Corporate & Partnership Tax

/Corporate & Partnership Tax

IRS Required Retirement Plan Restatements Cycle Opened on August 1

By |2020-08-24T15:14:46+00:00August 24th, 2020|Corporate & Partnership Tax, Pension Admin & Consulting, Press Releases|

Many retirement plans are written using Internal Revenue Service (IRS) pre-approved documents. Pre-approved plans must be restated every six years to update their plan documents to reflect recent legislative and regulatory changes since the previous restatement, to maintain their tax qualified status. The six-year restatement period is known as a “cycle”. The last restatement [...]

Three New Tax Breaks for Charitable Donors

By |2020-08-18T15:01:32+00:00August 18th, 2020|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events, Press Releases|

The Coronavirus Aid, Relief and Economic Security (CARES) Act encourages taxpayers to contribute to worthy charitable causes during this unprecedented health crisis. Accordingly, here are three key tax breaks in the new law for individual and corporate donors in 2020. 1. Deduction for non-itemizers: Normally, you may write off contributions to charitable organizations, subject [...]

Big Tax Payoff for Bonus Depreciation

By |2020-07-31T13:25:43+00:00July 31st, 2020|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

If your business is starting to emerge from this year’s slumber, you may be inclined to acquire new equipment or other assets to help generate more income. In addition to the Section 179 allowance, which allows your business to expense up to $1.04 million of the cost of assets placed in service in 2020 (subject [...]

REVIVE ALABAMA: COVID-19 Cash Grants for Alabama Small Businesses

By |2020-07-13T20:59:54+00:00July 13th, 2020|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

Last week, Governor Ivey announced a $100 million small business grant program for AL small businesses known as Revive Alabama. The program will reimburse small businesses up to a combined $100 million for expenses they have incurred due to operational interruptions caused by the pandemic and related business closures. These grants are being funded with [...]

CARES ACT – Employer Social Security Tax Deposits Deferral

By |2020-07-13T15:15:05+00:00July 13th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The CARES Act allows for the deferral of the employer’s social security tax deposits from 3/27/20 through the end of 2020.  The deferred amounts must be deposited over the next two years, half of the deferred amount by 12/31/21, and the other half by 12/31/22.  Originally, the CARES Act prohibited PPP recipients from exercising this [...]

Tax Ramifications in the Gig Economy

By |2020-07-02T19:06:56+00:00July 7th, 2020|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Do you pick up riders in your car, rent out a spare room in your summer home or perform various other services for customers? If so, you are likely participating in the “gig economy” that is rapidly growing in popularity around the country. For many people, this is a good way to earn extra money [...]

New Guidance on Paycheck Protection Program Loan Forgiveness

By |2020-06-19T12:50:58+00:00June 19th, 2020|Corporate & Partnership Tax, News & Events, Press Releases|

Thanks to recently released guidance after the PPP Flexibility Act was passed, PPP loans are now eligible to be forgiven based on the amount of eligible costs paid or incurred during the 24-week period following PPP loan disbursement (the Covered Period). Alternatively, borrowers who received PPP funding prior to June 5, 2020 may elect to [...]

Paycheck Protection Program Flexibility Act Modifies Requirements

By |2020-06-09T15:25:38+00:00June 8th, 2020|Corporate & Partnership Tax, News & Events, Press Releases|

This past Friday, June 5th, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. This Act modifies the Paycheck Protection Program in several ways and is summarized below: Borrowers now have a 24-week covered period to use the PPP funds. However, borrowers may elect to keep the original 8-week covered period. Borrowers [...]

The PPP Loan Forgiveness Application

By |2020-05-27T17:30:53+00:00May 20th, 2020|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

Last Friday, May 15th, the SBA and Treasury released the PPP Loan Forgiveness Application. This application provides new elections and exemptions available to borrowers, as well as clarifies certain questions regarding PPP loan forgiveness. These elections/exemptions/clarifications include: Payroll Costs – Provides borrowers with a weekly or biweekly payroll schedule the option to elect to use [...]