President Biden’s Minimum Book Tax Plan: A Summary
With the new alternate minimum book tax on corporate earnings, President Joe Biden seeks to make significant tax and accounting changes. This proposal will be a substantial shake-up for any…
IRS Form 1099-NEC: What You Need To Know
The IRS has revived Form 1099-NEC, which will be required for reporting 2020 non-employee compensation beginning in 2021. The 1099-NEC will be Box 1, and other types of payments should…
Tax Deduction For Qualified Business Income
The Tax Cuts and Jobs Act (TCJA) is significant tax legislation signed into law. This act has interesting provisions that could benefit all taxpayers except C corporations. One such provision…
Loan Expenses Can Now Be Deducted From PPP Loans
The recent economic relief law, The Consolidated Appropriations Act, has finally made it clear that expenses paid by businesses relating to loans made through PPPs are indeed tax-deductible. The Coronavirus…
Compliance Tips for Businesses
As the calendar winds down, it's time for businesses of all types to assess their situation. There is never a wrong time for your business clients to evaluate their compliance…
COVID-19 Worker Retention Credit
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 will provide a second-round economic stimulus for individuals, families, and businesses. This legislation has multiple measures that are put into…
Managing Remote Work Tax Issues
The COVID-19 pandemic has caused many Americans to find themselves working remotely. In response, states are reevaluating their remote work policies, which regulate how much tax revenue they receive and…
Tax Deduction Regulations for New Businesses
When running your own business, it can be easy to forget that not every expense counts. The critical tax law provision for deducting "ordinary and necessary" trade or professional expenses…
Changes to Sales Tax: What to Expect Starting in 2021
New sales tax changes were expected in 2021, and it's essential that business leaders and tax professionals learn how they can best prepare themselves for the upcoming developments. The resulting…
Monthly expense guidelines
Tax Deduction for Business Interest Expenses
The IRS has released new rules for business interest expenses that may require you to file Form 8990. The form's Part II deals with partnerships and Part III, S-corporations. The…