The tax rules for treating computer software costs can be complex. Here’s a basic explanation.
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With fall arriving, it’s time for businesses to start thinking about year-end tax strategies. It’s also time to think about the fourth quarter 2020 tax filing deadlines.
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President Trump issued an executive order on August 8, 2020 deferring the payroll tax obligation in light of the ongoing COVID-19 pandemic. The order defers the withholding, deposit and payment of payroll taxes during the period September 1, 2020 through December 31, 2020.
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If you hold an interest in a business, or may do so in the future, be aware that the CARES Act has made changes to excess business losses.
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At Jones and Kolb, we are diligently following the PPP forgiveness process. The following is a recent blog posted by the AICPA explaining why borrowers shouldn't rush their PPP loan forgiveness applications. Please call us with any questions.
Businesses that received PPP loans should be aware of the tax consequences. Here’s a look at the issue.
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The IRS has been actively releasing various relief efforts in response to the COVID-19 pandemic. Qualified opportunity funds (QOFs) and qualified opportunity zone businesses (QOZBs) were also granted relief for certain compliance deadlines.
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For hundreds of years, businesses have engaged in bartering. It’s popular during times of economic downturns, which many businesses are suffering now due to COVID-19. But if you trade goods or services, be aware of the tax consequences.
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A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.
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The “Trust Fund Recovery Penalty” is among the more dangerous tax penalties facing business owners and managers with employees. Here’s why.
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The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may be beneficial on a tax return that hasn’t been filed yet (or you may be able to take advantage of them on an amended return if you already filed).
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A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
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SEnate Passes PPP Fix which will allow more flexibility in using the PPP funds passed the Senate on June 3.
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Colin Blalock joins Erik Christensen of Bulldog Movers to discuss issues relative to where we are today.
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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.
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The tax consequences of obtaining PPP loan forgiveness and other federal relief options can prove complicated, especially with the IRS and the U.S. Treasury Department regularly releasing new regulations and guidance. We can help you keep up with the latest developments and what they mean for you.
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May 14, 2020, is the revised deadline to repay Paycheck Protection Program loans for borrowers who have chosen the Small Business Administration’s “good faith” self-certification of eligibility option.
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The CARES Act includes favorable changes to the rules for deducting net operating losses (NOLs). Here’s how.
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The just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.
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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.
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