While PPP 2 grabs the headlines and businesses scramble to figure out if they can qualify for additional forgivable loans, another key benefit from the Consolidated Appropriation Act of 2021, shouldn’t be overlooked. The expansion of the Employee Retention Credit (ERC) has both retroactive benefits related to the credit for 2020 as otherwise applied under the…

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The Consolidated Appropriations Act, 2021 (CAA 2021) has a few different benefits for businesses including another round of PPP, payroll tax benefits and what I’m going to talk about in this article, a number of income tax items. There are nine business income tax items in the Consolidated Appropriations Act, 2021 (CAA, 2021). Of those, here…

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The federal tax credit for increasing research activities (research credit) provides a permanent tax benefit for many kinds of businesses. For many companies the credit can be a substantial tax savings. However, subsection (g) of the tax code (IRC 41) brings a significant limitation to owners of sole proprietorships and flow-through entities, like LLCs taxed…

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This one’s for my tax professional colleagues… Ever wondered how to best represent your clients under IRS audit? I’ve had the opportunity to work with former IRS agents as well as pick up a few things as a tax adviser. Here are a few tips on what you should know about the interview with an IRS auditor.…

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