2020 Year-End Tax Planning: Changes to Consider in the COVID-19 Era
By Colin Boyle, ALL CPAs Associate Have you been strug [...]
ALL CPAs Announces Staff Promotions & New Hires
Please join ALL CPAs in congratulating the following pr [...]
Lawmakers Unveil Framework of Paycheck Protection Program Round 2 for Small Businesses
A $908 billion COVID-19 economic relief package first unveiled December 1 by lawmakers is gaining traction from congressional Democrats and Republicans, sparking hope that passage could occur soon.
ALL CPAs Named to Forbes America’s Best Tax & Accounting Firms 2021
December 3, 2020 - ALL CPAs was named to the Forbes li [...]
If Seeking PPP Loan Forgiveness, Eligible PPP Expenses Are Not Deductible
Back in May, the IRS issued Notice 2020-32 which stated “no deduction would be allowed for an eligible expense that is otherwise deductible if the payment of the eligible expense results in forgiveness of the covered loan.” This triggered confusion among PPP borrowers, so in November, the IRS issued Revenue Ruling 2020-27 which indicates that because businesses aren't taxed on the proceeds of a forgiven PPP loan, PPP expenses are not deductible if used to obtain PPP loan forgiveness.
Tips for Developing an In-Kind Gifts Acceptance Policy for Your Nonprofit
Given the new reporting and disclosure requirements issued recently in ASU 2020-07, Not-for-Profit Reporting of Gifts-in-Kind, now is a good time to develop or update your nonprofit’s gift acceptance policy.
Household Employee Tax Considerations
Many people are unclear whether the people working in their homes should be considered household employees for tax purposes. For example: if you have a nanny and a landscaper working at your home, would one or both be considered a household employee by the IRS? And why should it matter?
Cash Flow Forecasting Helps Business Owners
The impact of COVID-19 on businesses has been substantial and it has upturned the notion of “business as usual.” Many business owners have found that forecasting cash flow has helped them anticipate potential shortfalls and plan accordingly to cover difficult periods.
New Covid-19 Grants For MA Small Businesses
The Baker administration announced that $50.8 million [...]
SBA Issues Guidance on PPP Loans and Changes of Ownership
COVID-19 has changed many aspects of conducting busine [...]
