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...
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...
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 will find a simpler loan forgiveness...
As a small business owner, you are busy! You often don’t have the time to figure out ways to save money. For most people, the only time they see their CPA is in April when their taxes are due. We want to help you plan and we are here to help you save money and...
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