Posts made in November, 2020


The IRS Strikes Back!

The IRS Strikes Back!


Posted By on Nov 19, 2020

On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing desperately needed guidance on the timing issues related to Paycheck Protection Program (PPP) loan forgiveness and the deductibility of the related PPP expenses. Since May 2020 with the release of Notice 2020-32 we have known that expenses used to qualify for loan forgiveness would not be eligible tax deductible expenses. In other...

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Financial forecasting is the process of predicting the future outcome of economic, marketing, and financial trends. It is the process of estimating or predicting a business’s future performance. The financial prognosis obtained through the financial forecasting process will help you predict how your business will look financially in the future. Analysis of future trends in areas like sales performance and customer behavior is key to...

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With the COVID-19 pandemic still going on, you may be spending more time working from your home office. You may have taken some extra rooms for your business use. Is that okay? Section 280A(c) states that you may claim a home office based on the portion of the dwelling that you use exclusively and regularly for business. Thus, the law dictates no specific number of rooms or particulars regarding the size of the office. The courts make...

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Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include: 7(a) loans: general small business loans of up to $5 million, 504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate, and microloans: short-term loans of up to $50,000 for small businesses. If so, you have already benefited, or soon will...

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