Bartering is a Taxable Transaction
During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of […]
Possible Tax Consequences of PPP Loans
If your business was fortunate enough to have applied for, and received a loan under the Paycheck Protection Program (PPP) in connection with the COVID-19 crisis, you […]
What the Payroll Tax Deferral Means for Your Business
On August 8, 2020, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These […]
IRS Issues Fact Sheet on Reportable >$10,000 Cash Transactions
(Image copyright belongs to Serge Averbukh)
In Fact Sheet 2020-11, the IRS has presented a series of examples […]
New FAQs Address PPP Loan Forgiveness Issues
The U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, released guidance on 8/4/2020 answering 23 frequently asked questions (FAQs) regarding the forgiveness of Paycheck […]
Avoiding the Trust Fund Recovery Penalty
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “
1099-NEC Debuts in 2020
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation.
How to Treat Start-up Expenses When Launching a Busines
While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being […]
Key to Trouble-Free IRS Audits
If you operate a small business, or you’re starting a new one, you probably know you need to keep records of your income and […]
Business Meal Deductions: The Current Rules Amid Proposed Changes
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an […]
