Tax Services Archives - Page 8 of 9

Guidance issued on deductibility of expenses with a PPP loan

On Nov. 18, the IRS and Treasury issued Revenue Ruling 2020-27 which provides long-awaited guidance on the tax treatment of expenses related to Paycheck Protection Program (PPP) loans. The guidance states that the expenses listed in section 1106(b) of the CARES Act that would otherwise…

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2020 tax planning considerations for businesses, individuals

This year has been unique and beyond comparison in many ways, and tax planning is just one of the implications of current events. Both individual and business taxes have the potential to be significantly impacted by the various legislation that has passed like the…

Tax planning considerations: Election results, sunset provisions

According to news outlets, as of this writing, Joe Biden has been named the president-elect of the U.S. Vote counting is still ongoing and election results have not yet been certified, but this news may have some taxpayers wondering what…

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PPP loans of $50,000 or less get simplified rules from the SBA

The Small Business Administration (SBA) and Treasury announced on October 8 that a simplified application (Form 3508S) for Paycheck Protection Program (PPP) loan forgiveness is now available for borrowers whose loans fall in the $50,000 or less threshold. As more and more businesses begin filing for PPP…

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Latest update to PPP provides guidance on owner-employee compensation, non-payroll costs

On Aug. 24, the Small Business Administration (SBA) and Treasury issued the latest interim final rule update to the Paycheck Protection Program (PPP) that seeks to clarify guidance related to owner-employee compensation and non-payroll costs. This guidance has been long-awaited and…

Sales Tax Nexus – What it Means in Massachusetts

Author: Jonathan Hitter Consumers who were once limited to their local storefronts to browse for goods are now able to shop and make purchases globally. Consumers aren’t the only ones benefitting from these digital shopping cart advancements. Businesses are now able…

Angela Parziale: discussion leader on the value of women’s initiatives and being a mindful leader

Author: Jonathan Hitter The Tax Cuts and Jobs Act (TCJA) offers many taxpayers a break through corporate and individual tax rate reductions. However, the new legislation comes with a few thorns. One of the biggest surprises to business owners is the…

Congress Approves Sweeping Tax Reform

Author: Mark Ravera On December 20, 2017, Congress approved sweeping tax reform. The President is expected to sign the bill next week in its current form. The bill in its entirety is 588 pages. Please feel free to call us anytime…

What is a 1031 Exchange and Who Can Benefit from One?

Author: Eric Gashin, Shareholder The opportunity to defer tax is music to the ears of many. One option for those in the real estate industry is a 1031 exchange, also known as “Starker exchange” or “Like kind exchange.” Investors who…

New Revenue Recognition – 5 Steps You’ll Need to Know

Author: Jonathan Hitter, Shareholder The Financial Accounting Standards Board recently issued new revenue recognition guidance effective December 15, 2017, for public companies and December 15, 2018, for private companies. The new standard will affect all entities that enter into contracts to…

Category: Tax Services (page 8)