Archive for Category: Business

IRS Issues Additional PPP Loan Forgiveness Guidance

IRS released Revenue Ruling 2020-27 on November 18, 2020 clarifying the tax impact of receiving PPP Loan forgiveness as follows: “A taxpayer that received a covered loan guaranteed under the PPP and paid or incurred certain otherwise deductible expenses listed in section 1106(b) of the CARES Act may not...

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Stay on Track with Your Business Taxes

Failure to pay business taxes punctually or accurately is usually due to inadequate preparation. The following daily, weekly, and monthly tasks will help you keep your finances in order and avoid paying tax penalties: Daily Accounting Responsibilities 1.     Check Account Balances Check your business bank account and credit card...

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