Commercial Businesses Articles
PPP Loan Changes Included in the New Appropriations Act
Posted by Jenna Torella on January 21, 2021
The CARES Act created the Paycheck Protection Program (PPP) to issue loans to help small businesses that were adversely affected by the COVID-19 pandemic. The original program expired on August 8, 2020. Now it's been retroactively reinstated, liberalized, and expanded by the new Consolidated Appropriations Act.
Ways to Fully Deduct Business-Related Meals
Posted by Kevin Smeader on January 19, 2021
There's good news for restaurants that have struggled during the COVID-19 crisis: A new law allows 100% federal income tax deductions for the cost of business-related meals provided by restaurants in 2021 and 2022.
The Status of Temporary COVID Tax Relief Measures After the New Law
Posted by Cory Van Deusen V on January 15, 2021
Before President Trump signed the latest economic stimulus law, several temporary COVID-19-related federal tax relief measures were set to expire on December 31, 2020.
Adjusting to Manufacturing’s New Normal
Posted by Jonathan Roller on January 07, 2021
The COVID-19 pandemic has highlighted concerns that the United States has become too reliant on foreign suppliers, especially partners in China. As a result, many manufacturers are considering bringing foreign business arrangements back to America.
Construction Firms: 8 Accounting Practices for a Financially Healthy 2021
Posted by Michē Needham on January 07, 2021
By adopting or refining a few key accounting practices at the project level, construction contractors can keep their businesses financially healthy in 2021 and beyond.
Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications
Posted by Kerry Roets on January 07, 2021
A record number of privately held businesses closed their doors permanently in 2020, and more closings are expected as the COVID-19 pandemic continues. Shuttering a business can have complicated tax implications for the business and its owners.
Appropriations Law Adds Some Business Tax Breaks and Extends Others
Posted by Kristin Re’ on January 06, 2021
President Trump signed the Consolidated Appropriations Act (CAA) into law on December 27, 2020. The legislation adds a few new tax breaks for businesses. For example, it allows taxpayers to deduct 100% of the cost of business-related food and beverage expenses incurred at restaurants in 2021 and 2022. The new law also extends a bevy of other business breaks that were set to expire at the end of 2020.
A Dozen New Year’s Resolutions for Small Business Owners
Posted by Timothy Bubar on January 06, 2021
Many people, especially small business owners who were adversely affected by the COVID-19 pandemic, are looking forward to a fresh start in 2021. Before diving headfirst into the new year, business owners should take time to learn from last year's achievements and mistakes, as well as set goals and monitor trends for the future.
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.
COVID-19-Related Relief Is Signed Into Law
Posted by Megan Morris on December 31, 2020
On December 27, President Trump signed a new law to provide COVID-19 pandemic relief. The massive 5,500-plus-page relief package contains direct payments to eligible individuals, a 100% business meal tax deduction for the next two years, additional funding for Paycheck Protection Program loans, and much more.