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)...
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...
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 trade or business who,...
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 Independent Office of Appeals, including how the Office is dealing with...
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...
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...
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 forgiveness of the PPP...
Tax Court Petitions must be timely-filed even though US Tax COurt Building is Closed The US Tax Court building is closed. It is not accepting mail and it is not processing Tax Court petitions. Nevertheless, if you received a Notice of Deficiency, also known as a...
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 referred to as qualified improvement property (QIP)....
Congress has not passed the additional $250 million requested by the White House, so the Paycheck Protection Program is now closed. This is the Email from BB&T: As you are likely aware, the SBA has announced that the limited amount of funds allocated for the Paycheck...