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)...
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...