Blog

The COVID-related Tax Relief Act of 2020 was signed by President Trump as part of the Consolidated Appropriations Act.  A second round of stimulus checks was included in this new law. Taxpayers are eligible for a rebate payment up to $600 ($1,200 for joint filers) plus $600 for each qualifying...

A new COVID-19 relief package was passed by the House and Senate on 12/21/2020 and is awaiting the President’s signature.  It includes changes to the existing PPP program and approves a second round of the PPP funding. Original PPP Loan Changes The new law includes a long-awaited fix regarding the...

The TCJA limited the state and local tax (SALT) itemized deduction to $10,000, which essentially increased the federal income tax on many small business owners operating as passthrough entities (PTE) (i.e. partnerships and S corporations).   For federal purposes, a PTE’s income is taxed on the individual income tax return and...

As the seasons turn towards fall and tax deadlines begin to fade away, we have had an increased number of questions regarding accounting for loans made under the Paycheck Protection Program (PPP).  The intention of this blog is not to discuss the loan program itself or related forgiveness process.  Instead,...

There comes a point in time when every business owner is ready to take a step back.  Most business owners start their business with dreams of financial independence and a sense of freedom.  Eventually those owners are ready to reap the benefits of all those years of hard work. Planning...