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Business Tax Articles

 

Energy-Related Tax Breaks Are Extended in the New Law

Energy-Related Tax Breaks Are Extended in the New Law

Posted by Mark Stack on January 06, 2021

The economic stimulus and government spending law, which was signed on December 27, 2020, extends several energy-related tax breaks. Before the Consolidated Appropriations Act (CAA) was signed, these federal income tax breaks (often called “extenders”) were set to expire on December 31, 2020. Here are some of the deductions and credits extended in the CAA.

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Expense Deduction Disallowed for 2020 if PPP Loan Forgiveness Anticipated in 2021

Expense Deduction Disallowed for 2020 if PPP Loan Forgiveness Anticipated in 2021

Posted by Megan Morris on December 04, 2020

The IRS released a revenue ruling (Revenue Ruling 2020-27) on November 18, 2020 that addresses the timing of eligible expense deductions for taxpayers that have received a loan under the Paycheck Protection Program (PPP) and that expect to receive loan forgiveness. In conjunction with the release of Revenue Ruling 2020-27, the IRS announced a safe harbor procedure (Revenue Procedure 2020-51) for eligible taxpayers that have paid or incurred otherwise eligible PPP expenses during 2020, but loan forgiveness is denied or the taxpayer decides not to request loan forgiveness.

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Year-End 2020 May Not Be the “Same as Last Year” for Payroll Taxes and Compensation and Benefits

Year-End 2020 May Not Be the “Same as Last Year” for Payroll Taxes and Compensation and Benefits

Posted by Michē Needham on December 01, 2020

As 2020 draws to a close, we would like to remind you that this year-end may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should be focusing on.

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Clarity on Three 2020 Employer Tax Credits

Clarity on Three 2020 Employer Tax Credits

Posted by Kerry Roets on December 01, 2020

Congress has enacted three tax credits that can provide some relief to eligible employers at this difficult time. The credits were initiated by three separate pieces of federal legislation and it's easy to confuse one with another. The following is intended to provide some clarity.

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Beware: Several CARES Act Tax Provisions Will Soon Expire

Beware: Several CARES Act Tax Provisions Will Soon Expire

Posted by Jenna Torella on November 18, 2020

The CARES Act was enacted in March to provide financial relief to individuals and businesses during the COVID-19 pandemic. Several beneficial federal income tax provisions are set to expire at the end of 2020.

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Employee or Independent Contractor? The Rules May Be Getting Simpler

Employee or Independent Contractor? The Rules May Be Getting Simpler

Posted by Angela Miles on November 10, 2020

Businesses that engage people to work for them as independent contractors often are challenged to know whether those workers truly qualify for that status under the Fair Labor Standards Act. With the changes brought by the COVID-19 pandemic, many individuals need new ways to earn income. The Department of Labor is hoping that its proposed rules will make it easier to determine when a worker is an employee, or when an independent contractor status exists. Time will tell.

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Award Year-End Bonuses the Right Way

Award Year-End Bonuses the Right Way

Posted by Kelsey Weigel on November 09, 2020

This has been a rough year for many businesses, but you may still be planning to give out employee bonuses. We offer four tips for rewarding employees — including one for employers who don't intend to pay bonuses. For starters, consider the tax ramifications, then explain your rationale for awarding bonuses.

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2020 Year-End Tax Planning Ideas for Small Businesses

2020 Year-End Tax Planning Ideas for Small Businesses

Posted by Cheryl A. Jankowski on October 30, 2020

2020 is finally winding down and we have some good news: There's still time for small business owners to lower their 2020 federal income tax bills and plan for possible tax law changes that might be in store for next year. Here are 10 tax-saving strategies for businesses to consider before year end.

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Potential New York City UBT Savings As A Result Of Remote Working During Pandemic

Potential New York City UBT Savings As A Result Of Remote Working During Pandemic

Posted by Mark Stack on October 20, 2020

Having employees work remotely from homes outside New York City (NYC) as a result of the coronavirus pandemic may result in a reduction of the Business Allocation Percentage (BAP) for a partnership or limited liability company (LLC) for purposes of the NYC Unincorporated Business Tax (UBT), which translates to a lower UBT liability for the partnership or LLC. 

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Paycheck Protection Program – Additional Revisions to Loan Forgiveness for Loans of $50,000 or Less

Paycheck Protection Program – Additional Revisions to Loan Forgiveness for Loans of $50,000 or Less

Posted by Megan Morris on October 13, 2020

The Treasury and U.S. Small Business Administration (SBA) recently released a simplified loan forgiveness application for the Paycheck Protection Program (PPP) for small business owners with loans of $50,000 or less.

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