Dec 23, 2020 | Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
After months of negotiation and wrangling over additional coronavirus (COVID-19) pandemic relief legislation, House and Senate leaders struck a bipartisan funding deal over the weekend. Last night the U.S. House of Representatives and Senate overwhelmingly passed H.R....
Dec 21, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
Congress has been furiously debating the provisions of a relief package: what to provide, to whom and how much. Although the lawyers are still getting the details down on paper, the main provisions are clear. We’ll be revisiting this topic in the coming days as...
Nov 19, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Medical Practices, Not-for-Profit, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
On Wednesday, November 18, 2020, the U.S. Treasury Department and IRS issued, in a press release, additional guidance that clarifies the deductibility of expenses where a business received a Paycheck Protection Program (PPP) loan. Per the newly issued revenue...
Oct 14, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Medical Practices, Not-for-Profit, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
According to a recent release from the Small Business Administration, borrowers can apply for forgiveness of their PPP loan using new SBA Form 3508S if the total PPP loan amount they received from their lender was $50,000 or less. “SBA Form 3508S requires fewer...
Oct 8, 2020 | Business Planning, Closely Held Business, Coronavirus Updates, Coronavirus Updates, Employee Benefit Plans, Government Contracting, Hospitality, Medical Practices, Not-for-Profit, Personal Financial Planning, Private Equity-SBICs and Venture Capital, Real Estate, Tax News
From a tax perspective, the distinction between hobbies and businesses is important because businesses can deduct losses, but hobbies cannot. The Tax Cuts and Jobs Act kept the itemized deductions for allocable mortgage interest and property taxes. However, by...
Sep 28, 2020 | Business Planning, Coronavirus Updates, Coronavirus Updates, Hospitality, Medical Practices
The technology for touchless payments (also called “tap” or “contactless”) has been around for a while, but customers continued to prefer the tactile experience of punching a PIN pad or signing with a pen. With touchless payments, customers...
