June 10, 2022
The IRS has increased the optional standard mileage rate by 4 cents per mile, its first mid-year mileage rate adjustment in 11 years.
January 7, 2022
If you received a Child Tax Credit or third-round Economic Impact Payment in 2021, watch your mailbox for a letter from the IRS – it will include key dollar amounts that you’ll need to complete your 2021 federal tax returns.
December 10, 2021
The early end of the employee retention credit surprised employers who had been underpaying payroll taxes in anticipation of the tax break. But there’s a collective sigh of relief after news from the IRS.
September 17, 2021
If your business hasn’t already claimed the Employee Retention Tax Credit, now is the time to check on your eligibility. The money can help with the costs you incur in hiring and retaining employees during the pandemic.
July 23, 2021
If you received a PPP loan, important forgiveness deadlines are approaching quickly. Are you prepared?
July 3, 2021
Tennessee offers a variety of tax-saving credits. Do you know what’s available and how they could help your business?
March 31, 2021
Eligible businesses affected by the COVID-19 pandemic now have until May 31 to apply for a PPP loan. Here’s the latest updates on the popular loan program.
March 17, 2021
The IRS has pushed back the tax filing deadline to May 17 to help ease the burden on Americans dealing with economic upheaval caused by the COVID-19 pandemic.
February 26, 2021
The Biden administration has announced several reforms to the popular Paycheck Protection Program (PPP) to bring greater relief to the smallest and most vulnerable businesses. Among other things, the administration is imposing a two-week moratorium on loans to companies with 20 or more employees and focusing on smaller businesses. It’s also changing several program rules to expand eligibility for the 100% forgivable PPP loans.
February 13, 2021
Tennessee business leaders say their outlook for 2021 has dropped significantly from 2020, according to the latest Tennessee Business Barometer. Although outlook had surged higher in October prior to the election, optimism for a brighter future has now faded.
January 25, 2021
Employee retention credits, PPP loans, business meal deductions, and deferred payroll taxes are just some of the provisions of the latest stimulus package that could affect your business.
December 22, 2020
A massive new round of federal stimulus spending includes a PPP loan fix, new loan possibilities for small businesses, additional unemployment benefits, and $600 stimulus checks for individuals.
November 20, 2020
The IRS has issued more guidance to clear up the tax treatment of expenses when a loan from the Paycheck Protection Program hasn’t been forgiven by the end of the year.
November 5, 2020
New SBA questionnaires request information related not only to the economic condition of the borrower at the time it received the PPP loan but also about its economic experience after receiving the loan.
October 9, 2020
The SBA and U.S. Treasury Department have issued a streamlined loan forgiveness application for businesses with Paycheck Protection Program loans of $50,000 or less. The measure further simplifies the loan forgiveness process.
September 8, 2020
The SBA has published a new interim final rule related to the Paycheck Protection Program created by the Coronavirus Aid, Relief, and Economic Security Act. The IFR addresses treatment of certain owner-employees and limitations on eligibility of certain non-payroll costs for loan forgiveness.
August 7, 2020
As businesses work to recover from the effects of the COVID-19 pandemic, everyone should be on the lookout for opportunities to reduce taxes. One method that manufacturers often overlook is the research and development tax credit.
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 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.
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 16, 2020
The IRS and the U.S. Department of Treasury have announced new ways for taxpayers to track their stimulus payment resulting from the recent CARES Act.
April 10, 2020
New IRS and Federal Reserve decisions add more flexibility for taxpayers and employers.
March 19, 2020
The Tax Cuts and Jobs Act eliminated some of the deductions for business-related meal and entertainment expenses but led to confusion. New guidance from the IRS helps address the questions.
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.
October 18, 2019
The Section 179 deduction and bonus depreciation for business assets have been increased and expanded in time for the 2019 tax year.
July 25, 2019
The six chosen are among 50 from Middle Tennessee selected for the Nashville Business Journal’s annual listing of financial industry leaders.
July 24, 2019
If you’re covered by Medicare, you already know it can be confusing. You may not know that, if you qualify, you can deduct the cost of premiums (along with other medical costs) on your tax return.
April 24, 2019
Glitches in the Tax Cuts and Jobs Act require fixes, and tax extenders have yet to be extended. Here’s what needs fixing and what tax provisions need extending.
April 19, 2019
Just because your tax return has been filed doesn’t mean you don’t still have questions. We’re often asked about refund status, record retention, and amended tax returns. Here are the answers.
February 1, 2019
Final IRS regulations on the qualified business income deduction are out. How will they affect your 2018 taxes?
January 15, 2019
Home healthcare providers will face changes because of new Section 199A guidelines, but those changes are based on a variety of factors, including exactly how the entity relates to “the field of health.”
November 18, 2018
The Tax Cuts and Jobs Act (TCJA) includes a broad range of tax changes impacting both individuals and business entities, including changes that directly impact healthcare companies and physician practices.
August 17, 2018
Changes to the tax law have helped produce bigger paychecks for some taxpayers, but they also could lead to less withholding and a bigger tax bill next year.
May 5, 2017
All private companies with more than one owner — no matter how they are structured — should have a buy-sell agreement to spell out how ownership will change hands should an owner depart.