There are differing opinions among business owners about in-house bookkeeping. One popular belief is that hiring an employee to manage the company’s books is the best option for balancing other pressing business needs. While this could be true if you feel your...
If you are one of the millions of Americans who collected unemployment benefits in 2020, you may be in for a surprise. Many do not realize that unemployment income is taxable. If you do not set aside money to pay these taxes or have them withheld, you could owe...
The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) brought changes and simplified the process of filing tax returns for millions of Americans. Although most changes had a positive impact, there was a lot of confusion regarding business expenses. ...
In the Coronavirus Aid, Relief, and Economic Security (CARES) Act, Congress clearly intended for recipients of forgiven PPP loans to be able to deduct otherwise-deductible expenses associated with those loans for tax purposes. But the IRS has contradicted...
Simplified PPP Loan Forgiveness Process In October 2020, the Small Business Administration (SBA), in consultation with the Treasury Department, made the process easier for forgiving the Paycheck Protection Program (PPP) loans. On the SBA website, businesses...
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