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Tax Court Decision Holds Potential Impact for Travel Deductions

April 8, 2021 by Alex Franch, BS EA

There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Opinion 2021-3, 1/26/21 – has apparently established a new standard for what the IRS is […]

Filed Under: Business Expense, Tax Changes, Tax Problems Tagged With: business and personal travel, travel

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Buckle Up for 2021: 4 Compliance Trends to Watch

March 25, 2021 by Alex Franch, BS EA

In a matter of months, COVID-19 upended the business world and forced organizations to make seismic shifts in their daily operations. While most executives hope the next year will bring better fortune, businesses can’t lose sight of emerging compliance trends with the potential to shift the operating environment in 2021. How will the legal and […]

Filed Under: business Tagged With: compliance trends

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Interaction between PPP Loans and the Employee Retention Credit

March 11, 2021 by Alex Franch, BS EA

The Consolidated Appropriations Act, 2021 (CCA), which was passed by Congress and signed by the president late last December, included a very tax-beneficial provision that liberalized the interaction between PPP loans and the Employee Retention Credit (ERC). Prior to its passage, if an employer obtained a Paycheck Protection Program (PPP) loan, the employer was ineligible […]

Filed Under: Employee, Uncategorized Tagged With: employee credits, employee retention credit, ppp loans

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Employee Retention Credit Extended

February 24, 2021 by Alex Franch, BS EA

In order to help trades and businesses to retain employees and keep them employed during the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020. As part of the Consolidated Appropriations Act, 2021 (CAA), the credit has been extended through June 2021. The credit is actually […]

Filed Under: Business Growth, tax credits Tagged With: CARES Act, Coronavirus, covid relief, Covid-19, Employee retention

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Charitable Contributions Deduction Liberalized for 2021

February 10, 2021 by Alex Franch, BS EA

As a means to stimulate charitable contributions during the COVID crisis, Congress made two notable changes for 2020—one allowing taxpayers that don’t itemize their deductions an above-the-line deduction for cash contributions of up to $300 and another for those itemizing their deductions to increase the maximum deduction for cash contributions to 100% of their adjusted […]

Filed Under: Deductions, small business, Tax Deductions Tagged With: charitable contributions

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Finally, The COVID Relief Package Is Law

January 27, 2021 by Alex Franch, BS EA

After several months of the Republicans and Democrats not being able to agree on additional COVID-related tax relief and other matters, as 2020 was coming to an end, horses were traded, and deals were made so that Congress could put together the much-needed legislation. The result is a nearly 5,600-page omnibus bill, the Consolidated Appropriations […]

Filed Under: Business Growth, Tax Planning Tagged With: Coronavirus, covid relief, Covid-19, law, pandemic

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RSS Recent Posts

  • Tax Court Decision Holds Potential Impact for Travel Deductions
  • Buckle Up for 2021: 4 Compliance Trends to Watch
  • Interaction between PPP Loans and the Employee Retention Credit
  • Employee Retention Credit Extended
  • Charitable Contributions Deduction Liberalized for 2021
  • Finally, The COVID Relief Package Is Law
  • How to Address Rising Tax Problems During COVID-19
  • SBA Questioning PPP Borrowers with Loans Over $2 Million
  • Employee Holiday Gifts May Be Taxable
  • Preparing for 2021: Tax Planning Strategies for Small Business Owners

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