If you need money due to COVID-19, you may be able to take a tax-free “coronavirus-related distribution” from a retirement plan. The IRS has released guidance explaining who qualifies for one of these distributions.
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.
PPP borrowers get concessions, additional guidance on forgiveness
The Paycheck Protection Program Flexibility Act eases PPP loan forgiveness restrictions. Here are the details of the law, along with some recent guidance for borrowers.
Did you get an Economic Impact Payment that was less than you expected?
Have you received an Economic Impact Payment only to find out it’s less than what you were expecting? Here are some of the reasons why.
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.
Do you have tax questions related to COVID-19? Here are some answers
If you’re like most Americans, the coronavirus (COVID-19) pandemic has led to many questions. Health issues are of utmost concern but you may also have many financial questions. Here are some answers.
The IRS clarifies the deductibility of PPP-funded expenses
In Notice 2020-32, the IRS has clarified that deductions for income tax purposes aren’t allowed for expenses that are otherwise deductible if the payment of the expense results in forgiveness of a covered loan.