IRS Extends Deadline for Providing Health Coverage Info to Covered Individuals

Businesses that provide health care coverage to employees have extra time to provide 2020 health coverage information to covered individuals. The IRS has announced in Notice 2020-76 that it will extend the due date by which insurers, self-insuring employers, applicable large employers, and certain other providers of minimum essential coverage must furnish to individuals the 2020 [...]

2020-12-29T12:52:03-06:00December 29th, 2020|BUSINESS TAX|

A Quick Guide to Your PPP Loan and Tax-Related Questions

Small businesses all around the country have taken advantage of the Paycheck Protection Program (PPP), a federal program designed to help companies keep employees paid and their operations running during the COVID-19 pandemic. Although widely successful, many questions surrounding PPP and the 2020 tax year have many taxpayers wary about the upcoming tax season, particularly [...]

2020-12-09T14:38:51-06:00December 9th, 2020|BUSINESS TAX, COVID-19, SMALL BUSINESS, TAX CONTROVERSY|

Paycheck Protection Loan Forgiveness—More Guidance is Needed

In Revenue Ruling 2020-27 and Revenue Procedure 2020-51, the IRS finally provided much-needed guidance on the timing of the taxability of the forgiveness of Paycheck Protection Program (PPP) loans. The guidance effectively states that the income tax effect will occur in the year in which forgiveness is reasonably foreseen. For most taxpayers, this will be the 2020 calendar [...]

Clarity – Handling Deductions Associated with PPP Loans

The Paycheck Protection Program (PPP) is a key component of the CARES Act passed in late March 2020. The PPP program provided loans to businesses struggling in the wake of the economic impact of COVID-19. PPP loan proceeds used by businesses to pay employee compensation and other eligible expenses are eligible to be forgiven. In [...]

2020-11-19T16:14:28-06:00November 19th, 2020|BUSINESS SUPPORT, BUSINESS TAX, COVID-19, SMALL BUSINESS|

Small Businesses: What You Need to Know About Charitable Giving

In addition to raising the annual charitable contribution deduction limitation for individuals, the Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the charitable deduction for corporations. These changes might have you wondering whether your business should make additional contributions before the end of the year. Before you pull out your checkbook, make sure you [...]

2020-11-20T10:49:32-06:00November 17th, 2020|BUSINESS TAX, SMALL BUSINESS|

Businesses Face New Challenges When Expanding Their Remote Workforce

In one way or another, the pandemic has forced change upon almost every industry in America. Many of these changes were short lived, but others will become permanent fixtures in how American workers perform their jobs. Remote work is one of those changes that is likely to persist well into the future. While it can [...]

2020-11-08T20:44:09-06:00November 4th, 2020|BUSINESS TAX|

IRS Issues Second Set of Final Regulations for 100% Bonus Depreciation

The Treasury Department and the IRS have released the last set of final regulations implementing the 100% additional first-year depreciation deduction. The provision allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. The Tax Cuts and Jobs Act (TCJA) expanded bonus depreciation [...]

2020-11-08T20:53:22-06:00November 2nd, 2020|BUSINESS TAX, SMALL BUSINESS|

2020 Election – Just How Different Are the Trump and Biden Tax Plans?

With so much election news in the air, small business owners are focused on something other than the coronavirus for a change: tax plans. President Donald Trump’s and former Vice President Joe Biden’s proposed tax policies both have the potential to change the playing field for small business owners. With so much riding on [...]

2020-11-10T15:33:46-06:00October 29th, 2020|BUSINESS TAX, INDIVIDUAL TAX|

How Does Year-End Tax Planning Look Different for 2020?

Will year-end tax plans look different this year? Absolutely. “The future is uncertain” maxim holds true every election year, but the coronavirus has amplified the uncertainties inherent in this year’s election. Regardless of who controls the White House and Congress, we cannot avoid change; in the months that follow, government leaders will need to determine [...]

Tax Implications of Debt and Equity Financing

“Cash is king” has been the motto du jour for businesses across the nation. The coronavirus pandemic hit our economy hard, and businesses that overcame the initial financial setbacks did so by having quick access to cash. Some applied for cash grants, others strengthened their cash flow practices, and some explored new ways to make [...]

2021-06-18T07:19:52-05:00October 8th, 2020|BUSINESS TAX|

Implications of the Employee vs. Independent Contractor Decision

Business growth, especially growth during economically trying times, is a great success and should be celebrated. But new growth can also bring a certain level of stress. To deliver promised products and services to new customers, most leaders will need to hire more workers. This responsibility can feel overwhelming, especially when leaders are unsure how [...]

