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Does your business receive large amounts of cash or cash equivalents?

Does your business receive large amounts of cash or cash equivalents? 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…

Avoid “bad blood” among family members: Protect your will from legal challenges

Avoid “bad blood” among family members: Protect your will from legal challenges You’ve probably seen it in the movies or on TV: A close-knit family gathers to find out what’s contained in the will of a wealthy patriarch or matriarch.…

Why do partners sometimes report more income on tax returns than they receive in cash?

Why do 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…

Fortify your assets against creditors with a trust

Fortify your assets against creditors with a trust You may think of trusts as estate planning tools — vehicles for reducing taxes after your death. While trusts can certainly fill that role, they’re also useful for protecting assets, both now…

Additional PPP Guidance Released May 22, 2020

SBA released new Paycheck Protection Program (PPP) guidance on Friday, May 22nd. The new interim final rules build upon the PPP forgiveness application that was released a week earlier. This summary is in addition to the summary that we prepared…

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both:…