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 […]
2020 Last-Minute Tax Checklist Before the New Year
You may have heard that Paycheck Protection Program (PPP) loan forgiveness is already being administered, but you can wait until 2021 to apply. It might even be more tax-advantaged to do so (depending on your situation). And you may decide that full forgiveness isn’t worth it As of October, the IRS had ruled out the […]
Clarity on Charitable Donations
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 […]
It’s Time to Add a Forensic Audit to Your Acquisition Tool Kit
When it comes to a business acquisition, due diligence is critically important. But what can matter most is who participates in it. Deal-breakers can emerge by the dozen once the books are opened, relating to many factors including the target company’s actual value, earn outs, associated legal and financial risks, the condition of assets, compliance […]
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 […]
2020 Lessons on SUCCESSion Planning
If 2020 has taught us anything, it’s that no matter how successful you are or how well you take care of yourself, your financial situation and health are both surprisingly fragile and undeniably intertwined. Take this time of clarity to fill the gaps in your business succession and estate plans. They involve soul searching and […]
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, […]
Tax Adjustment Dispute? It’ll Be Scanned for Pandemic Exploitation
John Hughes, director of the IRS Advance Pricing and Mutual Agreement (APMA) Program, said his department was aware of the potential for “opportunism” among taxpayers to adjust their tax positions while blaming the pandemic. It’s something they’ll be watching for closely. His comments are in reference to taxpayers who hold advance pricing agreements (APAs) with […]
2020 Audit Triggers
For business owners who received a federal Paycheck Protection Program (PPP) loan this spring and misused it, the time of reckoning has come. More than a dozen criminal cases have been filed across 11 states involving PPP loan misuse. These first cases involve “blatant fraud” by small businesses and individual business owners, not large corporations. […]