6.6.20
Should You Digitize Your Tax and Financial Records?
Traditionally, important tax and financial records have been stored as hardcopies in desk drawers, filing cabinets and safe deposit boxes. Nowadays, it’s become increasingly popular…
6.6.20
Keeping up With the Net Operating Loss Rules
When a trade or business’s deductible expenses exceed its income, a net operating loss (NOL) generally occurs. When filing your 2019 income tax return, you…
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…
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…
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…
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…
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…
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…
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…
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…