by Brian Hare, CPA, CGMA | Nov 6, 2020 | Business
The IRS has provided guidance to employers regarding the recent presidential action to allow employers to defer the withholding, deposit and payment of certain payroll tax obligations. The three-page guidance in Notice 2020-65 was issued to implement President Trump’s...
by Brian Hare, CPA, CGMA | Sep 2, 2020 | Business, Tax
Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will...
by Brian Hare, CPA, CGMA | Aug 25, 2020 | COVID-19
The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business,...
by Paula Kennedy, EA | Aug 19, 2020 | COVID-19, Tax
On August 8, President Trump signed four executive actions, including a Presidential Memorandum to defer the employee’s portion of Social Security taxes for some people. These actions on payroll tax deferral were taken in an effort to offer more relief due to the...
by Kaitria LaFleure | Jul 21, 2020 | COVID-19
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...
