Here are five things that happened this past month that affect your small business. 1) The US Treasury proposed a global minimum corporate tax rate of 15%. Continuing its push for a global minimum tax for businesses, the Treasury Department said on May 20th that corporations should pay at least a 15% tax on their […]
Covid-19
Employee Retention Credit Extended
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 […]
Finally, The COVID Relief Package Is Law
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 […]
How to Address Rising Tax Problems During COVID-19
COVID-19 has touched nearly every aspect of the lives of every American. It has even affected finances for most Americans as well, creating waves of economic stress. It will have some tax implications that many people have not considered. For some, it can mean simply reporting income or expenses differently. For others, it may mean […]
IRS Guidance: PPP Loan Expenses Not Tax-Deductible
Are PPP Loan Expenses Tax-Deductable? The IRS is giving guidance on the Payroll Protection Program loan expenses and the deduction treatment in question. On April 30th, the IRS released guidance announcing that expenses relating to Paycheck Protection Program forgivable loans will not be tax-deductible. Cares Act and Payroll Protection Program Loan Expenses The Paycheck Protection […]
Coronavirus Resource Guide: Small Businesses & Taxpayers
Covid-19 Resource Guide for Business This Coronavirus Resource Guide for Business is to keep you up to date during the coronavirus pandemic. It’s our goal to continue supporting the health, safety, and prosperity of our clients in any way we can. In this post, we’ve compiled some key resources for taxpayers and small business owners […]