• Passive Activity Rules for Real Estate and Other Passive Activities

    Real estate is top of mind when it comes to businesses that create passive income streams or losses. Ownership in other types of companies can also create passive income. Investments also produce passive income and losses. Understanding passive income streams and how to account for them is vital to creating tax planning strategies. A real […]

  • New Law Doubles Business Meal Deductions and Makes Favorable PPP Loan Changes

    The COVID-19 relief bill, signed into law on December 27, 2020, provides a further response from the federal government to the pandemic. It also contains numerous tax breaks for businesses. Here are some highlights of the Consolidated Appropriations Act of 2021 (CAA), which also includes other laws within it. Business meal deduction increased The new […]

  • Business Tax Provisions Included in the CAA 2021 Legislation

    The Consolidated Appropriations Act of 2021 (the CAA 2021) signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CAA 2021 include-along with spending and other non-tax provisions, and tax provisions primarily affecting individuals-the numerous business tax provisions briefly summarized below. The provisions are found in two […]

  • Individuals and the 2020 COVID Relief Bill

    Here is an overview of key provisions in the COVID relief legislation (the Consolidated Appropriations Act of 2021, or “the Act,” signed into law on Dec. 27, 2020) that affect individuals. Recovery Rebate/Economic Impact Payment Direct-to-taxpayer recovery rebate The Act provides for a refundable recovery rebate credit for 2020 that will be paid in advance […]

  • 2021 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

    Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January […]

  • Benefits of S Corporation Basis and Distribution Elections: Getting the Most From Your Tax Planning Services

    S corporations provide possible tax advantages over C corporations in the right circumstances. This can be the case if you expect a business will incur losses in its early years, as shareholders in a C corporation generally receive no tax benefit from these losses. Conversely, as an S corporation shareholder, you can deduct your percentage […]

  • 2020 Charitable Giving and the CARES Act

    Year-end charitable giving has the potential to be a life-saving donation to nonprofit organizations as individuals, businesses and nonprofit organizations are wrapping up the most challenging year in our recent history (which seems like an understatement). For those individuals who are charitably-inclined, who want to give back, who wish to do their part to ensure […]

  • On-time Financial Reporting Is Vital in Times of Crisis

    Many companies are struggling as a result of shutdowns and restructurings during the COVID-19 crisis. To add insult to injury, some have also fallen victim to arson, looting or natural disasters in 2020. Lenders and investors want to know how your business has weathered these adverse conditions and where it currently stands. While stakeholders understand […]

  • How to Prompt Customer Payment – Corporate Accounting Services Tips

    Collecting payment on invoices isn’t the most enjoyable part of running a business. As corporate accounting experts, however, we know that prompt customer payments are crucial for maintaining cash flow. If your business is chasing down payments every month, you aren’t alone. Sixty-six percent of business owners agree that a delay in payment processing is […]

  • PPP Loan Forgiveness Update – IRS Doubles Down on Unfavorable Taxpayer Treatment

    Last May, we shared with you the release of IRS Notice 2020-32 which provided initial guidance that expenses paid from PPP proceeds allocable to a forgiven portion of the loan will not be deductible and its position being inconsistent with bipartisan publicly stated positions.  Chairman Grassley (R) of the Senate Finance Committee and his counterpart […]