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:…

The CARES Act liberalizes net operating losses

The CARES Act liberalizes net operating losses The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses…

New COVID-19 law makes favorable changes to “qualified improvement property”

New COVID-19 law makes favorable changes to “qualified improvement property” The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred…

Small Businesses: It may not be not too late to cut your 2019 taxes

Small Businesses: It may not be not too late to cut your 2019 taxes Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few…

Holiday parties and gifts can help show your appreciation and provide tax breaks

Holiday parties and gifts can help show your appreciation and provide tax breaks With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and…