Posted on January 07, 2021
by
Kevin McNally
The second round of COVID-19 stimulus signed into law on Dec. 27, 2020, temporarily lifts the 50 percent limitation on deductions for business meal expenses that was first introduced in 2017 by the Tax Cuts and Jobs Act (TCJA). Effective for tax years 2021 and 2022, businesses may fully write off 100 percent of the […]
Posted on December 28, 2020
by
Andrew Leonard
On December 27, President Trump signed the $900 billion economic-assistance package approved by Congress earlier in the week to help Americans weather the ongoing financial strains of the COVID-19 health crisis. The legislation calls for direct stimulus payments to qualifying taxpayers, an additional 11-weeks of federal emergency-unemployment benefits and greater flexibility for taxpayers to qualify […]
Posted on December 01, 2020
by
Andrew Leonard
The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year. Under Revenue Ruling 2020-27 and Revenue Procedure 2020-51, businesses that “reasonably believe” the SBA will forgive their PPP loans in the […]
Posted on November 23, 2020
by
Richard Fechter
As millions of business owners and independent contractors seek forgiveness of much-needed Paycheck Protection Program (PPP) loans they received in the wake of the COVID-19 pandemic, many are surprised to find themselves the subject of fraud investigations by the federal government. Last week, the Justice Department announced it already has publicly charged more than 80 […]
Posted on November 16, 2020
The people have spoken and elected Joseph Biden to serve as the 46th president of the United States. Under a Democratic administration, there is a very real possibility that existing tax policies will change in the near term, and high-net-worth families, in particular, may see their tax bills increase. With just two months until the […]
Posted on November 13, 2020
by
Lewis Taub
The IRS updated the per diem rates companies should use beginning Oct. 1, 2020, to reimburse employees for business-travel expenses, including lodging, meals, entertainment and other incidentals. The guidance also includes special rates for travel to high-cost localities and for meals and incidental expenses (M&IE) incurred by members of the transportation industry. The per diem […]
Businesses that usually file IRS Form 1099-MISC to report payments they make to independent contractors, gig-economy workers and outside consultants should prepare for change in the coming year. Effective for tax years beginning in 2020, the IRS requires businesses to report nonemployee compensation totaling $600 or more on Form 1099-NEC rather than including it on […]
Posted on October 26, 2020
by
Adam Cohen
The Affordable Care Act (ACA), signed into law in 2010 and effective for tax years beginning in 2014, continues to be a source of political and legal contention. Today, amid the COVID-19 pandemic and resulting business closures and job losses, Republican lawmakers and business owners in 20 states prepare to argue before the Supreme Court […]
Posted on October 20, 2020
by
Heath Standorf
The IRS recently published final regulations regarding the business interest expense deduction limitations introduced in 2017 by the Tax Cuts and Jobs Act (TCJA) and recently updated by the CARES Act. Included in the final regulations are guidance to help taxpayers identify and calculate their interest deduction limitation and FAQs to help them understand if […]
Although the U.S. government postponed its plan last week to vote on a bill that could legalize marijuana use at the federal level, the rapidly growing cannabis business remains alive and well at the state level. There are currently 33 states that have legalized marijuana for medical use, 11 of which have also legalized use […]
