A few things to share with you all as it pertains to the current situation with the PPP Loan forgiveness and tax deductibility. The Internal Revenue Service has issued Rev Ruling 2020-27 that plainly (well plainly in Internal Revenue Service language) states that the...
Good Evening business owners! Some important news to share and make you aware of that may impact you for this coming tax filing season. The Internal Revenue Service has reinstate form 1099-NEC for all business that pay independent contractors. Instead of utilizing...
As of today, congress has yet to present legislation to repair the glaring taxation burden that has arisen as a result of the Payroll Protection Program loan forgiveness. The tax code states that expense paid for from funds for which the business owner has no basis...
As of today, congress has yet to present legislation to repair the glaring taxation burden that has arisen as a result of the Payroll Protection Program loan forgiveness. The tax code states that expense paid for from funds for which the business owner has no basis...
On August 24th, a new set of interim rules were published for the Payroll Protection Program. This biggest surprise of these rules relate to self rentals. If you own your facility that your business operates from and you normally pay yourself rent (to an LLC that...
As I am sure you have seen in the news, while the frequency of changes to this program have subsided, the government does continue to tinker with this program. We were all told that submissions for the Loan Forgiveness Applications would begin starting this past...
