David Reape CPA Archives - Page 15 of 20 - HW&Co. CPAs and Advisors

Launching a business? How to treat start-up expenses on your tax return

By: David M. Reape

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to […]

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 […]

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 […]

Hiring independent contractors? Make sure they’re properly classified

By: David M. Reape

As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified […]

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 […]

CARES Act deferral of, changes to and limits on excess business losses

By: David M. Reape

During this challenging time, we know that everyone’s highest priority continues to be the health and well-being of their families, friends, neighbors and co-workers. At the same time, we’re focused […]

Relief from not making employment tax deposits due to COVID-19 tax credits

By: David M. Reape

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in […]

Q&A about the CARES Act employee retention tax credit

By: David M. Reape

The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the […]

The new COVID-19 law provides businesses with more relief

By: David M. Reape

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus […]

Coronavirus (COVID-19): Tax relief for small businesses

By: David M. Reape

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has […]

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