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Wooden blocks spelling out "tax time" in front of a clock and calendar
6.6.20

Don’t Forget About Your 2019 Tax Return

Earlier this year, in response to the novel coronavirus (COVID-19) crisis, the IRS postponed numerous federal tax filing and payment deadlines. If you took advantage…

capitol building with the words Paycheck Protection Program Flexibility Act of 2020 in a faded white box
6.5.20

PPP Borrowers Get Concessions, Additional Guidance on Forgiveness

The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous…

Three boxes on brick porch stacked in front of front door
6.1.20

Where’s My Package? Foiling Parcel Delivery Thieves

Even before the novel coronavirus (COVID-19) pandemic struck, Americans received a lot of packages. About 18 billion parcels were shipped in the United States in…

Teal box with serving tray expressing tax breaks for business meals "Business Meal Tax Breaks"
6.1.20

Business Meal Deductions: The Current Rules Amid Proposed Changes

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to…

Calculator with NON-GAAP typed on it
5.26.20

Non-Gaap Measures Can Be Misleading

Not all companies follow U.S. generally accepted accounting principles (GAAP). Many smaller businesses, for example, have adopted the AICPA’s Financial Reporting Framework for Small and…

Jar with cash and coins with "H.S.A." on it next to piggy bank
5.26.20

IRS Releases 2021 Amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA Basics An HSA is a trust created or organized exclusively for…

Man sitting at desk with reports, hand working a calculator, charts and stripped tie
5.18.20

Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren’t Deductible

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense…

Store windows with signs that say store closing, going out of business,, and everything must go
5.18.20

Don’t Get Shortchanged by a Liquidating Business

Several major companies have already filed for bankruptcy during the novel coronavirus (COVID-19) crisis and many more large and small businesses are expected to follow…

Clip art delivery truck with boxes of charitable contributions for COVID-19
5.11.20

Business Charitable Contribution Rules Have Changed Under the CARES Act

In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid,…

chart with Coronavirus written in Orange on Red background, chart in Yellow and Red with partial $100 bill in background
5.8.20

The IRS Clarifies the Deductibility of PPP-Funded Expenses

The IRS has issued new guidance addressing a question that has lingered since the launch of the Paycheck Protection Program (PPP) — whether expenses paid…