One of the most difficult things for a family to deal with after the death of a loved one is sorting through the endless paperwork needed to get the estate in order. It is important that your documents are in…
Understanding business meal and entertainment deduction rules
The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related…
Creating Your Small Business Exit Strategy
Do you know what will happen to your business when you retire? By necessity, many busy small business owners spend all of their time thinking about the here and now, with little opportunity to focus on the future. But your…
Understanding the 3 PPP forgiveness applications: Which one to use
The Paycheck Protection Program (PPP) from the Small Business Administration (SBA) and Treasury has had many updates over the past few months including changes to timelines and forgiveness applications. Among these changes was the introduction of three different types of forgiveness applications:…
PPP loans of $50,000 or less get simplified rules from the SBA
The Small Business Administration (SBA) and Treasury announced on October 8 that a simplified application (Form 3508S) for Paycheck Protection Program (PPP) loan forgiveness is now available for borrowers whose loans fall in the $50,000 or less threshold. As more and more businesses begin filing for PPP…
Latest update to PPP provides guidance on owner-employee compensation, non-payroll costs
On Aug. 24, the Small Business Administration (SBA) and Treasury issued the latest interim final rule update to the Paycheck Protection Program (PPP) that seeks to clarify guidance related to owner-employee compensation and non-payroll costs. This guidance has been long-awaited and…
What is a 1031 Exchange and Who Can Benefit from One?
Author: Eric Gashin, Shareholder The opportunity to defer tax is music to the ears of many. One option for those in the real estate industry is a 1031 exchange, also known as “Starker exchange” or “Like kind exchange.” Investors who…
New Revenue Recognition – 5 Steps You’ll Need to Know
Author: Jonathan Hitter, Shareholder The Financial Accounting Standards Board recently issued new revenue recognition guidance effective December 15, 2017, for public companies and December 15, 2018, for private companies. The new standard will affect all entities that enter into contracts to…