The Deductibility of Corporate Expenses Covered by Officers or Shareholders

August 23, 2021

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 is more likely to arise…

IRS Issues ERC Guidance as Congress Mulls Early Termination

August 16, 2021

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit…

SBA Streamlines Forgiveness for Smaller PPP Loans

August 8, 2021

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA reports account for 93% of outstanding…

There’s Currently a “Stepped-up Basis” if You Inherit Property — But Will it Last?

August 3, 2021

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a…

PPP Forgiveness and Repayment: What Businesses Need to Know Now

July 25, 2021

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard…