SBA Questionnaire for PPP Loans in Excess of $2 Million
by Scott Lewis, CPA, MSA The PPP loan program was signed into law to provide relief to small businesses during the coronavirus pandemic as part of the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, back in March of 2020. It was designed as an assistance measure in times of unprecedented economic uncertainties […]
Final Tax Regulations on Entertainment and Meals as Business Deductions
by Scott Lewis, CPA, MSA On October 2, 2020, the IRS issued their final regulations on the deductibility of business entertainment and food and beverage expenses. As part of the Tax Cuts and Jobs Act (TCJA) in late 2017, IRC Section 274, “Disallowance of certain entertainment, etc.,” was significantly modified. It effectively eliminated the tax […]
Final Regulations on Bonus Depreciation from IRS and Impact for Dealerships
by Scott Lewis, CPA, MSA The last set of final regulations from the IRS to implement the 100 percent additional first-year depreciation deduction, or bonus, was released in late September 2020 and clarified some final items, including some advantageous for auto dealerships. Bonus depreciation, which allows businesses to accelerate their tax deductions on the depreciation […]
Final Tax Planning Strategies for 2020 in this Presidential Election Year
Regardless of who wins the upcoming presidential election, as we enter the final three months of 2020, we are suggesting some topline tax planning ideas. We are noting the potential changes Biden has laid out in his tax proposals vs. the current tax code for information only. These are by no means comprehensive, or “one […]