Posted on March 29, 2021
Which Start-Up Costs Are Deductible for Federal Tax Purposes?
Many people started businesses in 2020, and many others plan to launch new ventures in 2021. Entrepreneurs often have questions about whether business expenses for a start-up can be deducted in the year they're incurred or paid — or whether they must be capitalized and deducted over time. Here's some guidance.
Posted on March 22, 2021
Postponement of 2020 Individual Tax Return Deadline
The Internal Revenue Service and the New York State Department of Taxation and Finance have announced that the individual income tax filing deadline for 2020 tax returns is automatically postponed from April 15, 2021, to Monday, May 17, 2021.
Posted on March 18, 2021
Get Rid of Tax Season Struggles
Every hour businesses spend doing taxes is an hour not spent moving the business forward. Outsourcing accounting and tax preparation can end the tax season scramble and help businesses save money, reduce errors, and devote more time to business-forward initiatives.
Posted on March 1, 2021
CAA Offers Tax Breaks for Manufacturers
The Consolidated Appropriations Act (CAA) — the massive spending package passed in December 2020 — includes many provisions designed to help small businesses that have been struggling during the COVID-19 pandemic. Specifically, the new law contains the following seven tax-related provisions that may be of particular interest to manufacturers.
Posted on February 25, 2021
BST's Timely Tax Tidbits
BST's tax newsletter. In this issue: 5 Valuable Tax Credits for 2020 Individual Returns, Nonprofits Need to Educate Donors About New Tax Benefits, CAA Offers Tax Breaks for Manufacturers, Is It Time for a Roth Conversion? and more.
Posted on January 13, 2021
Paycheck Protection Program Second Draw Loans – What You Need to Know
While we all celebrated the end of 2020 with renewed hope for what 2021 will bring, it is clear that at least the beginning of this year still has its challenges for many. Fortunately, The Economic Aid Act provides for a second stimulus program for businesses, not for profits and other types of organizations.
Posted on January 7, 2021
COVID-19 Relief Act opens back door to Employee Retention Credit (ERC) and loan forgiveness under the PPP
In the recent COVID-19 Relief Act the government provided an opportunity for businesses to retroactively qualify for certain employee retention credits (“ERC”) even if they utilized the PPP loan program.
Posted on December 23, 2020
From Congress to PPP Borrowers
As so many small businesses hoped for, on Sunday, December 27th, President Trump signed the Consolidated Appropriations Act of Fiscal Year 2021 which confirms the relief that was originally intended by the CARES Act: expenses funded with proceeds from forgiven PPP loans are deductible!
Posted on December 16, 2020
Divorce and Income Taxes – End of Year Considerations
It’s that time of year when your mailbox is full of holiday greetings and heartfelt wishes as well as year-end tax planning tips.
Posted on December 15, 2020
Basic 1099 Filing Requirements
Forms for various tax situations
Posted on December 10, 2020
To Wait or Not To Wait, That is the Question
While the CARES Act provides for the exclusion of any loan forgiveness amount from gross income, it fails to address the treatment of the expenses funded by those proceeds.
Posted on December 1, 2020
Tips for Holiday Office Party Planning During Covid-19
With many workers still remote and gathering restrictions increasing as infection rates rise, 2020 is absolutely the year to re-imagine the company holiday party.
Posted on November 2, 2020
Financial Metrics that Matter
Achieving and maintaining profitability for your practice is essential and having the capability to track key metrics that measure productivity is core to being successful.
Posted on October 27, 2020
Tax Implications When Lenders Cancel Debts in the COVID-19 Era
In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers.
Posted on October 13, 2020
COVID-19 Relief: New Rules for Deducting Charitable Contributions
No matter what any of us have tried to accomplish in 2020, it certainly has been harder to achieve. That is the case for not-for-profit organizations, which depend on charitable giving to support their mission.
Posted on October 8, 2020
When accounting for your leases, will you benefit from FASB’s response to Covid-19?
In anticipation of disruptions resulting from the Covid-19 Pandemic (Covid-19), on June 3, 2020, the Financial Accounting Standards Board (FASB) granted a one-year effective date delay for certain entities implementing the new lease accounting standard (Topic 842).