New law doubles business meal deductions and makes favorable PPP loan changes The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of...
A Dozen New Year’s Resolutions for Small Business Owners Have you made any New Year's resolutions for 2021? Resolutions usually take the form of personal goals like eating healthier or getting rid of clutter around the house. But you can also make New Year's resolutions for your...
COVID-19-Related Relief Is Signed Into Law On December 27, President Trump signed the Consolidated Appropriations Act of 2021 (CAA), which provides pandemic relief, as well as other tax and health-related provisions. The CAA contains the COVID-Related Tax Relief Act of 2020 (COVIDTRA), as well as a government funding...
The QBI deduction basics and a year-end tax tip that might help you qualify If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A...
The tax rules for deducting the computer software costs of your business Do you buy or lease computer software to use in your business? Do you develop computer software for use in your business, or for sale or lease to others? Then you should be aware...
I have prepared a detailed Memo about PPP Loan Forgiveness Information. It is crucial to start gathering the necessary information. Most Banks are waiting on final action by Congress (it could be next week) and the SBA to issue final regulations. I believe the SBA...
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 depreciation is scheduled...
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 rates are...
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, Relief and Economic Security (CARES)...