Business Consulting and Planning

IRS Disallows Deductions for Business Expenses Paid with Forgiven PPP Loan Amounts by Angie Adames, CPA

Posted on May 12, 2020 by Angie Adames

The IRS released guidance on April 30, 2020, prohibiting businesses from deducting any normally deductible expenses they pay using funds from a Paycheck Protection Program (PPP) loan that later becomes forgiven. Businesses must consider these tax implications, and any subsequent guidance, before applying for or accepting PPP loans. The CARES Act introduced PPP loans to provide immediate […]

State and Local Tax Considerations for Businesses Under the CARES Act by Karen A. Lake, CPA

Posted on May 04, 2020 by Karen Lake

While the Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many business-friendly tax provisions, it also serves as a reminder that state and local business tax laws do not always conform with those on the federal level. Consequently, businesses may be subject to different multistate tax rules and liabilities, depending on where their companies […]

Nonresident Aliens, Foreign Businesses, U.S. Expats May Receive Relief from U.S. Tax Problems Arising from COVID-19 by Arthur Dichter, JD, LLM

Posted on April 30, 2020 by Arthur Dichter

The IRS has issued a series of guidance providing relief for nonresident alien individuals, foreign businesses and U.S. expats living and working abroad who may be adversely affected by the COVID-19 international travel restrictions and forced to prolong their stays in the United States. In general, individuals who meet U.S. residency tests are considered resident […]

CARES Act and Cash Flow Strategies Webinar in Spanish

Posted on April 29, 2020 by Guillermo Campos

Please copy and insert this path into your browser to view our webinar in Spanish. https://bpbcpa.zoom.us/rec/share/4dYtCZXy7D9JG5WUtmfia4Q_JYnJaaa8hiUZ8qELzUbI0ssmoIoaGvgsI4LdUVu1?startTime=1588190301000

Florida Extends Certain Corporate Income Tax Filing, Payment Deadlines by Karen A. Lake, CPA

Posted on April 28, 2020 by Karen Lake

The Florida Department of Revenue has responded to the COVID-19 pandemic by issuing an emergency order that postpones the due dates for several state-level corporate and franchise tax filing and payment obligations. This announcement falls lass than one month after the IRS extended the 2019 federal income tax filing and payment deadlines for individuals and […]

Have You Suffered Any Losses Due to COVID-19? Some 2020 Losses May Be Deductible in 2019 by Arthur J. Lieberman

Posted on April 27, 2020 by Art Lieberman

The COVID-19 crisis has caused major economic hardship for many companies, making it imperative for businesses of all kinds to increase cash flow to ensure survival. Taxpayers should not overlook the potential to reduce 2019 taxes and/or generate refunds of taxes previously paid from 2014 through 2018 by making an election to deduct eligible 2020 […]

UPDATED – CARES Act Loan Recipients Must Take Care to Avoid Potentially Fraudulent Acts by Richard Fechter, JD, CFE, CAMS

Posted on April 16, 2020 by Richard Fechter

The CARES Act provides billions of dollars in much-needed financial assistance to millions of U.S. businesses and not-for-profit organizations struggling to survive the economic realities of the COVID-19 pandemic. To apply for and obtain government-backed loans, eligible entities must take special care to understand and abide by all the specific rules applicable to each financial-assistance […]

CARES Act Eases Limitation on Business Interest Expense Deductions, Special Rules Apply to Partnerships by Heath Standorf, CPA

Posted on April 15, 2020 by Heath Standorf

To help businesses improve cash flow and manage rising debt in the wake of the COVID-19 pandemic, the CARES Act allows certain taxpayers to deduct more business interest expense than was previously allowed under existing law. This, combined with other provisions of the government’s $2.3 trillion coronavirus stimulus package CARES Act, can provide businesses with […]

UPDATED – COVID-19 Economic Relief Extended to Mid-Size Businesses by Joel Glick, CPA/CFF, CFE, CGMA

Posted on April 11, 2020 by Joel Glick

The Federal Reserve Bank has announced it will expand the eligibility and scope of its Main Street Lending Program, introduced on April 9 to provide up to $600 billion in stimulus to businesses suffering under the economic strain of the COVID-19 health crisis. While the recent guidance adds a third loan facility and extends loan […]

Provisions in the CARES Act that are Important in the M&A Area by Lewis Taub, CPA

Posted on April 10, 2020 by Lewis Taub

On March 27, the president signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act), which provides a wide range of tax and financial relief to businesses and individuals suffering the economic consequences of the COVID-19 pandemic. Provisions contained in the law include simple payroll tax relief and intricate adjustments to the […]

Category: Business Consulting and Planning