If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS. What are the requirements? Each person who, in the course of operating a trade or business, receives more…
During the COVID-19 pandemic, many employers shut down their regular workplaces, either partially or wholly, as a safety precaution and instructed their employees to work from home. While some employees have returned to work, many are still working from home. Some…
Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it…
On July 16, 2021, Governor Newsom signed California Assembly Bill 150. This bill contains a number of tax relief measures for small businesses suffering economic hardship due to the pandemic. One notable provision allows pass-through entities to pay their California…
Are you an avid collector of a specific item, such as trading cards, rare coins or antique toys? Not only can collecting be an enjoyable hobby, but it also can be financially lucrative if you buy and sell collectibles in the…
If you have a Paycheck Protection Program loan for $150,000 or less, applying for forgiveness just got easier. The SBA has announced their portal will open August 4, allowing borrowers to submit forgiveness applications directly with the SBA. The only…
Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue…
Do you own a vacation home? If so and you rent it to third parties, you may be confused about the federal income tax rules that apply. Confusion is especially common if you changed your usage pattern during the pandemic. It…
Despite the COVID-19 pandemic, government officials are seeing a large increase in the number of new businesses being launched. From June 2020 through June 2021, the U.S. Census Bureau reports that business applications are up 18.6%. The Bureau measures this…
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…