by Tomasz Borys | Sep 15, 2020 | tax
On September 11, 2020, the IRS released general guidance for the cannabis industry. This is likely a response to a Treasury Department internal watchdog report which was critical of the IRS’ lack of guidance towards the cannabis industry. The guidance is published on... 
by Charles Le | Aug 17, 2020 | tax
The IRS issued a set of proposed regulations on July 30, 2020 that addresses several key accounting issues for small businesses. The issues addressed uncertainties under the Tax Cuts and Jobs Act (TCJA) in connection with simplified accounting procedures covered under... 
by Dana Borys | Jun 23, 2020 | tax
OVERVIEW OF TIGTA REPORT DATED MARCH 30, 2020 The Treasury Inspector General for Tax Administration (“TIGTA”) was established in the 1980’s to provide independent oversight of the Internal Revenue Service’s (“IRS”) activities. On March 30, 2020, TIGTA released... 
by Charles Le | May 7, 2020 | tax
The IRS announced Notice 2020-32 and clarifies that no deduction is allowed for an expense that is otherwise deductible if the payment of the expense results in forgiveness of a PPP loan pursuant to the CARES Act. The income associated with the forgiveness of the PPP... 
by Sara Raby | May 5, 2020 | tax
While many individuals are struggling financially during the COVID-19 pandemic, there are tax planning strategies that can be implemented now for long term income tax savings. Convert IRA to ROTH IRA – If the value of your IRA has taken a dive during this... 
by Sara Raby | Apr 29, 2020 | tax
On April 24, 2020 the SBA issued guidelines for all entities, including self-employed taxpayers and partnerships, with regards to calculating monthly payroll costs in relation to the Paycheck Protection Program (PPP) loans. SELF-EMPLOYED INDIVIDUALS Self-employed... 