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Employee Retention Credit
Qualification Questionnaire: To determine if your organization qualifies for an Employee Retention Credit for 2020 answer the following questions: Did the business employ fewer than 100 employees in 2019?Was the business fully or partially shut down by government...
The American Rescue Plan Act
The American Rescue Plan Act passes with many tax components. Click on the link below to see how some of the major provisions may effect you or your business. Feel free to contact us for more information. https://lnkd.in/esQBWxD
Do you qualify for an R&D Tax Credit?
If you think your company might qualify for the R&D tax credit, don’t let the potential tax savings go unclaimed. Any business that is currently improving or creating new or improved products, processes, or technology can potentially take advantage of the...
PP2 – Definition of Gross Receipts
The recently passed stimulus bill included the creation of PPP2 which provides that if an Employer has fewer than 300 employees and experienced a decline in Gross Receipts of 25% or more in any 2020 calendar quarter they could apply for a “Second Draw” under the...
Can you qualify for a medical expense tax deduction?
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your...
Maximize your 401(k) plan to save for retirement
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the...
The next estimated tax deadline is January 15 if you have to make a payment
If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15,...
Steer clear of the wash sale rule if you’re selling stock by year end
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule. IRS may disallow the loss Under this rule, if you sell stock or securities for a loss and buy...
IRS RELEASES GUIDANCE REGARDING PPP LOANS AND EXPENSE DEDUCTIBILITY
On November 18, the Internal Revenue Service (IRS) released Revenue Ruling 2020-27 and Revenue Procedure 2020-51. These two releases offer clarification regarding the non-deductibility of expenses that allow for the forgiveness of loans from the Paycheck Protection...
2020 – 11/20
The IRS has provided a safe harbor for deducting expenses if a Paycheck Protection Program (PPP) loan isn’t forgiven. The safe harbor allows a taxpayer to claim a 2020 deduction for deductible eligible expenses if they received a PPP loan that: 1) the taxpayer expects...