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business taxes

The PPP Tax Trap

December 28, 2020 By Stephen Nelson CPA

Okay, sorry, but I’m worried you might stumble into a PPP tax trap. The good news here? You may be able to avoid the trap. But the bad news? You … [Read more...] about The PPP Tax Trap

Filed Under: business taxes, individual income taxes, PPP

PPP Loan Amount Increases

December 21, 2020 By Stephen Nelson CPA

Don't miss the bus with regard to the PPP loan amount increases that may become available if Rubio's bill passes.

A week or two from now, you may get a chance to get a PPP loan amount increase. We just need Congress to pass and the President to sign the … [Read more...] about PPP Loan Amount Increases

Filed Under: business taxes, COVID-19, PPP

PPP Second Draw Loans

December 21, 2020 By Stephen Nelson CPA

PPP second draw loans give small businesses a second chance

Very soon, maybe right after the holidays, some borrowers will be able to get a second PPP loan. So a second bite at the apple. Accordingly, I want … [Read more...] about PPP Second Draw Loans

Filed Under: business taxes, COVID-19, PPP

Proposed Biden Tax Reform Planning

December 7, 2020 By Christian Block CPA

You want to spend at least a little time thinking about the Biden tax reform proposals. With the President-Elect taking office in January, the … [Read more...] about Proposed Biden Tax Reform Planning

Filed Under: business taxes, individual income taxes

Sole Proprietor and Partnership PPP Tax Rules

August 20, 2020 By Stephen Nelson CPA

Partnership PPP tax accounting complicated and uncertain at this point.

Sole proprietor and partnership PPP tax rules get complicated. A sole proprietor who uses her or his PPP loan money to pay the owner probably … [Read more...] about Sole Proprietor and Partnership PPP Tax Rules

Filed Under: business taxes, PPP

Killer Small Business Tax Breaks

July 6, 2020 By Stephen Nelson CPA

Some killer small business tax breaks can save you a bundle.

We've been talking tons about Covid 19 stuff over the last few weeks. Like the paycheck protection program. And employee retention credits. But a … [Read more...] about Killer Small Business Tax Breaks

Filed Under: business taxes, Corporate taxation, New business, qualified opportunity zone

Physician 199A Deductions Can Work (if You Know Rules)

June 22, 2020 By Stephen Nelson CPA

This week, I talk about physician 199A deductions. More specifically, I talk about how many physicians who own part or all of their medical … [Read more...] about Physician 199A Deductions Can Work (if You Know Rules)

Filed Under: business taxes, Corporate taxation, Section 199A

Research and Development Credit Explained

June 15, 2020 By Christian Block CPA

The R & D credit rewards taxpayers who innovate

Tax credits provide a popular way to pay less tax. A dollar of tax credit, for example, saves a dollar of tax. And one popular tax credit? The … [Read more...] about Research and Development Credit Explained

Filed Under: business taxes, Corporate taxation, individual income taxes

Paycheck Protection Loan Formula Explained and Illustrated

April 7, 2020 By Stephen Nelson CPA

The paycheck protection loan formula is complicated.

People are confused about how the paycheck protection loan formula works. And no wonder. Simple on the surface, the formula gets complicated once … [Read more...] about Paycheck Protection Loan Formula Explained and Illustrated

Filed Under: Bookkeeping, business taxes, COVID-19

The 50 Percent Section 2301 Employee Retention Credit

March 27, 2020 By Stephen Nelson CPA

Section 2301 employee retention credit mechanics

The Section 2301 Employee Retention Credit gets a little bit complicated once you dig into the details. But if you're a small business owner, you … [Read more...] about The 50 Percent Section 2301 Employee Retention Credit

Filed Under: business taxes, COVID-19

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Featured Posts

Covid-19 Economic Uncertainty Update

Over most of the last year, we’ve talked a lot at this blog about economic uncertainty and the Covid-19 pandemic. As you maybe know, the popular … [Read More...] about Covid-19 Economic Uncertainty Update

ERC and PPP Affiliation Rules May Make Acquisitions More Attractive

Editor's Note: Daniel Chodan, a tax partner with the Trout CPA firm in Pennsylvania, wrote the article that appears below. If you follow Dan on … [Read More...] about ERC and PPP Affiliation Rules May Make Acquisitions More Attractive

second draw PPP loan revenue reduction calculation art

Calculating Revenue Reductions for Second Draw PPP Loans

As you probably know if you’re reading this, small businesses suffering from 25 percent or bigger revenue reductions may receive a second draw PPP … [Read More...] about Calculating Revenue Reductions for Second Draw PPP Loans

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