SBA No Longer Requires PPP Loan Necessity Questionnaire On July 9, 2021, the SBA confirmed that the Paycheck Protection Program Loan Necessity Questionnaire (Form 3509 used by for-profit borrowers and Form 3510 used by not-for-profit borrowers) is now no longer…
There’s a harsh tax penalty that you could be at risk for paying personally if you own or manage a business with employees. It’s called the “Trust Fund Recovery Penalty” and it applies to the Social Security and income taxes…
Are you eligible to take the deduction for qualified business income (QBI)? Here are nine facts about this valuable tax break, referred to as the pass-through deduction, QBI deduction or Section 199A deduction. It’s available to owners of sole proprietorships,…
You’re familiar with income tax and sales tax, but business owners often put personal property tax on the back burner. It’s important to make a practice of reviewing this annually because penalties apply for late filing or failure to file…
Families may be able to cash in on various tax credits to offset their tax liability on a dollar-for-dollar basis. Plus, recent legislation has enhanced some of the credits for 2021. Here's an overview of four key tax credits for families…
As we continue to come out of the COVID-19 pandemic, you may be traveling again for business. Under tax law, there are a number of rules for deducting the cost of your out-of-town business travel within the United States. These…
A number of states and individual taxpayers sought to challenge the constitutionality of a provision in the Affordable Care Act (ACA). In a 7-2 decision, the U.S. Supreme Court has ruled that both the state and individual plaintiffs lacked standing to challenge…
Here are some of the key tax-related deadlines affecting businesses and other employers during the third quarter of 2021. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to…
If you’re claiming deductions or reimbursing employees for business meals or auto expenses, expect the IRS to closely review them. In some cases, taxpayers have incomplete documentation or try to create records months (or years) later. In doing so, they…
If you’re a business owner and you hire your children this summer, you can obtain tax breaks and other nontax benefits. The kids can gain on-the-job experience, spend time with you, save for college and learn how to manage money.…