Can an employer require its employees to get vaccinated against COVID-19? It’s a simple question, but one that does not have an easy answer. In brief, companies can make vaccinations an employment requirement, but there are subtleties involved, and a disability can create an exception. The Equal Opportunity Employment Commission has provided some guidance in […]
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Special PPP Loan Provisions for Small Businesses
Starting on Feb. 24, 2021, the SBA is establishing 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This is according to guidance on the SBA and White House sites. According to the statement, this will give lenders and community partners more time to work with the smallest businesses to submit […]
Consolidated Appropriations Act 2021: The Main Tax Provisions
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 […]
The Consolidated Appropriations Act of 2021
The much discussed aid package has been signed into law after significant delay and controversy. We’ll be revisiting this topic in the coming days as the details become clearer. Meanwhile, here are the key takeaways: A $600 check to many Americans. (The phase-out for individuals begins for those earning $75,000.) The amount is reduced by […]
2020-2021 Online Tax Planning Guide
Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action. To help you identify strategies that might work for you in 2020, check out our Online Tax Planning Guide. It features some of […]
PPP Loans of $2 Million or More Will be Audited
Earlier in the year, the Small Business Administration (SBA) announced in an updated FAQ on the program that it will be auditing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers whose loans meet this threshold amount might receive a Loan Necessity Questionnaire from their lender soon after they apply for loan forgiveness. Even though the […]
2020 Year-End Tax Strategies for Businesses
As the world continues to contend with the COVID-19 pandemic and its economic fallout, businesses are doing all they can to mitigate risks and plan for a recovery that’s anything but certain. The path forward will likely not be linear. Different regions, industries and business segments may be in different stages of recovery simultaneously. The tax function […]
2020 Year-End Tax Planning Highlights for Individuals
As the year-end approaches, individuals, business owners and family offices should be reviewing their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier in 2020 under […]
Qualified Improvement Property Depreciation
Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The correction retroactively allows real property owners to depreciate QIP faster than before, either 100% the year the QIP is placed […]
Benefits of Being a Small Business
Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 million in some cases) for the three preceding […]