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Four Insights into the PPP Loan and Its Forgiveness

Four Insights into the PPP Loan and Its Forgiveness We receive many questions about the Payroll Protection Program (PPP). Here are two of them with our answers. 1. Good Faith at the Time Question. What are your thoughts on the repercussions for business owners who acted in good faith based on the information available at…
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All About Limited Liability Companies (LLC)

All About Limited Liability Companies (LLC) Limited liability companies (LLCs) are a popular choice of entity for small businesses and investment activities. LLC owners are called members. · Single-member LLCs have one owner, although spouses who jointly own an LLC in a community property state can elect treatment as a single member LLC for federal…
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Working at Home? Don’t Overlook These Deductions

Working at Home? Don't Overlook These Deductions Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business. Ah, new tax deductions! Yep. Say you don’t claim a home-office deduction but now you are…
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Raise Hell: Help Lawmakers Make PPP Expenses Tax Deductible

Raise Hell: Help Lawmakers Make PPP Expenses Tax Deductible As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money. Let’s explain.…
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Act Now: IRS Creates New Path for Undoing RMDs

Act Now: IRS Creates New Path for Undoing RMDs Over the past few decades, federal taxes have generally trended lower. That era may be coming to an end, especially for well-off individuals. The major factor to consider is that our country might finally be forced to confront the issue of ongoing huge federal budget deficits—which…
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Potential Estate and Gift Tax Threat: Should You Worry?

Potential Estate and Gift Tax Threat: Should You Worry? Over the past few decades, federal taxes have generally trended lower. That era may be coming to an end, especially for well-off individuals. The major factor to consider is that our country might finally be forced to confront the issue of ongoing huge federal budget deficits—which…
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PPP Forgiveness – Corps & Partnerships

PPP Forgiveness - Corps & Partnerships If you operate your business as a partnership or an S or C corporation, you face entity-specific Payroll Protection Program (PPP) loan forgiveness rules that apply to you as an owner-worker in the business. The rules that apply to you do not apply to the rank-and-file employee group. The…
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New Easy Road to 100 Percent Forgiveness

New Easy Road to 100 Percent Forgiveness How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness for the…
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