Exit and Estate Planning for Business Owners
Travel and tourism spending in Texas dropped 86% over the spring months. If you own a vacation rental property, you’re feeling that sting. Maybe your rental income plummeted and has yet to recover. Click To View
Exit and Estate Planning for Business Owners
The coronavirus pandemic has forced many of us to consider our business succession and estate plans. 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, two truths that have become more apparent in recent times. Click To View
Tax Changes for Property Improvements and Business Losses
Some long-awaited great news for commercial property and business owners: The CARES Act that was passed in response to the COVID-19 pandemic includes technical corrections and additional modifications to the 2017 Tax Cuts and Jobs Act. If you’ve made commercial property improvements or have experienced passive activity losses or net operating losses, take a close […]
Financially Surviving A Downturn
While the current economic distress we’re facing is due to an unprecedented chain of events, there are lessons from past downturns that can be applied as well as new opportunities — from tax credits to forgivable loans — that you can consider. You can start by taking the following three steps. Click To View
Lose Money on a Vacation Rental This Year?
Travel and tourism spending in Texas dropped 86% over the quarter. If you own a vacation rental property, you’re feeling that sting. Maybe your rental income plummeted and has yet to recover. Perhaps summer has brought back renters, and revenue has swung back up. Or you took this time to use the property as your […]
Financially Surviving A Downturn
While the current economic distress we’re facing is due to an unprecedented chain of events, there are lessons from past downturns that can be applied as well as new opportunities — from tax credits to forgivable loans — that you can consider. You can start by taking the following three steps. Click To View
PPP Loan Forgiveness: Critical Steps to Take
(Updated as of June 16, 2020) The SBA revised the PPP loan forgiveness application and introduced an EZ form for certain qualifying businesses including those who are self-employed and those who did not cut back employee pay by more than 25%. In addition, for businesses that received the PPP loans before June 5, both forgiveness […]
Don’t Fall for COVID-19 Money Scams
Millions of dollars and valuable personal information have been lost to money scams and the problem is only increasing during the COVID-19 pandemic. If you’re a business owner, you need to be extra careful right now because… Click To View
3 Tips for Remote Expert Witness Depositions
The COVID-19 pandemic has brought remote depositions to the forefront and opened the door for more flexibility throughout Texas and the country. And not a moment too soon. The current climate has also strained closely held businesses—some to the breaking point. Litigation surrounding business damages, bankruptcy, and tax issues (yes, the IRS is still going […]
Making Coronavirus Goods? Here Are the Tax Implications
Small businesses have truly stepped up to the challenge of turning the COVID-19 crisis from a potentially door-shuttering event to an opportunity to step up, help out, and stay afloat. Distillers have been making hand sanitizer, clothing and textile manufacturers have been making face masks, and auto manufacturers are producing face shields. These pivots are […]