August 12, 2021
Tax planning can help any business save money on taxes and minimize errors in tax filings. Here are some strategies to start tax planning.
Frank Granatino, Partner
July 8, 2021
With the rise of VRBO and Airbnb, allowing short-term rentals on a vacation home are becoming more popular. Here’s what you need to know about vacation home taxes.
June 9, 2021
The IRS is cracking down on cryptocurrency reporting on tax documents. Here's what you need to know to properly report gains and losses on your tax return.
May 27, 2021
As a business attorney, John Kennyhertz understands the value of a strong professional network.
May 18, 2021
Summer Reminder: Safe Harbor Rules for Rental Real Estate
April 26, 2021
Avoid these top audit triggers and make sure your business is following best practices to avoid an IRS audit this year.
March 12, 2021
The American Rescue Plan Act (ARPA) has been signed into law by President Biden and makes significant updates to several tax provisions to alleviate some of the pandemic's financial burdens for individual taxpayers and businesses. Updates include expansions and extensions of various tax credits such as the employee retention credit (ERC), COBRA continuation coverage, Affordable Care Act (ACA) subsidies, and more. The bill also includes $1.46 billion for the IRS to manage the additional responsibilities on top of the annual tax filing season. Here are the critical tax updates.
March 8, 2021
Form 1040, Schedule C taxpayers received an updated interim final rule (IFR) on the Paycheck Protection Program (PPP) from the Small Business Association (SBA). The IFR clarifies guidance released on Feb. 22 that made changes to how self-employed and sole proprietors could calculate their maximum loan amount to help expand the program for these groups. Approximately 2.6 million sole proprietors have applied for PPP loans, and it is estimated there are about 25 million sole proprietors across the country.
February 25, 2021
The nation’s smallest businesses are getting revamped Paycheck Protection Program (PPP) rules and a special filing period announced in recent changes from the Biden-Harris administration. Small businesses with fewer than 20 employees make up 98% of the small businesses in the U.S. but have not received much assistance from the PPP so far and have accounted for a significant portion of business closures during the pandemic. These new rules seek to remedy that. Here’s what you should know.
January 20, 2021
The employee retention tax credit (ERTC) is intended to provide liquidity to employers during the pandemic and was greatly expanded in the Consolidated Appropriations Act of 2021 thanks to Sections 206 and 207 of the Taxpayer Certainty and Disaster Relief Act portion. It opens the doors to more businesses facing significant financial hardship to qualify for and receive this credit.