With Joe Biden being projected as the winner of the presidential election you may be wondering if your federal taxes will be affected.
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We are excited to announce that we will be using a new electronic delivery platform that will simplify the client delivery process. While we cannot get rid of your tax-filing requirement, we can make the process hassle-free by leveraging SafeSend Returns. SafeSend Returns allows us to automate the delivery, review, and signature of your federal and state income tax returns from the convenience of your computer, smartphone, or tablet. It is user-friendly, highly secure, and an easier way for you to manage your tax return.
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The IRS recently issued guidance, with Revenue Ruling 2020-27, on the timing of the non-deductibility of the expenses associated with the PPP loan funds received, and Revenue Procedure 2020-51 offering a safe harbor on how to deduct expenses for any unforgiven amount. The Revenue Ruling generally states that if a borrower has a reasonable expectation of loan forgiveness, expenses can’t be deducted to the extent that they’re paid for with the loan. That’s true regardless of when the loan is forgiven.
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Wow, what a year it's been for us all. Where has the time gone? Somehow, we are approaching year-end already. Since it's that time of year, we wanted to provide some possible ideas to help with 2020 tax bills. Below Are some year-end planning moves for individuals.
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Disclaimer: these videos are meant to be general information on accounting basics and are not meant to be a definitive statement on tax rules and regulations. For specific advice on a situation, please contact us.
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Disclaimer: these videos are meant to be general information on accounting basics and are not meant to be a definitive statement on tax rules and regulations. For specific advice on a situation, please contact us.
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Applications for the Louisiana Main Street Recovery Program opened on July 28, 2020, providing grants to assist Louisiana small businesses in their recovery from the economic impacts of COVID-19. The program is administered through the Louisiana Department of Treasury. The funds for the Program were part of the CARES Act funding the State of Louisiana received, with $275 million available in the program.
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