Category: Tax

Tax

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 […]

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 […]

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 […]

New Guidance Issued on Deductibility of PPP Loan Expenses by Andrew Leonard, CPA


Posted on December 01, 2020 by Andrew Leonard

The IRS and Treasury Department recently released guidance clarifying how Paycheck Protection Program (PPP) participants must treat loan expenses when they have not received loan forgiveness by the end of the 2020 tax year. Under Revenue Ruling 2020-27 and Revenue Procedure 2020-51, businesses that “reasonably believe” the SBA will forgive their PPP loans in the […]

IRS Confirms Annual Per Diem Rates for Business Travel Expense Reimbursement by Lewis Taub, CPA


Posted on November 13, 2020 by Lewis Taub

The IRS updated the per diem rates companies should use beginning Oct. 1, 2020, to reimburse employees for business-travel expenses, including lodging, meals, entertainment and other incidentals. The guidance also includes special rates for travel to high-cost localities and for meals and incidental expenses (M&IE) incurred by members of the transportation industry. The per diem […]