PPP Loan Foregiveness

2020 – 09/23 The IRS has issued another set of final regulations on the additional first-year depreciation deduction, otherwise known as 100% bonus depreciation. The deduction generally applies to qualifying property acquired and placed into service after Sept. 27, 2017, and before Jan. 1, 2023. The final regs offer guidance on the requirements that must…

2022 – 05/19 If you’re worried about an IRS audit, there’s good news! According to a recent Government Accountability Office report, audits of individuals between 2010 and 2019 decreased for all income brackets, from 0.9% to 0.25%. Higher-income taxpayers experienced the biggest decline in audits, probably because they require more IRS staff review and resources….

2022 – 02/09 The number of math error notices sent to taxpayers by the IRS increased exponentially in 2021, largely because of adjustments relating to the Recovery Rebate Credit (RRC). IRS data related to this fact was presented at a recent American Bar Association conference. Last year, there were nearly 14.6 million math errors reported…

2021 – 01/31 If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend…

2020 – 08/12 No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an…

2021 – 03/30  Did your business retain employees during the COVID-19 pandemic? If yes, you could enjoy tax relief with the Employee Retention Credit (ERC). Originally introduced with the CARES Act, the ERC is a refundable tax credit against certain employment taxes equal to 50% of qualified wages, up to $10,000 per employee, that an…