by angieduran | Jun 11, 2020 | Uncategorized
The recent riots around the country have resulted in many storefronts, office buildings and business properties being destroyed. In the case of stores or other businesses with inventory, some of these businesses lost products after looters ransacked their property....
by angieduran | Jun 3, 2020 | Uncategorized
Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase in the amount that can be deducted for business meals and entertainment. It’s...
by angieduran | May 26, 2020 | Uncategorized
The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be...
by angieduran | May 18, 2020 | Uncategorized
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan made under...
by angieduran | May 12, 2020 | Uncategorized
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing...
by angieduran | May 5, 2020 | Uncategorized
The Treasury Department has announced that PPP loan forgiveness will not be reduced for laid-off employee(s) who refuse to come back to work. This is great news for employers as increasingly, employees are refusing to return to work. In a large number of...
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