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Closing Your Corporation or Pass-Through Entity? Manage the Tax Implications

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.

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Appropriations Law Adds Some Business Tax Breaks and Extends Others

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.

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A Dozen New Year’s Resolutions for Small Business Owners

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.

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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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COVID-19-Related Relief Is Signed Into Law

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.

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Just in Time for the Holidays: COVID-19-Related Relief

Just in Time for the Holidays: COVID-19-Related Relief

Posted by Megan Morris on December 23, 2020

Congress just passed a new bill 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. This article provides a brief rundown of some highlights of the Consolidated Appropriations Act of 2021

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New Stimulus Package Passed December 21, 2020

New Stimulus Package Passed December 21, 2020

Posted by Megan Morris on December 23, 2020

The U.S. House of Representatives and U.S. Senate passed the Consolidated Appropriations Act, 2021 (bill), a massive tax, funding, and spending bill that contains a nearly $900 billion coronavirus aid package. The emergency coronavirus relief package aims to bolster the economy, provide relief to small businesses and the unemployed, deliver checks to individuals, and provide funding for COVID-19 testing and the administration of vaccines.

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Is EEOC Enforcement Reform Coming?

Is EEOC Enforcement Reform Coming?

Posted by Thomas Burns on December 14, 2020

The Equal Opportunity Employment Commission is capping off a busy year of discrimination cases. With the Biden Administration making plans to take the reins in the White House, what can employers expect going forward?

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16 Sweet Cost-Cutting Measures for Small Businesses to Consider

16 Sweet Cost-Cutting Measures for Small Businesses to Consider

Posted by John George on December 07, 2020

Is 2020 over yet? For numerous small businesses, this year has brought significant hardship and stress. Though many are hopeful for a recovery in 2021, another round of cost-cutting measures may be needed to help keep your business afloat.

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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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