5 KEY POINTS ABOUT BONUS DEPRECIATION You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide range of qualifying property. Here are five important points to be aware of when it comes to this powerful tax-saving tool. 1. Bonus...
GSA website: FY2021 Per Diem Rates – Effective October 1, 2020 GSA website: FY 2021 Per Diem Highlights (updated August 13, 2020) The General Services Administration (GSA) has posted the federal domestic per diem rate table for fiscal year (FY) 2021 on its website....
THE POSSIBLE TAX CONSEQUENCES OF PPP LOANS If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid,...
FILE CASH TRANSACTION REPORTS FOR YOUR BUSINESS — ON PAPER OR ELECTRONICALLY Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions. Filing requirements Each person engaged in a...
WHY DO LLC MEMBERS AND PARTNERS SOMETIMES REPORT MORE INCOME ON TAX RETURNS THAN THEY RECEIVE IN CASH? If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was...
IRS Operations During COVID-19: Mission-critical functions continue (updated July 20, 2020) The IRS has updated its website detailing what it calls its “mission-critical functions” during the COVID-19 pandemic. The update provides information about the IRS’s...
HAVEN’T FILED YOUR 2019 BUSINESS TAX RETURN YET? THERE MAY BE WAYS TO CHIP AWAY AT YOUR BILL The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on...
STEER CLEAR OF THE TRUST FUND RECOVERY PENALTY If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld...
The Internal Revenue Service has issued what is known as an “Internal Revenue Notice” taking the position that expenses paid under the Paycheck Protection Program Loan is not a deductible business expense. The IRS argument is that since Congress determine that...
NEW COVID-19 LAW MAKES FAVORABLE CHANGES TO “QUALIFIED IMPROVEMENT PROPERTY” The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is...