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Doing the research – it’s in your nature.
Read our blog to stay in the know.
Read our blog to stay in the know.
Blog
Doing the research – it’s in your nature. Read our blog to stay in the know.
Like-Kind exchange updates: Clarifying real property and escrow policies
If you are in possession of business or investment property or looking to exchange real property for others, you might want to get acquainted with “like-kind exchanges,” also known as a 1031 exchange. As with all tax codes, changes are…
PPP extension passes House and Senate
A measure to extend the Paycheck Protection Program (PPP) application deadline from March 31, 2021, to May 31, 2021, has passed the U.S. House of Representatives and the Senate. It now heads to President Biden’s desk for signature which he…
Key tax provisions in the American Rescue Plan Act
The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic’s financial burdens for individual taxpayers and businesses. Updates include expansions and extensions…
American Rescue Plan Act signed into law
The American Rescue Plan Act (ARPA) of 2021 passed Congress and President Biden signed the bill into law on March 12, 2021. The ARPA approves $1.9 trillion in spending for individuals, businesses, governments, and certain industries impacted by the COVID-19…
IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims
The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance…
New PPP calculation released for Form 1040, Schedule C filers
Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on Feb. 22 that made changes to how self-employed and sole proprietors could…
Smallest businesses get PPP updates, special filing period
The nation’s smallest businesses are getting revamped Paycheck Protection Program (PPP) rules and a special filing period announced in recent changes from the Biden-Harris administration. Small businesses with fewer than 20 employees make up 98% of the small businesses in…
Recordkeeping best practices are good for taxes
Have you ever tried to claim a new tax deduction, but in the process of compiling supporting documents, you found you were missing critical information and therefore missed out on the opportunity? Or, have you ever faced an IRS audit…
Business meals and entertainment expenses: What’s deductible?
The Tax Cuts & Jobs Act (TCJA) of 2017 made many significant changes for business tax deductions including the disallowing of the business deductions for most entertainment expenses. The IRS has since released final regulations for the treatment of meals and entertainment…
Massachusetts and PPP Loan Forgiveness
Massachusetts and PPP Loan Forgiveness Section 1106 of the CARES Act provides loan forgiveness to small businesses for certain loans made pursuant to the Paycheck Protection Program (“PPP”) under the Small Business Act. Under the Act, any amount of cancelled…
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