Business Owners

What PPP Loan Recipients Must Know to Claim the Employee Retention Tax Credit by Andreea Cioara, CPA

Posted on June 08, 2021 by Andreea Cioara

Taxpayers that received Paycheck Protection Program (PPP) loans to maintain and continue paying their workforce through the COVID-19 pandemic may be missing out on valuable employee retention tax credits (ERCs) equal to as much as $7,000 per employee, per quarter in 2021. Here is what eligible businesses and non-profits need to know to claim as […]

Now May Be a Good Time to Consider a Roth Conversion by Rick Bazzani, CPA

Posted on May 26, 2021 by Rick Bazzani

When it comes to retirement savings, taxpayers generally have a choice: pay taxes on their contributions today or pay taxes on their withdrawals in retirement. For high-net-worth taxpayers, this decision is already determined by the U.S. tax code. However, with the prospect of higher taxes under the Biden Administration, wealthy individuals have a small window […]

How Biden’s Tax Plan May Affect Real Estate Investors, Developers

Posted on May 18, 2021

President Biden’s $1.8 trillion American Families Plan intended to help low- and middle-income families “cover basic expenses, lower health insurance premiums and reduce childhood poverty” calls for significant changes to the tax code, including higher tax rates and fewer loopholes for wealthy taxpayers. As Congress now debates whether any of the provisions included in the […]

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

Posted on May 17, 2021 by Cherry Laufenberg

In the wake of the COVID-19 pandemic, the U.S. enacted various laws providing a variety of financial-relief measures to support businesses through the crisis period. Key among those provisions are tax credits for those businesses that retain and continue to pay qualifying wages to employees despite interruptions or their normal business operations. It is critical […]

Law Unmasking Anonymous U.S. Companies May Require New Tax Planning for Foreign Investors in U.S. Entities by Arthur J. Dichter, JD, LLM

Posted on May 14, 2021 by Arthur Dichter

With so much attention paid to the impact of the COVID-19 pandemic and the various forms of U.S. government stimulus, international businesses with foreign investors may have missed the passage of a new U.S. law imposing stricter anti-money-laundering compliance procedures for disclosing the identities of their beneficial owners beginning as soon as 2022. On Jan. […]

How Does the SECURE Act Affect Your Retirement Savings Plan? by Adam Cohen, CPA

Posted on May 11, 2021 by Adam Cohen

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was signed into law at the end of 2019 to help more Americans prepare and plan for greater financial security during their retirement years. As the average life span increases, people need more money to maintain their standards of living in retirement. However, not […]

Cannabis Businesses, Investors Can Reap Tax Savings When They Plan Well by Joshua P. Heberling, CPA

Posted on May 04, 2021 by Joshua Heberling

Even as New York prepares to join a growing number of U.S. states to legalize the sales of marijuana for recreational purposes, cannabis continues to be treated on the federal level as an illegal Schedule I substance. As a result, taxpayers involved in the cannabis industry, either as investors or business operators, face a landmine of […]

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 […]

Trusts Still Have Time to Reduce Taxable Income in 2020

Posted on February 25, 2021

Rarely do taxpayers have an opportunity to reduce their taxable income and related tax liabilities in a given year after the clock strikes midnight on December 31. This is not the case for certain trusts, which the IRS grants an additional 65 days after year-end to distribute income to beneficiaries and treat it as if […]

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 […]

Category: Business Owners