Category: Small Business

Small Business

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, […]

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 […]

The Strategic Imperative for ESG Reporting by David E. Kolan, CPA


Posted on March 09, 2021 by David Kolan

Consumers’ passions to live more socially conscious, environmentally responsible lives has seeped deeper into the corporate world, where companies are now expected to address their impact on these societal issues with the same level of enthusiasm as its customers and investors. It is consequently no surprise that more than 90 percent of U.S. companies traded […]

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


Posted on March 04, 2021 by 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 […]

Small Businesses Get Exclusive Access to PPP Loan Assistance by Joseph C. Leuchter, CPA


Posted on March 02, 2021 by Joseph Leuchter

At the direction of President Joe Biden, the Small Business Administration (SBA) has established a special 14-day period for the nation’s smallest businesses and non-profits to apply for potentially forgivable loans under the Paycheck Protection Program (PPP). This exclusive application period for entities with fewer than 20 employees runs from Feb. 24 through March 9, […]

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 […]

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 […]