Taxation
28 Sep The tax rules for deducting the computer software costs of your business
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...
08 Sep PPP Loan Forgiveness – Time to Start Gathering Information!
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...
18 Aug New Per Diem Deduction Rates starting October 1
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...
10 Aug Tax Issues of PPP Loans and PPP Loan Forgiveness
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)...
21 Jul IRS Appeals Division slowly reactivating
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...
04 May IRS is Wrong About Deductibility of Paycheck Protection Program Business Expenses
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...
20 Apr US Tax Court – Notice of Deficiency
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...
17 Apr Paycheck Protection Program – CLOSED
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...
30 Mar CARES Act – Government Stimulus Bill – March 27 tax, wages, unemployment
The new COVID-19 law provides businesses with more relief On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES...