Ideas & Insight

The Small Business Administration (SBA) has recently told lenders they will start accepting Paycheck Protection Program (PPP) loan forgiveness applications starting August 10, 2020. The SBA had originally stated that borrowers could apply for forgiveness as soon as they had used up all the loan money they wanted to receive forgiveness for. However, the SBA […]

If you’re a partner in a business, you may have come across a situation that gave you pause. In a given year, you may be taxed on more partnership income than was distributed to you from the partnership in which you’re a partner. Why is this? The answer lies in the way partnerships and partners […]

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications. […]

If you’re planning your estate, or you’ve recently inherited property assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. […]

A widely circulated article about the COVID-19 pandemic, written by author Tomas Pueyo in March, described efforts to cope with the crisis as “the hammer and the dance.” The hammer was the abrupt shutdown of most businesses and institutions; the dance is the slow reopening of them — figuratively tiptoeing out to see whether day-to-day […]

The state of Michigan announced a new Michigan COVID-19 Safety Grant Program on July 23 , which will provide small businesses with matching funds of up to $10,000 to decrease the risk of COVID-19 spread, through safety and health-related equipment purchases and training in response to COVID-19. The initial grant application window will be open […]

Did you recently file your federal tax return and were surprised to find you owed money? You might want to change your withholding so that this doesn’t happen next year. You might even want to do that if you got a big refund. Receiving a tax refund essentially means you’re giving the government an interest-free […]

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange […]

Dentists, you can now apply to receive funding from the U.S. Department of Health and Human Services’ (HHS) Provider Relief Fund. HHS is distributing $175 billion to hospitals and healthcare providers on the front lines of the coronavirus response. The American Dental Association worked closely with HHS and the Health Resources and Services Administration, which administers the fund, […]

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least $600 […]