Further Explanation on 100% of Business Meals Deductibility in 2021 & 2022
On Thursday April 8th, the IRS issued Notice 2021-25 providing further guidance on when the temporary 100% deduction for meals applies and when the 50% limitation continues to apply. In addition, the IRS explains the [...]
PPP Deductions may be coming for California
Today the U.S. Department of the Treasury has officially announced that States are allowed to conform to Federal law on PPP loan deductibility. A few weeks ago California AB 80 was stalled as the state [...]
Stress Awareness Month
Have you been feeling a little or a lot overwhelmed, have deadlines and a super long to-do list, and you’re just in over your head? Not to mention Tax Day is quickly approaching! Well, you’re [...]
Friendly Reminder
Federal and state quarterly estimated payments (January 1 – March 31) for individuals and C-Corps are due April 15, 2021.
Important Update
The IRS has extended the deadline for individuals to make 2020 contributions to their IRA’s (Traditional and ROTH), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). [...]
PPE is Tax Deductible
Did you know face masks and other personal protective equipment to prevent the spread of COVID-19 are tax-deductible? Today the IRS issued Announcement 2021-7 clarifying that the purchase of personal protective equipment, such as masks, [...]