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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.
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…
IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes
The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile…
Everything you need to know about the expanded ERTC
The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207 of the Taxpayer Certainty and Disaster Relief Act portion, opening the doors…
Summary of the Employee Retention Tax Credit Provision of the CARES Act
Summary of the Employee Retention Tax Credit Provision of the CARES Act April 1, 2020 One of the many key provisions in the CARES Act is the Employee Retention Credit. This credit is geared towards employers subject to partial or…
Treasury issues interim final rules on updated PPP guidance
Three new interim final rules (IFRs) for the Paycheck Protection Program (PPP) have been released from the Small Business Administration (SBA) and Treasury in response to the changes and second round of funding enacted by the relief portion of the…
Congress passes second Coronavirus relief bill, includes new funding and updates to PPP
The U.S. House of Representatives and U.S. Senate have passed the Coronavirus Response & Relief Supplemental Appropriations Act, and President Trump has signed the bill. The agreement comes after weeks of negotiations and two funding extensions to keep Congress open…
Work-from-home tax implications: What employers and employees need to know
The pandemic created by the novel coronavirus has drastically changed the way we live and work. As more businesses are forced to send their employees home, work-from-home life has become a mainstay especially in knowledge-based jobs (jobs that do not require physical labor), and many…
Guidance issued on deductibility of expenses with a PPP loan
On Nov. 18, the IRS and Treasury issued Revenue Ruling 2020-27 which provides long-awaited guidance on the tax treatment of expenses related to Paycheck Protection Program (PPP) loans. The guidance states that the expenses listed in section 1106(b) of the CARES Act that would otherwise…
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