Category: Business Owners

Business Owners

IRS Sets Standard Mileage Rate for 2021 by Kevin McNally, JD


Posted on March 24, 2021 by Kevin McNally

The IRS issued the 2021 optional standard mileage rates qualifying taxpayers may use to calculate deductible costs of operating an automobile for business or for charitable, medical or moving purposes. Taxpayers also have the option to calculate the actual costs of using their vehicle rather than using the standard mileage rates. Effective Jan. 1, 2021, […]

Latest Stimulus Package Further Expands Eligibility, Benefits of Employee Retention Tax Credit by Andreea Cioara, CPA


Posted on March 11, 2021 by Andreea Cioara

The latest round of stimulus approved by Congress in response to the ongoing pandemic further enhances the employee retention tax credit (ERC) and the benefits it provides to eligible taxpayers that keep employees on payroll despite COVID-related suspensions of operations or declines in gross revenue. With the enactment of the $1.9 trillion American Rescue Plan […]

Commercial Real Estate Landlords Can Find Tax Savings in COVID-Related Abandonment Losses by John G. Ebenger, CPA


Posted on February 22, 2021 by John Ebenger

With all the economic hardships caused by the COVID-19 crisis, businesses must take the time to carefully review their financial losses to uncover potential opportunities for which they may use those deductions to maximize tax efficiency in 2020 and the years ahead. For example, much ink has been spilled over the Coronavirus Aid, Relief and […]

Tax Relief for Real Estate Property Owners with Uncollectable Rent Accruals in the Wake of COVID-19 by Arthur J. Lieberman


Posted on February 19, 2021 by Art Lieberman

The ongoing COVID-19 pandemic continues to be a burden on the cash flow of commercial and residential real estate owners and their tenants. Many landlords have seen their rent receivables explode as a result of executing rent-forbearance agreements with struggling tenants, but they may not be certain if they will ever be able to collect […]

COVID-19-Related Identity Theft Scams on the Rise by Joseph L. Saka, CPA/PFS


Posted on February 08, 2021 by Joseph Saka

The IRS warns taxpayers to be on alert to a rise in identity-theft schemes related to the COVID-19 pandemic, including phony offers for government-backed economic relief, access to FDA-approved vaccines or other products falsely marketed as virus cures. In one scam, thieves are directing victims to click on a link in a text message to […]

Retirement Savings Plan Contribution Limits for 2021 by Joanie B. Stein, CPA


Posted on February 03, 2021 by Joanie Stein

There is good and bad news for retirement savers in 2021. While the IRS’s annual inflation adjustments will allow more individuals to qualify to contribute to traditional IRAs and Roth IRAs, the maximum amount that can be contributed to employer-sponsored 401(k) and 403(b) plans remains unchanged from last year. If you are already retired or […]

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 […]