Tax Services Archives - Page 7 of 9

A computer's motherboard holding various forms of cryptocurrency.

Tax implications for cryptocurrency owners

Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. ‘ Approximately 14 percent of Americans…

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Employee v. contractor: Which is right (and legal) for your business

Businesses are constantly evolving how they operate in order to meet the fast-paced changes coming from customers and the marketplace. Further, individuals are increasingly taking advantage of the income they can earn from the gig economy. These factors have more businesses…

Someone searching on a laptop for residential properties.

Like-Kind exchange updates: Clarifying real property and escrow policies

If you are in possession of business or investment property or looking to exchange real property for others, you might want to get acquainted with “like-kind exchanges,” also known as a 1031 exchange. As with all tax codes, changes are…

A portion of the CARES act shown with American Rescue Plan highlighted.

Key tax provisions in the American Rescue Plan Act

The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic’s financial burdens for individual taxpayers and businesses. Updates include expansions and extensions…

A pile of $100 bills with "Tax Credits" typed on a ripped sheet of paper.

IRS clarifies employee retention credit eligibility for PPP loans and 2020 claims

The IRS has released additional guidance in Notice 2021-20 on the Employee Retention Tax Credit (ERC) with clarifications on the retroactive changes for expanded eligibility applicable to 2020. Employers who received a Paycheck Protection Program (PPP) loan have been waiting on guidance…

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Recordkeeping best practices are good for taxes

Have you ever tried to claim a new tax deduction, but in the process of compiling supporting documents, you found you were missing critical information and therefore missed out on the opportunity? Or, have you ever faced an IRS audit…

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Business meals and entertainment expenses: What’s deductible?

The Tax Cuts & Jobs Act (TCJA) of 2017 made many significant changes for business tax deductions including the disallowing of the business deductions for most entertainment expenses. The IRS has since released final regulations for the treatment of meals and entertainment…

A US $100 bill with Ben Franklin wearing a medical face mask.

Massachusetts and PPP Loan Forgiveness

Massachusetts and PPP Loan Forgiveness Section 1106 of the CARES Act provides loan forgiveness to small businesses for certain loans made pursuant to the Paycheck Protection Program (“PPP”) under the Small Business Act. Under the Act, any amount of cancelled…

A view down the middle of a country road with the sun peeking out from behind the clouds.

IRS announces 2021 standard mileage rates for business, charitable, medical, and moving purposes

The Internal Revenue Service recently issued the 2021 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile…

A large stack of US $100 bills underneath a medical face mask

Everything you need to know about the expanded ERTC

The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207 of the Taxpayer Certainty and Disaster Relief Act portion, opening the doors…

Category: Tax Services (page 7)