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…
For one reason or another, you will likely change your mobile phone number at some point in your life. But be aware of a new tactic online criminals are taking to steal your identity. Many apps and websites now allow…
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,…
The Employee Retention Tax Credit (ERTC) is a valuable tax break that was extended and modified by the American Rescue Plan Act (ARPA), enacted in March of 2021. Here’s a rundown of the rules. Background Back in March of 2020,…
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…