Category: Uncategorized
Treasury, IRS provide guidance on tax relief for deductions for food or beverages from restaurants
Businesses can temporarily deduct 100% beginning Jan. 1, 2021 The Treasury Department and the Internal Revenue Service issued Notice 2021-25 on April 8, 2021, providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food … Continued
New Round of Funding for the Paycheck Protection Program
As the impact of COVID-19 continues to be felt across our personal and professional lives, we continue to work hard to support our clients during these unprecedented times and provide timely and relevant updates. On December 27, 2020, the president signed the Consolidated Appropriations Act of 2021 (referred to as the “COVID-19 Relief Bill”). This … Continued
Tax Implications of Expenses Paid with a Forgiven Paycheck Protection Program (PPP) Loan
The Internal Revenue Service (IRS) recently issued Revenue Ruling 2020-27 which provides that expenses paid with Paycheck Protection Program (PPP) loan proceeds are not deductible in the tax year paid or incurred, if at the end of the tax year the taxpayer has a “reasonable expectation of forgiveness.” As a result, many calendar-year taxpayers that … Continued
Recent Business Owner Survey on Owner Dependency Reveals an Average Score of 54%
In a recent release of findings from an ongoing research effort being conducted by Pinnacle Equity Solutions, Inc., a national leader in the emerging field of business transition planning, it was revealed that business owners, on average, score 54% in terms of the level of dependency that a company has on their individual efforts. Generally … Continued