With so many people working remotely these days, it has become common to think about moving to another state — perhaps for better weather, to be closer to family or
Will Changes to CA’s PPP Loan Bill Affect Your Business?
California enacted a law in late 2020 allowing businesses to exclude PPP loan amounts under the federal CARES Act for state tax purposes, but denying a deduction for expenses paid
Manuel Ramirez Joins DFK/USA Executive Committee
September 4, 2020: DFK/USA is pleased to announce the addition of Manuel Ramirez to the Executive Committee. Comprised of nine officers, the Executive Committee, is authorized to act on behalf
Get to Know RJI CPAs: Meet Ian Lawson, Audit & Assurance Director
When Ian isn’t focusing on practice development and client retention for RJI CPAs, he can be found on the golf course or driving down the coast with the top down
IRS Guidance Provides RMD Rollover Relief
The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take
New Law Improves PPP Loan Flexibility & Forgiveness
The recently approved Paycheck Protection Program Flexibility Act (PPPFA) provides businesses with much-needed flexibility regarding the use of Paycheck Protection Program (PPP) funds and eases the requirements for full loan
IRS Denies Deductions for Expenses Paid by PPP Loans
The IRS has recently confirmed that they will not allow taxpayers to claim tax deductions for expenses that were paid by PPP loans that were forgiven, even for recurring expenses
Good News for Small Businesses as Senate Passes PPP Reform Bill
The U.S. Senate passed the House version of the Paycheck Protection Program Flexibility Act on June 3, 2020, easing restrictions on how small businesses can use their PPP loan funds
SBA Clarifies Good Faith Certification for PPP Loans
On April 23, the Small Business Administration (SBA) issued a warning that businesses with substantial access to liquidity may not qualify for Paycheck Protection Program (PPP) loans. Concerned that their
House Proposes More Flexibility for PPP Program. Will Senate Follow?
The U.S. House of Representatives passed a bill on May 28, 2020 that would make it easier for businesses to have their Paycheck Protection Program (PPP) loans forgiven by reducing
Missed or Denied a PPP Loan? Good News, Here Are Some Alternatives
The Paycheck Protection Program (PPP) loan is anticipated to quickly run through its second round of $310 billion in funding due to high demand, which will leave many small business
New Funds Now Available for PPP and EIDL Loans
On April 24 the Paycheck Protection Program (PPP) Increase Act of 2020 was signed into law. The Act is an interim stimulus plan designed to provide relief to small businesses
How to Achieve Maximum PPP Loan Forgiveness
If you received a Paycheck Protection Program (PPP) loan, you have probably already started thinking about the next step – determining how much of the loan will be forgiven. Qualifying
New COVID-19 law makes favorable changes to “qualified improvement property”
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
The IRS announces new COVID-19-related assistance for taxpayers
The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file
Answers to questions about the CARES Act employee retention tax credit
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
Coronavirus (COVID-19): Tax relief for small businesses
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
What you need to know about the Families First Coronavirus Response Act
President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave
BREAKING: U.S. Treasury Secretary now says tax filing deadline is moved to July 15
U.S. Treasury Department Secretary Steven Mnuchin announced that the 2019 income tax filing deadline will be moved to July 15, 2020 from April 15, 2020, because of the coronavirus (COVID-19)
The IRS extends the federal income tax payment deadline
After U.S. Treasury Secretary Steven Mnuchin’s announcement that the deadline for paying federal income taxes would be extended, the IRS released guidance on March 18 outlining the details. IRS Notice
The IRS provides guidance on meal and entertainment deductions
The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Among other things, the proposed regs clear up
How business owners may be able to reduce tax by using an S corporation
Do you conduct your business as a sole proprietorship or as a wholly owned limited liability company (LLC)? If so, you’re subject to both income tax and self-employment tax. There
The SECURE Act likely to affect your retirement and estate plans
In late 2019, the first substantial legislation related to retirement savings since 2006 became law. The Setting Every Community Up for Retirement Enhancement (SECURE) Act brings numerous changes to the
Numerous tax limits affecting businesses have increased for 2020
An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your
The SECURE Act changes the rules for employers on retirement plans
The Setting Every Community Up for Retirement Enhancement (SECURE) Act is the first significant retirement-related legislation in more than a dozen years. It brings many changes that affect employers of
Wayfair revisited — It’s time to review your sales tax obligations
In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote
Small Businesses: It may not be not too late to cut your 2019 taxes
Don’t let the holiday rush keep you from taking some important steps to reduce your 2019 tax liability. You still have time to execute a few strategies, including: 1. Buying
IRS updates rules for using per diem rates
The IRS recently issued guidance on how businesses, self-employed individuals and qualified employees can use the per diem rules to substantiate their business travel expenses for tax purposes. The guidance
Holiday parties and gifts can help show your appreciation and provide tax breaks
With Thanksgiving behind us, the holiday season is in full swing. At this time of year, your business may want to show its gratitude to employees and customers by giving
Two valuable year-end tax-saving tools for your business
At this time of year, many business owners ask if there’s anything they can do to save tax for the year. Under current tax law, there are two valuable depreciation-related
IRS Updates Rules for Mileage-Related Deductions
The IRS has issued new guidance updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. IRS
