Business Owners

The Rules Employers Must Know for Reimbursing Remote Workers by Adam Cohen, CPA

Posted on July 15, 2021 by Adam Cohen

Whether employers welcome staff back to their offices or allow the continuation of remote-work arrangements, they must be prepared to address a myriad of tax issues, including employee expense reimbursement requirements. Generally, employees are not entitled to reimbursements for commuting expenses they incur for travel between their homes and their offices or other primary places […]

IRS Clarifies Taxes on Cryptocurrency Hard Forks and Airdrops by Lewis Taub, CPA

Posted on July 07, 2021 by Lewis Taub

Signaling that cryptocurrency is not a passing fad, more than 12,000 people gathered in Miami in early June 2021 for what was billed as the largest Bitcoin conference in history. As digital currency continues to gain mainstream popularity — both as a viable investment vehicle and a method of payment for goods and services — […]

When Can Business Owners Deduct Travel Expenses? by Angie Adames, CPA

Posted on June 29, 2021 by Angie Adames

There is a very fine line between business and pleasure when it comes to how the IRS treats business-travel expenses, including airfare, meals and lodging. In general, some or all of these costs may be deductible only when they are deemed reasonable, necessary and directly attributed to the taxpayer’s active conduct of a trade or […]

Employer Tax Credits for Paid Sick and Family Leave Extends to Vaccines by Joanie Stein, CPA

Posted on June 21, 2021 by Joanie Stein

The IRS issued important guidance concerning an expansion of the COVID-19-related paid sick and family leave tax credits available to employers under the American Rescue Plan (ARP) enacted earlier this year. Background Congress introduced the emergency paid sick leave and family and medical leave programs in 2020 as part of the Families First Coronavirus Response […]

What PPP Loan Recipients Must Know to Claim the Employee Retention Tax Credit by Andreea Cioara, CPA

Posted on June 08, 2021 by Andreea Cioara

Taxpayers that received Paycheck Protection Program (PPP) loans to maintain and continue paying their workforce through the COVID-19 pandemic may be missing out on valuable employee retention tax credits (ERCs) equal to as much as $7,000 per employee, per quarter in 2021. Here is what eligible businesses and non-profits need to know to claim as […]

Is Your Business Ready for Hurricane Season? by Daniel S. Hughes, CPA/CFF/CGMA, CVA

Posted on June 02, 2021 by Daniel Hughes

June 1 marked the start of the Atlantic hurricane season and the potential for tropical force winds and heavy rainfall to damage property and further impede business operations already hampered by the COVID-19 pandemic. The key to minimizing losses and getting your company back up and running after a storm passes is to have an […]

Now May Be a Good Time to Consider a Roth Conversion by Rick Bazzani, CPA

Posted on May 26, 2021 by Rick Bazzani

When it comes to retirement savings, taxpayers generally have a choice: pay taxes on their contributions today or pay taxes on their withdrawals in retirement. For high-net-worth taxpayers, this decision is already determined by the U.S. tax code. However, with the prospect of higher taxes under the Biden Administration, wealthy individuals have a small window […]

How Biden’s Tax Plan May Affect Real Estate Investors, Developers

Posted on May 18, 2021

President Biden’s $1.8 trillion American Families Plan intended to help low- and middle-income families “cover basic expenses, lower health insurance premiums and reduce childhood poverty” calls for significant changes to the tax code, including higher tax rates and fewer loopholes for wealthy taxpayers. As Congress now debates whether any of the provisions included in the […]

UPDATED – Which COVID-19-Related Payroll Tax Credit Is My Business Eligible to Receive? by Cherry Laufenberg, CPA

Posted on May 17, 2021 by Cherry Laufenberg

In the wake of the COVID-19 pandemic, the U.S. enacted various laws providing a variety of financial-relief measures to support businesses through the crisis period. Key among those provisions are tax credits for those businesses that retain and continue to pay qualifying wages to employees despite interruptions or their normal business operations. It is critical […]

Law Unmasking Anonymous U.S. Companies May Require New Tax Planning for Foreign Investors in U.S. Entities by Arthur J. Dichter, JD, LLM

Posted on May 14, 2021 by Arthur Dichter

With so much attention paid to the impact of the COVID-19 pandemic and the various forms of U.S. government stimulus, international businesses with foreign investors may have missed the passage of a new U.S. law imposing stricter anti-money-laundering compliance procedures for disclosing the identities of their beneficial owners beginning as soon as 2022. On Jan. […]

Category: Business Owners