Small Business

Small business get tax relief in Texas Property Tax Reform

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 […]

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2021 Mileage Rates

What are the Standard Mileage Rates for 2021?

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

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How to deduct you PPP expenses under the CARES Act?

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

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IRS releases guidance on deductibility of expenses related to loans forgiven under the Paycheck Protection Program.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans?

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.

IRS drops a bomb and answers the question: Can a taxpayer deduct expenses related to their Paycheck Protection Program (PPP) Loans? Read More »

PPP Loan Forgiveness IFR issued 8/24/2020

New SBA IFR on PPP Loans Released Today – 8/24/2020

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

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Paycheck Protection Program - Don't shame companies, look for these issues that really matter

Instead of PPP loan shaming, look for this information

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

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What to look for in PPP Loan details released by Treasury

What to look for in PPP Loan details released by US Treasury

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.

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