Businesses Should Review Sales Tax Laws
It’s been more than two years since the U.S. Supreme Court ruled in South Dakota v. Wayfair that states may require out-of-state sellers to collect sales and use tax even if they lack a physical presence in a state. Since that time, most states that have a sales tax...
Utilizing Qualified Disaster Relief Payments for Work-at-Home Employees
If your business employed individuals who were forced to work at home during the pandemic, there is a year-end tax planning strategy available that benefits both you, the employer, and your employees. On March 13, 2020, President Donald Trump declared COVID-19 a...
No Tax Deductions for PPP Loan Expenses
To stop Paycheck Protection Program (PPP) loan participants from claiming deductions and then later getting forgiveness for eligible PPP loan expenses, like payroll and rent, the IRS has issued Revenue Ruling 2020-27. As a result of this ruling, borrowers who have...
Do You Know the “Hidden” Advantage of HSAs?
A Health Savings Account (HSA) coupled with a high-deductible health plan can be a powerful tool for funding medical expenses on a tax-advantaged basis. For 2020, individuals with self-only coverage can make up to $3,550 in tax-deductible contributions to an HSA,...