How the New Coronavirus Relief Bill Affects Business Taxes

The federal Consolidated Appropriations Act, 2021 (CAA), signed into law in late December of 2020, modifies and clarifies the tax provisions of last year’s Coronavirus Aid, Relief and Economic Security Act (the CARES Act) and provides other forms of [...]

By |2021-01-08T13:58:58-05:00January 8th, 2021|Categories: Blog, Tax, William R. Norwalk|Tags: , , , , , |Comments Off on How the New Coronavirus Relief Bill Affects Business Taxes

New Year, New Employee Retention Tax Credit Opportunities

The enactment of the 2021 Consolidated Appropriations Act created more opportunities for using the Employee Retention Tax credit (ERC).  The original ERC is a provision of the Coronavirus Aid, Relief and Economic Security Act (CARES Act). It provides a [...]

By |2021-01-06T14:03:12-05:00January 6th, 2021|Categories: Blog, Cole Marr, Gregory C. Brown, Tax|Tags: , , , , , , |Comments Off on New Year, New Employee Retention Tax Credit Opportunities

New COVID-19 Relief Bill Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of [...]

By |2021-01-05T14:30:43-05:00January 5th, 2021|Categories: Blog, Tax|Tags: , , , , , , |Comments Off on New COVID-19 Relief Bill Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

The Right Entity Choice: Should You Convert From a C Corporation to an S Corporation?

The best choice of entity can affect your business in several ways, including the amount of your tax bill. In some cases, businesses decide to switch from one entity type to another. Although S corporations can provide substantial tax [...]

By |2020-12-28T16:13:41-05:00December 28th, 2020|Categories: Blog, Tax|Tags: , , |Comments Off on The Right Entity Choice: Should You Convert From a C Corporation to an S Corporation?

2021 Q1 Tax Calendar: Key Tax-Related Deadlines for Businesses

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. And there [...]

By |2020-12-21T12:37:33-05:00December 21st, 2020|Categories: Blog, Tax|Tags: , , , , , , , |Comments Off on 2021 Q1 Tax Calendar: Key Tax-Related Deadlines for Businesses

Drive More Savings to Your Business with the Heavy SUV Tax Break

Are you considering replacing a car that you’re using in your business? There are several tax implications, like the heavy SUV tax break, to keep in mind. A Cap on Deductions Cars are subject to more restrictive tax depreciation [...]

By |2020-12-14T13:44:20-05:00December 14th, 2020|Categories: Blog, Tax|Tags: , , , , , |Comments Off on Drive More Savings to Your Business with the Heavy SUV Tax Break

QBI Deduction Basics and a Year-End Tax Tip That May Help You Qualify

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI deduction: Is available to [...]

By |2020-12-08T12:43:17-05:00December 8th, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on QBI Deduction Basics and a Year-End Tax Tip That May Help You Qualify

Clarity on PPP Forgiveness and Deductible Expenses

In late November, the Internal Revenue Service (IRS) issued a Revenue Ruling and a Revenue Procedure to clarify the Paycheck Protection Program (PPP) loan forgiveness and deductible expenses. These are expansions on Notice 2020-32 released by the IRS in [...]

By |2020-12-02T18:53:08-05:00December 2nd, 2020|Categories: Blog, Tax|Tags: , , , , |Comments Off on Clarity on PPP Forgiveness and Deductible Expenses

Small Businesses: Cash In On Depreciation Tax Savers

As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction [...]

By |2020-12-01T12:47:11-05:00December 1st, 2020|Categories: Blog, Tax, Uncategorized|Tags: , , , , , |Comments Off on Small Businesses: Cash In On Depreciation Tax Savers

The Importance of S Corporation Basis and Distribution Elections

S corporations can provide tax advantages over C corporations in the right circumstances. This is true if you expect that the business will incur losses in its early years because shareholders in a C corporation generally get no tax [...]

By |2020-11-23T12:37:48-05:00November 23rd, 2020|Categories: Blog, Tax|Tags: , , , |Comments Off on The Importance of S Corporation Basis and Distribution Elections
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