Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.
Businesses: Get ready for the new Form 1099-NEC
A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
Good records are the key to tax deductions and trouble-free IRS audits
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible
If you get a PPP loan and use the proceeds on certain expenses, the loan amount will be forgiven. Can you then deduct the expenses on your tax return? The IRS answers that question in new guidance.
Business charitable contribution rules have changed under the CARES Act
Food and financial insecurity have increased during the coronavirus (COVID-19) pandemic. If your business is donating to charity to help ease the pain, you may be eligible for enhanced charitable donation deductions.
The CARES Act liberalizes net operating losses
The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs). Here’s how.
Hiring independent contractors? Make sure they’re properly classified
During these tough times, your business may be saving money by using independent contractors, rather than hiring employees. Make sure to follow all the rules or you could hear from the IRS.
New COVID-19 law makes favorable changes to “qualified improvement property”
A drafting error by Congress meant that some improvements to interior parts of nonresidential buildings had to be deducted over 39 years. But a new law that provides COVID-19 relief fixes the error and may result in revenue for eligible businesses.
Relief from not making employment tax deposits due to COVID-19 tax credits
The coronavirus (COVID-19) crisis has resulted in unprecedented challenges for employers. Here are the details of some relief from the federal government.