Recent changes to the Sec. 179D energy-efficient commercial buildings deduction
From The Tax Advisor: The energy efficient commercial buildings deduction under Sec. 179D provides taxpayers with an incentive to make...
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Scott Turner
- Apr 6
- 2 min
Deducting Health Insurance for S Corp Shareholders
Find below the direct quote from the IRS Small Business and Self-Employed Website http://www.irs.gov/Businesses/Small-Businesses-&-Self-E...
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Scott Turner
- Apr 6
- 4 min
Depreciating Your Business Building
Congrats on your purchase. For tax purposes, a commercial building is depreciable over 39 years (straight line, no acceleration) for the...
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Scott Turner
- Apr 6
- 3 min
Buying a Vehicle After the New Tax Law
Example: Business owner wants to sell or trade-in a former vehicle for $20,000 and purchase a new or used vehicle for $50,000. The issue...
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Records In Order
- May 28, 2021
- 3 min
Simplifying the ERC Confusion
Retroactive Stuff – Going Back to 2020: Recent legislation (Dec 2020, and March 2021) revised the rules for 2020. You now qualify if you...
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Records In Order
- May 4, 2021
- 1 min
California Businesses May have an April 30 Use tax due date
REMINDER: 2020 Use Tax Per the State of California If you bought tax-free items online, in another state, or in a foreign country, you...
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Records In Order
- Apr 21, 2021
- 2 min
Individual Stimulus Payments Recap; 2020 Required Reporting
There are now 3 separate legislations providing a Stimulus payment to individuals. See below recap. In addition, individual taxpayers...
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Records In Order
- Apr 9, 2021
- 2 min
2021 Tax Estimates are DUE April 15 & June 15: 2020 tax postponed to May 17
Mini-extension for 2020 individual returns: Surely you know that the State and Feds extended the individual tax filing date to May 17 –...
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Records In Order
- Apr 9, 2021
- 1 min
MAJOR SBA announcement = EIDL increased!
Just within the last few days, the SBA has announced that all recipients of the 2020 EIDL are eligible to apply for a loan increase....
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Records In Order
- Mar 23, 2021
- 1 min
The $10,000 SBA Grant is Back
The original $10,000 grant for any business in a disaster area is back (less the $1000 per employee you already received if you applied...
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Records In Order
- Jan 27, 2021
- 3 min
Let's Review Stimulus Programs
Family First Coronavirus Response Act Pay leave type: Under FFCRA, there are three different types of paid leave. Employee National Paid...
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Records In Order
- Jan 19, 2021
- 1 min
Big banks now taking Second Draw PPP applications
First Draw and Second Draw PPP Now available from all financial institutions offering the PPP. If you qualify, today is the first day you...
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Records In Order
- Jan 18, 2021
- 2 min
US Bank releases instructions re PPP Funding, including some doc requirements (final paragraph)
We expect that all banks will issue similar instructions, so we provide this to you as an alert of what to expect from your financial...
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Records In Order
- Jan 18, 2021
- 2 min
Now 2 types of 1099s, due 1-31-21 -- Our deadline for assistance is 1-22-21
1099 filings for 2020 are due January 31, 2021 for 1099 required vendors; such as, independent contractors, non-employees, and landlords....
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Records In Order
- Jan 18, 2021
- 2 min
Follow up: Second Draw PPP Funding
Application Status: Right now, only community banks and small regionals can process the Second Draw PPP applications, as of 1/13/21. The...
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Records In Order
- Jan 18, 2021
- 3 min
2020 Business Tax Preparation
We hope your 2021 year is starting off well. We certainly hope for an improvement over 2020. It is once again time to think about sending...
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