PP Application Deadline Extended in New Law On March 30, 2021, President Biden signed legislation to extend the application period of the popular Paycheck Protection Program (PPP) through May 31, 2021. This followed a bipartisan 92-7 vote in the U.S. Senate to pass the Paycheck Protection Program...
When Should You Take Social Security Benefits? If you're nearing retirement, you've likely paid into the Social Security system your entire career. It's only fitting that you finally cash in on the Social Security benefits that are rightfully yours. But when should you start receiving benefits...
What are the tax implications of buying or selling a business? Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or...
In a News Release, IRS has announced that tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 individual income tax year returns. It also provided additional filing season date information. IRS said that the February 12...
2nd Round PPP Loans!!!! As of January 16, 2021, I have submitted 10 PPP Loans for the second round. Small Banks are the first ones the SBA is permitting to offer the loans. Since it is on a first-come, first-served basis until the money runs out...
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...