PPP Revisions Target Smallest Businesses

March 1, 2021

The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and…

What are the Tax Implications of Buying or Selling a Business?

February 22, 2021

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications….

Do You Want to Withdraw Cash From Your Closely Held Corporation at a Low Tax Cost?

February 16, 2021

Owners of closely held corporations are often interested in easily withdrawing money from their businesses at the lowest possible tax cost. The simplest way is to distribute cash as a dividend. However, a dividend distribution isn’t tax-efficient, since it’s taxable to you to the extent…

One Reason to File Your 2020 Tax Return Early

As of February 12th, the IRS has opened the 2020 individual income tax return filing season. (This was later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the…

For Now, California Says No Deduction for Expenses Paid with Forgiven PPP Funds

February 8, 2021

On December 27, 2020, the President signed into law the Additional Coronavirus Response and Relief Act.  Among other items, ACRRA clarified the tax treatment of deductible expenses paid from Paycheck Protection Program (PPP) loan funds by nullifying the previous administrative guidance from the IRS and…