Business Tax Articles
Travel Expense Per Diem Rates 2020-2021 Issued by the IRS
Posted by Mark Stack on October 08, 2020
During the COVID-19 crisis, business travel has been significantly cut back. So, employees may have gotten out of the habit of documenting travel expenses.
Election 2020: Where Do the Candidates Stand on Business Tax Issues?
Posted by Michē Needham on September 10, 2020
Business taxes are a major issue in this year's presidential election. Here's a brief summary of how the 2020 tax platforms of Democrats and Republicans measure up on business-related issues, including corporate tax rates, the qualified business income (QBI) deduction, first-year depreciation deductions, manufacturing breaks, “green” tax credits, breaks for real estate ventures and more.
IRS Adds New FAQs on CARES Act Payroll Tax Deferrals
Posted by Cheryl A. Jankowski on August 28, 2020
Section 2302 of the CARES Act provides that, through December 31, 2020, employers may defer the deposit and payment of the employer's portion of Social Security tax and certain railroad retirement taxes. Half of the deferred amount is due on December 31, 2021, and the other half is due on December 31, 2022.
Recent State Legislative and Administrative Reactions to the CARES Act
Posted by Mark Stack on August 11, 2020
After the Tax Cuts and Jobs Act amended business tax provisions in the Internal Revenue Code (IRC) states and taxpayers have only recently come to understand the conformity implications of the TCJA. The CARES Act has presented modifications and a new round of conformity challenges for states, taxpayers, and practitioners.
Proposed Small Business Taxpayer Regulations Provide More Certainty of IRS’s Position on Accounting Methods Simplification
Posted by Kevin Smeader on August 10, 2020
On July 29, 2020, the IRS and Treasury released an advance copy of proposed regulations (REG-132766-18) to provide guidance for small business taxpayers to implement several statutory exemptions enacted by the 2017 tax reform bill known as the TCJA, P.L. 115-97, for the purpose of simplifying the method of accounting rules.
Salvaging Tax Benefits from New NOL Rules
Posted by Jonathan Roller on August 10, 2020
Due to the COVID-19 pandemic, many small and mid-sized manufacturers expect to have significant net operating losses (NOLs) in 2020. But the Coronavirus Aid, Relief and Economic Security (CARES) Act provides some tax relief. In fact, companies may qualify for a refund if they amend previous tax returns with NOLs.
Main Street Lending Program: Compensation Restrictions
Posted by Cory Van Deusen V on July 17, 2020
On June 26, the Federal Reserve Bank of Boston released new guidance on compensation restrictions for Main Street Lending Program borrowers. This new guidance defines for borrowers “total compensation” pursuant to restrictions on all programs established through Title IV of the CARES Act, including the MSLP.
Tax-Favored QSBC for the COVID-19 Era and Beyond
Posted by Angela Miles on July 13, 2020
Some businesses will thrive despite — or because of — market changes brought on by the COVID-19 crisis. One downside to owning a growing incorporated business is the tax on gains when you sell some, or all, of your shares. Operating as a qualified small business corporation (QSBC) can help lower the tax hit.
COVID-19 Tax Relief: Roundup of Postponed Federal Tax Deadlines
Posted by Cheryl A. Jankowski on June 26, 2020
Many taxpayers are confused about which federal tax filing and payment deadlines have been postponed by the IRS — and there certainly are a lot of postponements to keep track of.
Last-Minute Strategies for Businesses that Deferred Filing Tax Returns
Posted by Brian Kern on June 18, 2020
Can your business make any last-minute moves to lower its tax obligation for 2019? And are there other long-term planning strategies that business owners should consider in light of today's tax laws, recent economic relief measures, and the November 2020 elections?