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Business Valuator, Forensic/Litigation Support Accountant, and Accountant Consultants

Tax

Blog tagged as Tax

Fortunate enough to get a PPP loan? Forgiven expenses arent deductible
If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in new guidance.
12.06.20 03:49 PM - Comment(s)
PPP Flexibility Act eases rules for borrowers coping with COVID-19
Has your business applied for a PPP loan or already acquired funds from this program? If so, the recently passed PPP Flexibility Act has made important changes to the rules.
11.06.20 11:57 AM - Comment(s)
Student loan interest: Can you deduct it on your tax return?
The CARES Act has provided some help for people with student loans. And if you do make some payments this year, you may be able to deduct the interest on your tax return. Here are the rules.
26.05.20 11:45 AM - Comment(s)
Did you get an Economic Impact Payment that was less than you expected?
Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.
19.05.20 10:35 AM - Comment(s)
The CARES Act liberalizes net operating losses
The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs). Here’s how.
12.05.20 11:17 AM - Comment(s)
Answers to questions you may have about Economic Impact Payments
As the Economic Impact Payments (EIPs) continue to go out, the IRS has released information about why you might not have gotten a payment. There’s also a new tool to check the status of your EIP.
27.04.20 11:45 AM - Comment(s)
What are the key distinctions between layoffs and furloughs?
COVID-19 has forced many business owners to re-evaluate the size of their workforces. The choice between layoffs and furloughs brings up a variety of compliance issues.
15.04.20 02:25 PM - Comment(s)
Just launched: The SBAs Paycheck Protection Program
Retaining employees and maintaining payroll has become difficult for many small businesses across the country. The SBA’s Payroll Protection Program offers relief for some.
10.04.20 11:34 AM - Comment(s)
Answers to questions about the CARES Act employee retention tax credit
As a business with employees, you may have questions about the new employee retention tax credit. Here are some answers.
06.04.20 11:11 AM - Comment(s)
There still might be time to cut your tax bill with IRAs
Saving for retirement is essential for financial security and the government provides tax incentives. If you’re eligible, you still have time to contribute to an IRA, Roth IRA or SEP and benefit on your 2019 tax return.
06.02.20 03:29 PM - Comment(s)