Business Consulting and Planning

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

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 […]

IRS Guidance on Payroll Tax Deferral Leaves Many Questions Unanswered by Lewis Taub, CPA

Posted on September 02, 2020 by Lewis Taub

On Aug. 28, 2020, the IRS issued guidance to help employers carry out the temporary deferral of payroll taxes, which the President introduced three weeks prior as a measure to “put money directly in the pockets of American workers” and kickstart the economy. However, taxpayers should be forewarned that the guidance does not answer all […]

But I Already Paid the Tax by Jeffrey M. Mutnik, CPA/PFS

Posted on August 27, 2020

The IRS typically takes about two weeks to process paper tax returns and payments it receives via mail from taxpayers. However, 2020 is far from typical. In the current environment, taxpayers should be prepared for some challenges, some of which the IRS is working to alleviate. Due to the IRS’s temporarily shut down of most […]

Lessons in Bankruptcy for Struggling Business Owners by Joel Glick, CPA/CFF, CFE, CGMA

Posted on August 20, 2020 by Joel Glick

The economic realities of the COVID-19 health crisis are setting in, forcing businesses of all sizes and in all industries to think about how and if they can continue to meet their existing financial obligations and remain afloat without taking on more debt. While some business owners consider bankruptcy to be a death knell for […]

Differentiating Repairs from Capital Improvements to Real Estate by Angie Adames, CPA

Posted on August 13, 2020 by Angie Adames

There is no doubt the tax laws concerning real estate are complex. One of the more common challenges faced by owners and investors is distinguishing between property repairs and capital improvements. While both can provide tax benefits, an incorrect classification could have significant impact on the amount of taxes you owe. The U.S. tax code […]

COVID-19 Plagues the IRS’s 2020 List of Dirty Dozen Tax Scams by Joseph L. Saka, CPA/PFS

Posted on August 06, 2020 by Joseph Saka

There is no doubt that the COVID-19 health crisis has permeated almost every aspect of life in 2020. According to the IRS, the pandemic has even spread to the agency’s annual list of the 12 most common tax scams criminals use to steal taxpayers’ money and personal information. Following are the “Dirty Dozen” schemes to […]

2019 Tax Refunds to be Delayed by Joanie B. Stein, CPA

Posted on July 30, 2020 by Joanie Stein

The COVID-19 pandemic that precipitated a three-month delay of the 2019 federal income tax filing deadline is also requiring taxpayers to wait longer than usual to receive any refunds to which they may be entitled. It is not unusual for taxpayers to view refunds as welcome surprises they can use to free-up cash flow, pay […]

Category: Business Consulting and Planning