Understanding CARES Act and PPP If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to [...]
Although the school may look a little different this year, the IRS is advising eligible teachers and other educators that they can still deduct certain unreimbursed expenses on their tax return next year. IRS: Educator Expense Deduction, Topic Number 458. Who is considered an eligible educator: The taxpayer must be a kindergarten through grade 12 [...]
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. In addition, if you [...]
The extended federal income tax deadline is coming up fast. As you know, the IRS postponed until July 15 the payment and filing deadlines that otherwise would have fallen on or after April 1, 2020, and before July 15. Four Retroactive COVID-19 Business Relief Provisions The Coronavirus Aid, Relief and Economic Security (CARES) Act, which [...]
Small businesses: take a proactive approach to recordkeeping If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and expenses. In particular, you should carefully record your expenses in order to claim the full amount of the tax deductions to which you’re [...]
CARES Act contains several tax-related provisions for businesses impacting financial statement reporting, changes aim to help improve operating cash flow.
Coronavirus law contains tax rules changes for improvements to interior parts of nonresidential buildings known as qualified improvement property (QIP).
The IRS has reissued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the Coronavirus (COVID-19) pandemic.
The IRS Issues Answers to Frequently Asked Questions About the CARES Act Employee Retention Tax Credit
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a [...]
Federal Tax News Your Brand Generally, income generated by a self-employed taxpayer's trade or business is subject to self-employment tax. One successful author received royalty income from publishing contracts for her writing, her name and her likeness. She claimed that amounts received for her name and likeness (her "brand") were investment income, and [...]