Economic Injury Disaster Loan Payments Extended by SBA
The Small Business Administration (SBA) announced that the due date for repayment of emergency loans made in 2020 is now extended to 24 months from when it was issued, instead…
Tax Professional’s Guide to the Solar Power Tax Credit
Accountants and tax professionals often prefer the Investment Tax Credit (ITC) due to its lack of cap on value. However, it is essential to note that this nonrefundable credit will…
S Corporation Payouts Ruled As Wages By Tax Court
The IRS is always on the lookout for creative tax avoidance techniques, and one that has proven effective in recent years was treating wages as other forms of payment, such…
Excess Business Loss Rule Explained
The American Rescue Plan has provisions that allow for the disallowance of losses incurred in certain business transactions. This plan will let taxpayers take advantage of previously closed rules, expanding…
September 11th Remembered
What were you doing 21 years ago on that fateful day? I was sitting in my family room with my wife and then one-year-old daughter watching the Today Show. The…
Tax Professional’s Guide to 1099-K Reporting Essentials
The changes to Form 1099-K will be implemented in 2022 and will focus on third-party settlement organizations, so tax professionals have some time to prepare. The American Rescue Plan has…
Green Energy Credits From Inflation Reduction Act Are Saleable
A new market for tax credits is forming based on the Inflation Reduction Act. Bankers and attorneys are determining how to transfer these credits from the companies that generate them…
High Inflation Creates Terrible Day For Stock Market
The Consumer Price Index (CPI) rose 8.3% in August as compared to prices one year ago. This was down from 8.5% in July and 9.1% in June, but that's not…
Modifications Proposed for Self-Employment Taxes
The Biden administration has proposed significant revisions to the self-employment tax rules in "The Green Book." Here's what you need to know about these changes and how they could impact…
Self-Employment Tax Triggers Deferred Compensation
Sometimes, keeping track of all the tax rules can be challenging. This is especially true if you're not sure when your next payment will come in or how much money…