If you haven’t been following the Texas legislature, and I wouldn’t blame you if you haven’t, they just concluded their second called Special Session on July 14, 2023. Special sessions can only be called by the Governor and are limited to topics that the Governor lists in his announcement calling the sesssion. This time the […]
Small business get tax relief in Texas Property Tax Reform Read More »
I asked ChapGPT for 3 easy tips that small businesses can use for 2023 to reduce their taxes.
Let’s see what it came up with. Do you agree with these tips?
#TaxTipTuesday #TaxTwitter
3 easy ways for small businesses to save on taxes in 2023 Read More »
It’s a new year, so now it’s time to complete our year-end procedures and make sure we’re ready for 2022. If you have anything to do with accounting, you know this is a crazy time of year. One important deadline for January is filing W-2’s for employees and 1099 Forms for contractors and others. I’m
New Year – new payroll tax software? Read More »
After 2020, I wasn’t going to write a new year posts. I think we’ve all had enough change and disruption to last a lifetime over the past few months, so starting off this year with a new theme or “One Word” or whatever else inspires you, seems a little out of touch. If anything, the
Do you have a theme for your year? Read More »
I know many people, including me, will continue working from home next year. The thought of traveling around town used to bring me dread because of all the traffic and parking issues. However, after being home so long, I wouldn’t mind a little driving around town to see clients and meet with them face-to-face. One
What are the Standard Mileage Rates for 2021? Read More »
Right now, the IRS says you can’t deduct the expenses related to your PPP loan forgiveness but it doesn’t have to be that way. Write to your Congressperson and Senators and tell them to allow PPP Expense deductions for small businesses. See the sample letter at the end of this post from the AICPA. There
How to deduct you PPP expenses under the CARES Act? Read More »
Summary: IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program. It’s been a while since the Internal Revenue Service issued a late night batch of tax rules, but they did it again last night on November 18, 2020. They released their Revenue Ruling 2020-27 and Revenue Procedure 2020-51.
The tax community has been expecting additional Interim Final Rules (IFR’s) for the Paycheck Protection Program (PPP) loans for a long time now. The speed at which these IFRs have been released has slowed down considerably, but, lo and behold, the Small Business Administration has released a NEW IFR today, August 24, 2020. The title
New SBA IFR on PPP Loans Released Today – 8/24/2020 Read More »
The US Treasury and Small Business Administration have released some details about the companies that received Paycheck Protection Program loans and it includes businesses of all shapes and sizes. Yes it’s interesting to see who received them, but there is no shame in receiving one of these loans and using it to keep your employees
Instead of PPP loan shaming, look for this information Read More »
Whether you consider it good news or bad news, the US Treasury and the Small Business Administration has released details on the recipients of loans under the Paycheck Protection Program (“PPP”). I think it’s good news but apparently someone thinks it’s bad news because it took a lot of negotiating to get the information released.
What to look for in PPP Loan details released by US Treasury Read More »