A joint venture is when multiple business entities start a new business together as a cooperative arrangement. When creating a joint venture, each of the involved entities agrees to what assets they will contribute, how they are going to distribute income and share expenses, and how the new entity will move forward. Owners need to …
For Business
Business Relief: The Employee Retention Credit Extended
Employers are seeing some much needed relief now that the the Employee Retention Credit has been extended. The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Employee Retention Credit for 2020 to help businesses. The credit helps employers retain their workers by keeping them employed during the COVID-19 crisis. As part of the …
Business Relief: The Employee Retention Credit ExtendedRead More
Interaction Between PPP Loans and the Employee Retention Credit
What is the interaction between PPP loans and the employee retention credit? Let us share what we know. The Consolidated Appropriations Act of 2021 (also known as the CCA) was passed by Congress late last December. Within this bill included a very tax-beneficial provision. This provision liberalized the interaction between PPP loans and the Employee …
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New Business Tax Issues to Consider in 2021
When starting a new business, tax issues – along with everything else – can feel overwhelming and unsurmountable. But in spite of COVID-19 restrictions, many entrepreneurs are still considering new or additional business opportunities. If you are planning a new business start-up and are incurring expenses, here are some specific tax issues to be aware …
4 Important Questions Entrepreneurs Should Consider During the 2020 Tax Season
As if filing taxes wasn’t challenging enough, this 2020 tax season is going to be even more complicated than usual. Though the CARES Act and the Paycheck Protection Program were put into place to help small businesses, the old adage about “no such thing as a free lunch” is proving true once again. Now that …
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Congress Authorized a Second Round of PPP Loans
Congress approved a second round of PPP loans in 2021 called the Consolidated Appropriations Act. Included in its almost 5,600 pages is a second draw of forgivable Paycheck Protection Program (PPP) loans. The first round allowed loans to businesses with 500 or fewer employees. It also had allowances for loans to certain businesses with multiple …
Increased Business Meal Deductions for 2021 and 2022
With increased business meal deductions for 2021 and 2022, the business lunch is back! If you recall, the Tax Cuts and Jobs Act (TCJA) eliminated the business-related deduction for entertainment, amusement or recreation expenses. However, it retained a deduction for business meals when the expense is ordinary and not extravagant. Especially when a business meal …
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Standard Mileage Rates for 2021 Just Announced
Recently, the IRS announced the standard mileage rates for 2021 which outlines the use of a vehicle for business, medical and moving purposes. This baseline is based on a number of factors in order to determine the standard mileage rates for the following year. Recently, the IRS announced the 2021 optional standard mileage rates. Thus, …
Your Annual Reminder to File Worker Form 1099-NEC
This is our annual reminder that if you use workers other than employees to perform services for your business (and those services equal more than $600 for the year) be sure to file worker 1099-NEC for them. You are required to issue each worker a Form 1099-NEC. This is for you to avoid facing the …
