Business Planning


On March 27, 2020, President Trump signed the #Coronavirus Aid, Relief, and Economic Security Act (#CARESAct) into law. As described in our previous posts and client alerts, the law provides more than US$2 trillion in emergency economic relief to individuals and businesses affected by the coronavirus through numerous new stimulus and aid programs.   Paycheck Protection Program (PPP) – 7(a) Loan Program   Section 1102 of the...

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These are unprecedented times in our economy. We continue to track the evolving landscape of financial programs offered to small businesses disrupted by the coronavirus (COVID-19).  The U.S. Small Business Administration (“SBA”) is offering loans through additional funding provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act recently signed by President Donald Trump.   SBA Disaster Loans as a Tool for...

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An economic downturn is a phase of the business cycle in which the economy is in decline. This phase basically marks the end of the period of growth in the business cycle. Economic downturns are characterized by decreased levels of consumer purchases (especially of durable goods) and, subsequently, reduced levels of production by businesses. While economic downturns are admittedly difficult and are formidable obstacles to small...

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Last week, someone approached me with this situation, “I closed my S corporation with the state in 2017. However, during 2018 I’ve had unexpected expenses from the defunct S corporation. I paid those expenses from personal funds. Where can I deduct those expenses? You should have seen his face when I told him that he was out of luck. Neither he nor the S corporation can deduct those expenses. No Deduction for the S Corporation...

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  You likely have heard conflicting information on the deductibility of business meals with clients and prospects. I have spent time researching this issue, and my conclusion is that tax reform eliminated tax deductions for business meals with clients and prospects.   Before the 2017 The Tax Reform Act there were two conditions to client and prospect meals:   Required you to establish that the meal was directly related...

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