The new COVID-19 relief law that was signed on December 27, 2020, contains numerous updates that could affect individual taxpayers. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR). Direct payments […]

Year 2021 could be looking bright for business owners. The COVID-19 relief bill, signed into law on December 27, 2020, includes favorable changes and numerous tax breaks that could apply to your business. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA). Business meal deduction increased The new law includes a provision […]

Most new years begin with the same routine of resolutions that few stick to and declarations of better things to come. We all hope that those declarations of better things to come actually come to fruition given the year we just had. Let’s ring in this new year with a renewed focus on profitability and […]

December 31 may have a larger impact than just popping some bubbly and counting down to the new year. When it comes to taxes, that date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. […]

We all want the best situation as it pertains to tax liabilities. Your entity choice can have a massive impact on your business, including its tax liability. There are many things to consider before changing your business entity, here are a few to get the mind moving in the right direction. S corporations can provide […]

On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, (the “Relief Act”), which includes a relief package consisting of $900 billion in aid to small businesses and individuals impacted by COVID-19. The focus of this Alert is to address changes made to the Paycheck Protection Program (PPP) through Title III – Continuing the […]

After many months of debate and consternation, Congress has finally overridden the guidance issued by the IRS and Secretary Mnuchin regarding deducibility of expenses paid for with PPP loan funds.   The Relief Act states “no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason […]

For decades businesses have worked to find efficient ways to achieve their goals and complete the various objectives set. With the hustle and bustle of daily function it is easy to have a lack of planning, leading to inefficiency. By following the steps set by the Balanced Scorecard your business can prepare for the future […]

For some, estimated tax payments are essential parts of the tax year. The final deadline for which these extra payments can be made is January 15th, 2021. Continue reading to see if you should consider making one last payment. If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax […]

With 2020 coming to a close and 2021 rounding the corner there are some important tax deadlines to keep in mind. By meeting these deadlines you ensure the accuracy of tax reporting as well as timely reporting for your business and employees. Below are some of the key tax-related deadlines affecting businesses and other employers […]