Here are seven powerful business tax deduction strategies that you can easily understand and implement before the end of 2020. These work great if you are actually in need of more deductions for 2020. If your business did very poorly this year due to Covid-19, your 2020 tax bracket might be so low that you’ll […]
2020 Last-Minute Year End Business Tax Deductions Read More »
Hi Everyone, As I’ve alerted you before, there is still one huge unknown related to the PPP Program, which would have major ramifications on your 2020 tax bill. Now that the unusually long tax filing season has ended, I thought I’d take some time fully explain what this issue is all about. To explain, in
Help Lawmakers Make PPP Expenses Tax Deductible Read More »
Congress Has Failed to Pass Any New Economic Relief, A Few Executive Orders to Update You On Instead Dear Friends, I’ve been holding off on sending you an update this week, in hopes that some kind of miracle agreement would get done, but those hopes are fading, so I figure I’ll give you a status
Covid-19 Economic Relief Talks Have Stalled Read More »
Hello Everyone, Heading into the homestretch of 2019 and preparing for a breakout year in 2020, we are thrilled to announce some new additions to our professional service team, as well as an office move into a bigger space. Please join us in celebrating two staffing announcements. Nicole Matto, Tax Accountant –
Announcement: 2 New Staff Hires and an Office “Move” Read More »
If you use triple-net leases for your rental properties, you may wonder whether you’ll get your Section 199A deduction. We don’t have a clear answer for you, so we are going to go with “maybe.” As you’ll see, we need more information. A triple-net lease requires the lessee to pay the landlord rent as well
Q&A: Do Triple-Net Leases Qualify for a 199A Deduction? Read More »
Late last week, the DRS released Form CT-1065/CT-1120SI RR, Pass-Through Entity Tax 2018 Income Tax Estimated Payment Recharacterization Request (RR). This form follows Special Notice 2018(4), Guidance on 2018 Estimated Payments for the Newly Enacted Pass-Through Entity Tax. Per the DRS, to make a recharacterization request, the member must complete Form CT-1065/CT-1120SI RR and submit the request form to the
The CT DRS Has Published the 2018 Estimated Tax Recharacterization Forms Read More »
Hello Everyone, Bravo! The Internal Revenue Service released initial guidance Wednesday on the business expense deduction for meals and entertainment in the wake of the Tax Cuts and Jobs Act, which was supposed to eliminate deductions for expenses pertaining to activities generally considered entertainment, amusement or recreation. The guidance rescues the meals deduction, and confirms
The IRS Issues Long-Awaited Guidance on Business Meals and Entertainment Deductions Read More »
Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans: general small business loans of up to $5 million, 504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate, and microloans: short-term
The SBA Made 6 Monthly Loan Payments on Your Behalf. Is That Taxable Income? Read More »
Hello Everyone, There is some confusion out there about how the new Section 199A tax deduction is calculated, particularly around the “Taxable Income” definition, which is the starting point for the entire calculation. To clarify: Taxable Income is the starting point for your Section 199A deduction, and you can obtain that number from
How Capital Gains Can Hurt Your New 199A 20 Percent Tax Deduction Read More »
IRS Issues Section 199A Guidance On The New 20% Pass-Through Business Income Deduction: Who Are The Winners and Losers? Hello Everyone, As you may recall from our previous Tax Alerts from Feb 3 and May 21, one of the key items passed in the recent tax reform, the Tax Cuts and Jobs Act (TCJA), was
IRS Issues Section 199A Guidance On The New 20% Pass-Through Business Income Deduction: Read More »
