Tax Archives - Page 24 of 31 - HW&Co. CPAs and Advisors

Business meal deductions: The current rules amid proposed changes

By: Ed Decker

Restaurants and entertainment venues have been hard hit by the novel coronavirus (COVID-19) pandemic. One of the tax breaks that President Trump has proposed to help them is an increase […]

IRS releases 2021 amounts for Health Savings Accounts

By: Karen Baksa CPA

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the […]

Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible

By: David M. Reape

The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The […]

State of Ohio extends due date for payment of real property taxes and assessments

During the COVID-19 pandemic, real property owners have had concerns on due dates for the payment of real property taxes and assessments for the second half of Tax Year 2019. […]

SBA issues new FAQs dealing with Safe Harbor Deadline

One of the most frequently discussed aspects of the Paycheck Protection Program (PPP) loans has been the economic necessity certification. The date for borrowers that may lack adequate certification and […]

Business charitable contribution rules have changed under the CARES Act

By: David M. Reape

In light of theCOVID-19 pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some […]

IRS Adds Economic Impact Payment Information

By: David M. Reape

The IRS recently addressed a question regarding an Economic Impact Payment being sent to someone who was deceased. From the IRS Economic Impact Payment Information Center: Q: Does someone who […]

IRS Limits Tax Benefits of PPP Loans

By: David M. Reape

The IRS issued guidance on April 30th stating expenses paid with a forgiven PPP loan are NOT deductible. Notice 2020-32 states that “no deduction is allowed for an expense that […]

Everyone loses when workers are paid “under the table”

By: Tony LaNasa

Paying workers “under the table” or with cash can save businesses a bundle in taxes. But the potential consequences are grave. Not only is this practice illegal and could result […]

New COVID-19 law makes favorable changes to “qualified improvement property”

By: David M. Reape

The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred […]

SBA Issues New PPP Guidance for Partnerships & Self-employed

The SBA recently (4/14/2020) issued a new Interim Final Rule that supplements the guidance for the Paycheck Protection Program (PPP) included in the first interim final rule issued on April […]

990 Filing deadline has changed

A few weeks ago, the IRS postponed tax filing deadlines until July 15th, but seemed to have left nonprofits out. Tax-exempt organizations now have an extra two months to file […]

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