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Blogging Beyond the Numbers

Posted by: Dan Bergs 1 month ago
Getting a college education is expensive. It is also a great investment in your future as well as the future of your child or grandchild. There are some tax benefits that will assist in the cost of a college education. The new stimulus bill passed on December 27, 2020 called the Consolidated Appropriations Act (“CAA”) made some changes to college tax benefits. First, let us discuss some tax c...
Posted by: Kate Serpe 2 months ago
Are you currently banking with a Community Financial Institution (CFI)?  If so, you may be able to apply for a PPP2 first draw loan as early as today!  The SBA has re-opened the PPP loan portal to these smallest lenders to help businesses that are looking to apply for a PPP loan for the first time starting today.  If you are looking for a second draw loan and work with a CFI, the portal will...
Posted by: Bruce Mayer 2 months ago
The rules for accounting for leases in a set of financial statements in accordance with GAAP (Generally Accepted Accounting Principles) will change significantly starting in 2022.  The logic for making the change is that balance sheets are currently very different for businesses that own a building compared to businesses that rent a building.  To enhance comparability between businesses the Finan...
Posted by: Mike Scholz 2 months ago
The best choice of entity can affect your business in several ways, including the amount of tax you will pay. In some cases, businesses decide to switch from one entity type to another. S corporations can generally provide substantial tax benefits over C corporations (because of single level tax versus double tax); in some circumstances there are potentially costly tax issues that may be triggered before m...
Posted by: Whitney Mauger 2 months ago
With the President's signature enacting into the law the $900 billion COVID-19 relief bill, certain business meals will now be 100% deductible. This full deduction applies to the cost of food or beverages provided by a restaurant and paid or incurred in 2021 and 2022.    The only change to the code was this new exception to the 50% rule.  All other areas of Sec. 2...
Posted by: Kent Collier 2 months ago
Many of you have read our recent blog regarding the position taken by the IRS on the deductibility of PPP covered expenses. In IRS Revenue Ruling 2020-27 issued in the fall, the IRS indicated that those covered expenses typically would not be deductible. However, the recently signed COVID-19 Relief Act overrides that Revenue Ruling and provides that the expenses are deductible even though the loan proceeds...
Posted by: Kate Serpe 2 months ago
On December 27, 2020, the Consolidated Appropriations Act was signed into law.  This new bill included a $900 billion stimulus package that allocated an additional $284.5 billion to the Paycheck Protection Program (PPP).  Highlights of this new round of PPP funding and new guidance include: Expenses related to the PPP loan and forgiveness are tax deductible.$35 billion is available for firs...
Posted by: Dan Bergs 2 months ago
Included in the COVID Relief stimulus package signed into law on December 27, 2020 were significant changes to certain payroll tax credits.  Enhancements under the Relief Act, especially to the Employee Retention Credit (ERC), are targeted to those businesses that have experienced declines in revenue or have been “shut down” due to state and local lockdown orders.    Here is some back...