September 18, 2020
Are you self-employed and operate your business from home or perform certain functions at home that are related to your business? You might be able to claim home office deductions on your tax return.
September 2, 2020
The Internal Revenue Service has issued guidance to help businesses implement the Presidential Memorandum issued August 8. The order allows employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount, but it left questions and concerns when it was announced.
August 7, 2020
A meticulous approach to keeping business records can protect your tax deductions and help make an audit much less painful.
July 2, 2020
A last-minute extension means small businesses have until August 8 to apply for Paycheck Protection Program funds.
July 1, 2020
Business owners will receive notification starting this week regarding eligibility for financial relief as part of the Tennessee Business Relief Program.
June 19, 2020
The Treasury Department and Small Business Administration have posted new “borrower-friendly” applications for loan forgiveness under the Paycheck Protection Program.
June 18, 2020
If you have to drive for work during the pandemic, let QuickBooks Online make sure you’re recording all of your deductible mileage.
June 16, 2020
The Tennessee Department of Revenue will issue business relief payments through the Tennessee Business Relief Program to small businesses for costs incurred as a result of mandatory business closures.
June 9, 2020
A change to Section 2302 of the CARES Act removes the exception for business owners who wish to use the tax deferral of the employer’s portion of Social Security taxes.
June 5, 2020
Business owners who received a forgivable loan through the Paycheck Protection Program could get more leeway on how to spend those funds as a result of legislation passed by the Senate and House.
May 27, 2020
Two new interim final rules build upon loan forgiveness application and instruction, but they don’t make changes to the eight-week period during which PPP funds must be spent or the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs.
May 19, 2020
New guidance helps clear up calculation methods, definitions of forgivable expenses, and the documents that must be submitted with the forgiveness request.
May 14, 2020
The Small Business Administration has taken another step to allow employers more flexibility in repaying their loans under the Paycheck Protection Program.
May 13, 2020
The Small Business Administration’s newest announcement offers relief for some employers whose Paycheck Protection Program loans amounted to less than $2 million.
May 1, 2020
New guidance from the IRS says that normally deductible business expenses will not be deductible as a way to prevent a “double tax benefit.”
April 24, 2020
The just-passed $484 billion Interim Stimulus Plan, among other things, replenishes Paycheck Protection Program funds.
April 20, 2020
Congress provided $349 billion for PPP funds, but that money ran out late last week amid high levels of demand as the coronavirus has forced businesses to scale back or close altogether.
April 8, 2020
Loans are now available for eligible small businesses through the Small Business Administration’s Paycheck Protection Program. Here are the details about the loan qualifications and terms.
March 21, 2020
The Families First Coronavirus Response Act was signed into law as a response to the growing health and economic crises with provisions for paid sick leave and expanded unemployment benefits.
February 24, 2020
Tennessee business leaders have more positive views of the economy, and they are more optimistic about the future of the economy and their own business, according to a new survey.
November 14, 2019
Equity-based compensation awards can help companies attract skilled workers and boost performance, although at a costly price. A rule change could bring welcome relief.
July 23, 2019
Starting a new business is an exciting but often expensive journey. Fortunately, many start-up expenses can be deducted on your tax return, but some may have to be amortized over time instead of being taken right away.
March 12, 2019
The third-year survey gives manufacturers and financial leaders insight into the business climate so they have a better idea of what’s to come.
February 1, 2019
Final IRS regulations on the qualified business income deduction are out. How will they affect your 2018 taxes?
January 9, 2019
With the new year comes the need for small business owners to begin filing their 2018 income tax returns. The TCJA could significantly alter your tax liability compared to previous years. Refresh yourself now on its major provisions.
December 11, 2018
U.S. companies should pay close attention to a narrow section of the Tax Cuts and Jobs Act that requires businesses to recognize revenue for tax purposes no later than when it’s recognized for financial reporting purposes.
December 10, 2018
Recently proposed IRS regulations on business interest expense deductions help provide clarity after TCJA changes.
August 23, 2018
Small business owners will see changes as a result of the U.S. Supreme Court’s ruling on online sales taxes. And despite some uncertainties, now is the time to prepare.
August 20, 2018
The IRS has shared its new highly anticipated and complex regulations for the new deduction of up to 20 percent of qualified business income from pass-through entities. Here’s an overview of the biggest issues and changes.
July 3, 2018
The U.S. Supreme Court’s decision in South Dakota vs. Wayfair Inc. has cleared the way for states such as Tennessee to collect sales tax on out-of-state online sales. State and local governments have joined brick-and-mortar retailers in welcoming the change.
July 14, 2017
Income and losses from investment real estate or rental property are passive by definition — unless you’re a real estate professional. Why does this distinction matter?
May 30, 2017
Retention guidelines help determine whether to keep or destroy tax records.
March 7, 2016
Today it’s becoming increasingly common to work from home. But just because you have a home office space doesn’t mean you can deduct expenses associated with it.