Business Owners

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 […]

Florida Finally Adopts Online Sales Tax Law by Karen A. Lake, CPA

Posted on April 23, 2021 by Karen Lake

Under a newly enacted Florida law, out-of-state retailers will need to begin collecting and remitting sales tax on purchases made online by residents within the state beginning July 2021. Previously, online retailers were not required to remit sales tax to the state, thereby providing them with an unfair competitive advantage over Florida’s brick-and-mortar businesses that […]

Does Your State Tax Forgive PPP Loans? by Michael Hirsch, JD, LLM

Posted on April 12, 2021 by Michael Hirsch

The expansion of the government’s Payroll Protection Program (PPP) under recent economic stimulus packages is welcome news to nonprofits and small businesses struggling to keep their doors open and their workers employed through the prolonged COVID-19 pandemic. Yet, these entities must be careful to recognize that some of the new relief provisions of the forgivable […]

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, […]

The Latest Updates on Opportunity Zone Investments by Arkadiy (Eric) Green, CPA

Posted on March 18, 2021 by Arkadiy (Eric) Green

Like so much of 2020, the Qualified Opportunity Zone (QOZ) program suffered under the weight of the COVID pandemic. In response, the IRS relaxed certain deadlines and requirements taxpayers must meet to yield the program’s generous tax savings. A second round of relief was issued by the IRS in early 2021, and a bill making […]

IRS Extends Federal Tax Filing Deadline for Residents, Businesses in Texas by Karen A. Lake, CPA

Posted on March 16, 2021 by Karen Lake

Due to the recent winter storms that crippled much of Texas, the IRS has postponed several federal tax filing and payment deadlines for residents and businesses in the state. Texans now have until June 15 to file their 2020 personal income tax returns and pay the related tax liabilities, rather than the usual April 15 […]

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

Posted on March 11, 2021 by Andreea Cioara-Schinas

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 […]

IRS Issued Final Regulations on Tax Treatment of Carried Interest by Arkadiy (Eric) Green, CPA

Posted on March 04, 2021 by Arkadiy (Eric) Green

In January 2021, the IRS issued final regulations concerning the taxation of carried interest under the Tax Cuts and Jobs Act (TCJA) effective for tax years beginning in 2018. These regulations, which modify certain provisions of proposed guidance issued last year, bring mostly welcome changes to real estate businesses and private equity funds. Background Carried […]

Trusts Still Have Time to Reduce Taxable Income in 2020 by Jeffrey M. Mutnik, CPA/PFS

Posted on February 25, 2021 by Jeffrey Mutnik

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