CARES Act made changes to excess business losses

CARES Act made changes to excess business losses The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file…

The President’s action to defer payroll taxes: What does it mean for your business?

The President’s action to defer payroll taxes: What does it mean for your business? On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions…

The possible tax consequences of PPP loans

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…

Frequently Asked Questions on PPP Loan Forgiveness

Frequently Asked Questions on PPP Loan Forgiveness Small Business Administration released guidance to address borrower and lender questions concerning forgiveness of PPP loans. The FAQ are divided into four sections: general loan forgiveness, loan forgiveness payroll costs, loan forgiveness nonpayroll…

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…

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…