If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted on March 27, 2020, is designed to provide financial assistance…
Working from home has its perks. Not only can you skip the commute, but you also might be eligible to deduct home office expenses on your tax return. Deductions for these expenses can save you a bundle, if you meet the tax law qualifications. Under the Tax Cuts and Jobs Act, employees can no longer…
The IRS is changing the way they audit partnerships and assess underpayment of tax beginning in 2018. Underpayment of tax and the assessment of penalty and interest will be assessed at the partnership level versus the individual partner level and the tax will be assessed at the highest partner tax rate. One Partner will need…