2020-09-28T13:51:38-05:00September 28th, 2020|BUSINESS TAX, INDIVIDUAL TAX|

Latest Guidance Answers Common Questions on Federal Loan Programs

The U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury recently addressed a handful of frequently asked questions (FAQs) concerning the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program. These programs have been lifelines for many businesses whose operations have been affected by the coronavirus pandemic, and only [...]

2020-09-08T18:16:09-05:00September 8th, 2020|BUSINESS TAX, COVID-19|

Treasury Guidance Issued on Employee Payroll Tax Deferral

On August 8, 2020, President Trump issued a Presidential Memorandum calling for a deferral of withholding an employee’s payroll taxes. The government’s guidance announcement came just four days before the implementation date of September 1, 2020. By deferring the payroll tax withholding, the hope was that employees would have higher take-home pay for the remainder [...]

2020-08-31T11:01:42-05:00August 31st, 2020|BUSINESS SUPPORT, BUSINESS TAX|

IRS Proposes Regulations to Implement TCJA’s Simplified Small Business Tax Accounting Rules

The IRS has issued proposed regulations to implement changes to simplified tax accounting rules for small businesses enacted by the Tax Cuts and Jobs Act (TCJA). The TCJA modified provisions in the Internal Revenue Code that allow businesses with annual incomes below a certain level to account for income and expenses differently than businesses that exceed the [...]

2020-08-28T11:18:58-05:00August 28th, 2020|BUSINESS TAX|

IRS Proposes Regulations to Implement TCJA’s Simplified Small Business Tax Accounting Rules

The IRS has issued proposed regulations to implement changes to simplified tax accounting rules for small businesses enacted by the Tax Cuts and Jobs Act (TCJA). The TCJA modified provisions in the Internal Revenue Code that allow businesses with annual incomes below a certain level to account for income and expenses differently than businesses that exceed the [...]

2020-08-13T10:55:14-05:00August 13th, 2020|BUSINESS TAX|

IRS Provides Coronavirus-Related Relief for Qualified Opportunity Funds, Investors

The IRS has provided new relief for qualified opportunity zone (QOZ) investors and qualified opportunity funds (QOFs) in response to the ongoing COVID-19 pandemic. 180-Day Investment Window Opens Wider On April 9, 2020, the Department of the Treasury and the IRS provided relief to taxpayers affected by the COVID-19 emergency by postponing due dates with [...]

IRS Issues Guidance on Elimination of Deduction of Qualified Transportation Fringe (QTF) Benefit Expenses

The IRS has issued proposed regulations that provide guidance for the deduction of qualified transportation fringe (QTF) and commuting expenses. The Tax Cuts and Jobs Act (TCJA) disallowed deductions for qualified transportation fringe expenses as well as deductions for certain transportation and commuting expenses arising from travel between an employee’s residence and place of employment. (Originally, the TCJA [...]

2020-06-30T17:02:15-05:00June 30th, 2020|BUSINESS TAX, TAX REFORM: BUSINESS TAX|

Tax Concerns for Self-Employed Individuals

Today’s workforce is structured differently than it was 10 or 20 years ago. The gig economy began to take hold in the early 2000s, and today, almost a third of working Americans are self-employed or work for the self-employed. Self-employment can be a great opportunity for workers who want to chart their own path, ditch [...]

IRS Provides Guidance on Employer Leave-Based Donation Programs to Aid COVID-19 Victims

The IRS has provided guidance for employers who have adopted or are considering adopting leave-based donation programs to provide relief to victims of the COVID-19 pandemic. Under leave-based donation programs, employees can elect to forgo vacation, sick, or personal leave in exchange for cash payments that the employer makes to charitable organizations. In Notice 2020-46, [...]

2020-06-15T09:56:05-05:00June 12th, 2020|BUSINESS TAX, COVID-19|

COVID-19 Impacts: Mid-Year Changes to Health Coverage and Dependent Care FSAs

On May 12, 2020, the IRS issued a notice permitting employers to allow the increased flexibility to make mid-year changes to their employer-sponsored health coverage, flexible spending accounts (FSAs), and dependent care assistance programs. Due to the impacts of the novel coronavirus, workers' needs and access to health care and childcare have vastly changed, thus [...]