business deductions

Is Remote Employees’ Transportation and Travel to the Office Taxable or Nontaxable?

  Many businesses are now allowing employees great flexibility to choose their work location. A common work arrangement allows an employee to regularly work remotely (e.g., from their personal residence) and to work in the employer’s office as needed. Employers are asking whether the expenses incurred by the remote employee

2022-08-02T09:13:03-06:00August 2nd, 2022|

Expenses Paid with Forgiven PPP Loan Proceeds are NOT Tax Deductible

In Notice 2020-32, IRS recently provided guidance on the deductibility of expenses paid with proceeds from the Paycheck Protection Program loan for federal income tax purposes. The notice states that no deduction is allowed under the federal code for an expense that is otherwise deductible if the payment of the

2021-04-12T14:54:14-06:00May 4th, 2020|

Tax Law Changes – Further Consolidated Appropriations Act

Highlights of the Further Consolidated Appropriations Act, 2020 The federal government spending package titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. The agreement

2021-04-12T14:54:37-06:00December 30th, 2019|

Understanding the TCJA Limit on Interest Expense Deductions

The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses, including  slashing corporate income tax rates, temporarily reducing individual rates, and it established a new 20% deduction for certain pass-through income. However, the TCJA also placed limits on several tax breaks, including the amount for

2021-04-12T14:55:07-06:00October 15th, 2019|

Now is Good Time to Buy Equipment & Other Depreciable Assets

The Section 179 depreciation deduction for business property gives businesses some good news. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time. And, it was increased and expanded by the Tax Cuts and

2021-04-12T14:55:09-06:00July 30th, 2019|
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