tide goes out,” is eerily ominous this year. More than 100,000 small businesses have permanently closed due to the COVID-19 pandemic. If your business is still in the fight, congratulations! But if you’re feeling a little drafty from lack of adequate “swimwear,” know […]
Can You Deduct a Virtual Company Holiday Party?
Ah, 2020. It’s the gift that keeps on giving. As we head into the home stretch, employers are wondering what on Earth they’re going to do about their annual holiday parties thanks to the COVID-19 pandemic. Last year, 76% of businesses held office parties in December. This year? Only 23% are planning a year-end celebration, […]
Charity in 2020: A Tax Guide
This year is unlike any other. That truth is clear when it comes to charitable contributions. Several relief measures and new tax rulings may affect your usual giving plan, for better or for worse. If you’re a business owner, even more opportunities abound. It’s worth a close look before the end of the year to […]
A Reminder to “Log” Travel Expenses
As business travel picks back up, a court ruling within the past 12 months brings to light the importance of maintaining records for travel-related tax deductions. The case involves a timberland owner who barely escaped IRS fines after his travel logs were stolen. As Accounting Today summarizes, the taxpayer traveled every week to maintain and […]
Did You Request IRS Penalty Relief Due to COVID?
The September 15 tax deadline has come and gone, but many had trouble getting their taxes filed and paid on time. The IRS offers relief, but even some who followed the rules will still receive penalties. The mid-September milestone included several tax deadlines for closely held businesses. The American Institute of Certified Public Accountants (AICPA) […]