Tax Services Archives - Page 10 of 11

A portion of the CARES act shown with American Rescue Plan highlighted.

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…

A pile of $100 bills with "Tax Credits" typed on a ripped sheet of paper.

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…

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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…

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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…

A US $100 bill with Ben Franklin wearing a medical face mask.

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…

A view down the middle of a country road with the sun peeking out from behind the clouds.

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…

A large stack of US $100 bills underneath a medical face mask

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…

A white male wearing glasses, a white shirt and casual button up shirt smiling and waving to his computer screen while working in a home office.

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…

A notebook with "tax planning" written on it next to a pile of coins and a calculator.

2020 tax planning considerations for businesses, individuals

This year has been unique and beyond comparison in many ways, and tax planning is just one of the implications of current events. Both individual and business taxes have the potential to be significantly impacted by the various legislation that has passed like the…

Category: Tax Services (page 10)