Business Owners

How Can Borrowers Account for PPP Loans? by Whitney Schiffer, CPA

Posted on January 21, 2021 by Whitney Schiffer

As businesses and nonprofits close their books for 2020, those that received SBA-backed Paycheck Protection Program (PPP) loans must now consider how they will account for those funds on their end-of-year financial statements. Absent specific reporting requirements from the SBA or the IRS, borrowers can instead rely on technical guidance issued by organizations that include […]

How to Apply for Loans Under the Revived Paycheck Protection Program by Andrew Leonard, CPA

Posted on January 14, 2021 by Andrew Leonard

The Small Business Administration (SBA) and U.S. Treasury Department recently announced the opening dates for the second round of the Paycheck Protection Program (PPP2) and released the application forms small businesses, nonprofits and other qualifying entities should use when applying for first-time and second-draw loans under the revived program. Lenders with $1 billion or less […]

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 […]

It’s Time for Business to Begin Tax Reporting for 2020 by Lewis Taub, CPA

Posted on January 11, 2021 by Lewis Taub

In the rush to put 2020 in the rearview mirror and welcome in the promises of a New Year, employers should remember that there are some critical tax-reporting deadlines they must prepare to meet in the next few weeks. For example, businesses have until Feb. 1, 2021, to file Forms W-2, Wage and Tax Statements, and […]

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 […]

Companies Gain Legal Ground in COVID-Related Business Interruption Insurance Claims by Daniel Hughes, CPA/CFF, CGMA, CVA

Posted on December 22, 2020 by Daniel Hughes

It has been nine months since millions of businesses were forced to shut down due to COVID-19 only to learn that their insurers would not payout claims for business interruption losses. While the courts have dismissed a significant number of legal actions filed by policyholders against insurers for breach of contract, it appears the tides […]

7 Tried-and-True Year-End Tax Planning Tips by Christopher Taarick, JD, LLM

Posted on December 14, 2020 by Christopher Taarick

As we count down the days to the end of a tumultuous year, there are some strategies you should consider implementing now to potentially reduce your tax liabilities for 2020. Year-end tax planning is equally important for maintaining tax efficiency in the year ahead, which, for 2021, includes a new president and the prospect of […]

IRS Releases 2021 Inflation-Adjusted Tax Rates, Other Changes for Individual Taxpayers by Tony Gutierrez, CPA

Posted on December 10, 2020 by Anthony Gutierrez

The following changes to federal tax laws apply to U.S. individual taxpayers, trusts and estates for tax year 2021 and the tax returns they will file the following year. Marginal Income Tax Rates For tax years beginning on Jan. 1, 2021, there continues to be seven individual tax brackets with marginal rates topping out at […]

Category: Business Owners