The IRS and the Treasury Department on April 22 released guidance that provides a safe harbor for businesses that received Paycheck Protection Program (PPP) loans in the first round of relief but did not deduct otherwise eligible business expenses because they relied on now-superseded guidance. Under prior guidance, businesses that
The SBA has posted program details on the Restaurant Revitalization Fund (RRF). While the date of accepting applications has not been released yet, SBA provides a sample application for applicants to review and prepare. Here are some highlights of the program: Application and application period: SBA is not requiring registration
The IRS issued guidance for employers claiming the employee retention credit under the Coronavirus Aid, Relief, and Economic Security Act modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Notice 2021-23 explains the changes for the first and second calendar quarters of 2021, including: the increase in
As a business owner, you should be aware that you can save family income and payroll taxes by putting your child on the payroll. Here are some considerations. Shifting Business Earnings You can turn some of your high-taxed income into tax-free or low-taxed income by shifting some business earnings to
One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age 72.
The IRS has issued Notice 2021-25 providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages
The new American Rescue Plan Act (ARPA) provides eligible families with an enhanced child and dependent care credit for 2021. This is the credit available for expenses a taxpayer pays for the care of qualifying children under the age of 13 so that the taxpayer can be gainfully employed. Note
During the COVID-19 pandemic, many employees and their families have lost group health plan coverage because of layoffs or reduced hours. If your business has had to take such steps, and it’s required to offer continuing health care coverage under the Consolidated Omnibus Budget Reconciliation Act (COBRA), the recently passed
Chris West, CEO Dalby, Wendland & Co., P.C., was recognized as a Top Regional Firm in the Mountain States Region by Accounting Today. This is the eighth year Dalby Wendland has been named a Top Regional Firm in the Mountain States Region, ranked by revenue, by Accounting Today.
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus Depreciation Under current law, 100% first-year bonus depreciation is available for qualified new
