By month: June 2020

Nine Insights into PPP Loan Forgiveness for the Self-Employed

When you are self-employed with no employees, the PPP program is a COVID-19 gift. If you now have your PPP funds, you need to review this article for insights on how to handle the money. After all, the idea is to have the loan forgiven.

Six Insights into the PPP for Partnerships

The PPP free-cash program to assist businesses during the COVID-19 pandemic is gaining traction and clarity. If you operate your business as a partnership, you have several recent developments that make the free-cash program more to your benefit, as we explain in this article.

Q&A: Are Classes in How to Fix and Flip Houses Deductible?

If you are going to start a new business, you need to know the difference between the expenses you incur before you start the business and the expenses you incur once you have the business started. With proper planning, you can deduct all the expenses, but improper planning can cost you big money.

Create Deductions: Use Your Vacation Home for Business Lodging

The properly used business vacation home or condo does not run up against the oppressive vacation-home, passive-loss, or entertainment-facility rules. That’s a huge plus. And with the COVID-19 pandemic, use of the vacation home for business lodging makes good sense.

Taking Advantage of Partnership Special Allocations

The partnership choice of entity allows special allocations of income and expenses to individual partners, which can give the partnership a leg up as your possible choice of business entity. In this article, we explore the allocation rules and give you the ins and outs.

COVID-19: Two New Retirement Account Strategies You Need to Know

The CARES Act changed several retirement account–related rules. The changes opened up some time-limited windows for tax year 2020 strategies that can save you tax dollars. In this article, we discuss (a) how you might be able to undo an RMD you already took and (b) how to get a special tax benefit for a Roth IRA conversion.

COVID-19 Relief If You Work Abroad or Travel to the U.S. to Work

If you live in a foreign country, you may have had to come back to the U.S. due to COVID-19. If you are a non-resident alien, you might not have been able to leave the U.S. due to COVID-19. In either situation, you could have big tax costs—but the IRS has provided you possible relief in either situation.

Q&A: Is the EIDL Advance Taxable?

The IRS issued guidance that business expenses used to create PPP loan forgiveness are non-deductible. If you received an EIDL emergency advance, you might wonder if that advance is taxable to you or reduces your deductible business expenses. The IRS hasn’t given specific guidance, but we’ll give you our opinion on how this money will be treated.


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