Business Consulting and Planning

Which COVID-19-Related Payroll Tax Credit Is My Business Eligible to Receive? by Cherry Laufenberg, CPA

Posted on January 13, 2021 by Cherry Laufenberg

In the wake of the COVID-19 pandemic, the U.S. enacted laws providing a variety of financial-relief measures to support businesses struggling to maintain operations and payroll through the crisis period. Key among those provisions are tax credits for businesses that retain employees despite full or partial suspensions of their operations and that continue to pay […]

2021 Changes to Tax Provisions Related to Health Care Costs by Adam Cohen, CPA

Posted on January 13, 2021 by Adam Cohen

The COVID-19 pandemic and long-awaited rollout of FDA-approved vaccines this year highlight the importance of planning for rising medical costs and taking advantage of tax breaks, when available, to help you cover some of those expenses. Following are the IRS’s annual cost-of-living adjustments for various provisions of the tax code that relate to health care […]

UPDATED – Did COVID-19 Layoffs Trigger a Partial 401(k) Plan Termination? by Melissa Fleitas, CPA

Posted on January 12, 2021 by Melissa Fleitas

The Consolidations Appropriations Act of 2021, signed into law on Dec. 27, 2020, provides 401(k) sponsors with welcome relief from partial plan terminations that may have otherwise occurred in the wake of COVID-19-related workforce reductions. Background Under longstanding IRS rules, businesses that lay off 20 percent or more of employees covered by a defined-contribution plan in a […]

Business Deductions for Meals and Entertainment Receive Another Update by Kevin McNally, JD

Posted on January 07, 2021 by Kevin McNally

The second round of COVID-19 stimulus signed into law on Dec. 27, 2020, temporarily lifts the 50 percent limitation on deductions for business meal expenses that was first introduced in 2017 by the Tax Cuts and Jobs Act (TCJA). Effective for tax years 2021 and 2022, businesses may fully write off 100 percent of the […]

Second Stimulus Bill of 2020 Revives Paycheck Protection Program Loans by Joseph C. Leuchter, CPA

Posted on January 05, 2021 by Joseph Leuchter

The $900 billion stimulus bill signed into law on Dec. 27, 2020, expands upon various provisions of the CARES Act to provide ongoing economic relief to individuals and businesses that continue to struggle amid the COVID-19 pandemic. The new law revives the Paycheck Protection Program (PPP), bringing an additional $284 billion in potentially forgivable loans […]

What’s in the New COVID-19 Stimulus Bill for Businesses? by Andrew Leonard, CPA

Posted on December 28, 2020 by Andrew Leonard

On December 27, President Trump signed the $900 billion economic-assistance package approved by Congress earlier in the week to help Americans weather the ongoing financial strains of the COVID-19 health crisis. The legislation calls for direct stimulus payments to qualifying taxpayers, an additional 11-weeks of federal emergency-unemployment benefits and greater flexibility for taxpayers to qualify […]

New Guidance Issued on Deductibility of PPP Loan Expenses by Andrew Leonard, CPA

Posted on December 01, 2020 by Andrew Leonard

The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year. Under Revenue Ruling 2020-27 and Revenue Procedure 2020-51, businesses that “reasonably believe” the SBA will forgive their PPP loans in the […]

Protecting PPP Loan Recipients from Civil and Criminal Investigations by Richard Fechter, JD, CAMS, CFE

Posted on November 23, 2020 by Richard Fechter

As millions of business owners and independent contractors seek forgiveness of much-needed Paycheck Protection Program (PPP) loans they received in the wake of the COVID-19 pandemic, many are surprised to find themselves the subject of fraud investigations by the federal government. Last week, the Justice Department announced it already has publicly charged more than 80 […]

Year-End Estate and Business-Planning Strategies for High-Net-Worth Taxpayers by Jeff Mutnik, CPA/PFS

Posted on November 16, 2020 by Jeffrey Mutnik

The people have spoken and elected Joseph Biden to serve as the 46th president of the United States. Under a Democratic administration, there is a very real possibility that existing tax policies will change in the near term, and high-net-worth families, in particular, may see their tax bills increase. With just two months until the […]

IRS Confirms Annual Per Diem Rates for Business Travel Expense Reimbursement by Lewis Taub, CPA

Posted on November 13, 2020 by Lewis Taub

The IRS updated the per diem rates companies should use beginning Oct. 1, 2020, to reimburse employees for business-travel expenses, including lodging, meals, entertainment and other incidentals. The guidance also includes special rates for travel to high-cost localities and for meals and incidental expenses (M&IE) incurred by members of the transportation industry. The per diem […]

Category: Business Consulting and Planning