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If you're the victim of a major disaster, you might be entitled to government relief. But you will need records to help you prove disaster-related losses for tax purposes, federal assistance and insurance reimbursement.
The PPP loan program, slated to end on June 30, will now accept applications until Aug. 8, thanks to a last-minute bill passed by Congress.
Every year, eager entrepreneurs try to launch new businesses, hoping to become the next Microsoft or Starbucks. However, a great many will not succeed, as debts pile up and customers fail to materialize. In those cases, bankruptcy may be the only way out. It doesn't have to be the end of the world, but to make the process go as smoothly and quickly as possible, owners should know the basics of how it works.
COVID-19 has triggered many brick-and-mortar entities to to either strengthen or create their online presence. This, in turn, has forced them to address sales tax complexities they didn't have to contend with when all sales were local.
The Internal Revenue Code (IRC) allows taxpayers to claim a business deduction for expenses arising from the qualified use of all or part of a residence, as long as certain conditions are met. This deduction can be a particularly attractive tax planning tool for those who meet one of the following requirements:
Around the world, businesses are emerging from various pauses and lockdowns, some in better shape than others. Many businesses continue to grow and prosper, and many likely are doing so through a merger or acquisition. Others are looking to merge into or be acquired by other businesses.
The M&A market was active before the COVID-19 pandemic shut down many operations. Many pending deals were put on hold, and "proceeding with caution" has become the overriding philosophy of the new M&A marketplace. The net investment tax is a 3.8% surtax on a portion of your modified adjusted gross income (MAGI) over certain thresholds. You might be subject to it even if you manage to avoid paying significant income taxes on your investment income by using deductions and credits.
Everyone wants to protect their families, even after they pass from this world. That’s the purpose of estate plans. But how do you know whether all of the elements of a good plan are in place?
Until recently, employers in only a handful of industries had to provide significant reporting on COVID-19 transmission in the workplace. But as of May 26, new Occupational Safety and Health Administration guidelines require a much wider range of employers to determine whether employees caught the coronavirus at work or while performing work-related activities. If so, managers must record the illness on OSHA Form 300.
No one knows when the COVID-19 pandemic will end or what its true results will be. What is clear, however, is that the nature of commercial business has changed. According to Amperity’s COVID-19 Retail Monitor, as of March 26, overall retail demand was down 86 percent and online revenue was down 64 percent.
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August 2020
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