The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can… Read More
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Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren’t Deductible
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan. Specifically, an expense isn’t deductible if both: The payment of the expense results in forgiveness of a loan… Read More
Safe Harbor for PPP Loans of Less Than $2 Million
On May 13, the Small Business Administration (SBA) updated its Paycheck Protection Program Frequently Asked Questions page to clarify how they will determine if a borrower applied in good faith out of monetary necessity. It states: “Any borrower that, together… Read More
CARES Act Provides 4 Possible Reasons to File an Amended Return
The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already… Read More
Business Charitable Contribution Rules Have Changed Under the Cares Act
In light of the novel coronavirus (COVID-19) pandemic, many businesses are interested in donating to charity. In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions…. Read More
Maryland Small Business COVID-19 Emergency Relief Grant Fund
This $50 million Grant Fund offers working capital to provide interim relief for Maryland small businesses and nonprofits whose operations were disrupted due to COVID-19. Terms and conditions Grants of up to $10,000, which cannot exceed 3 months of operating… Read More
Managing Cash Flow Amid a Crisis
The COVID-19 pandemic is wreaking havoc on the world economy, and businesses in all industries are feeling the effects. In these uncertain times, it’s imperative that business leaders have a strategy in place for managing cash flow. Here are a… Read More
Increase the Chances of Having Your PPP Loan Forgiven
Part of the CARES Act, the Paycheck Protection Program (PPP) offers loans to small businesses impacted by the COVID-19 pandemic. A business owner can borrow up to 2.5 times their monthly payroll costs or $10 million, whichever is greater. The… Read More
New COVID-19 Law Makes Favorable Changes to “Qualified Improvement Property”
The law providing relief due to the coronavirus (COVID-19) pandemic contains a beneficial change in the tax rules for many improvements to interior parts of nonresidential buildings. This is referred to as qualified improvement property (QIP). You may recall that… Read More
COVID-19 Tax Relief: TCJA Loss Limitation Rules Are Eased
The Coronavirus Aid, Relief, and Economic Security (CARES) Act unwinds some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how the rules for claiming certain tax losses have been modified to provide businesses and… Read More