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Lesley L. Price, CPA

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Biden Administration Unveils Tax Blueprint

Posted by Lesley L. Price, CPA on Apr 06, 2021

On March 31, 2021, the Biden administration unveiled a job and infrastructure plan, the American Jobs Plan, to address the nation's pressing infrastructure needs. The plan calls for about $2 trillion in spending over eight years. To pay for these expenditures, the plan also includes a proposed overhaul of the corporate tax system that would increase the corporate tax rate and the global minimum tax, eliminate federal tax benefits for fossil fuel companies, and strengthen enforcement against corporations.

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Posted in Business Tax

Business Highlights in the New American Rescue Plan Act

Posted by Lesley L. Price, CPA on Mar 17, 2021

President Biden signed the $1.9 trillion American Rescue Plan Act (ARPA) on March 11. While the new law is best known for the provisions providing relief to individuals, there are also several tax breaks and financial benefits for businesses.

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Posted in Business Tax

Many Tax Amounts Affecting Businesses Have Increased For 2021

Posted by Lesley L. Price, CPA on Feb 08, 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.

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Posted in Business Tax

Can Your Business Benefit From the Enhanced Employee Retention Tax Credit

Posted by Lesley L. Price, CPA on Jan 14, 2021

COVID-19 has shut down many businesses, causing widespread furloughs and layoffs. Fortunately, employers that keep workers on their payrolls are eligible for a refundable Employee Retention Tax Credit (ERTC), which was extended and enhanced in the latest law.

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Posted in Business Tax

The QBI Deduction Basics and a Year-End Tax Tip That Might Help You Qualify

Posted by Lesley L. Price, CPA on Dec 08, 2020

If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction.

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Posted in Business Tax

Choose Wisely When Naming the Right Personal Representative

Posted by Lesley L. Price, CPA on Nov 04, 2020

If you have a will instead of a trust, choosing the right person to serve as the personal representative should be made only after careful consideration. While many of us have clarity on who our beneficiaries are, we often do not take considerable concern into the pivotal role of a personal representative.

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Posted in Estate Planning

Gifts in Kind: New Reporting Requirements for Nonprofits

Posted by Lesley L. Price, CPA on Oct 08, 2020

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details.

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Posted in Not For Profit

President Signs Protecting Nonprofits From Catastrophic Cash Flow Strain Act Into Law.

Posted by Lesley L. Price, CPA on Oct 05, 2020

August 3, 2020, President Trump signed the legislation to assist nonprofits and government entities into law.

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Posted in Not For Profit

Business Website Costs: How to Handle Them for Tax Purposes

Posted by Lesley L. Price, CPA on Sep 22, 2020

The business use of websites is widespread. But surprisingly, the IRS hasn’t yet issued formal guidance on when Internet website costs can be deducted.

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Posted in Business Tax

File Cash Transaction Reports for Your Business — On Paper or Electronically

Posted by Lesley L. Price, CPA on Aug 05, 2020

Does your business receive large amounts of cash or cash equivalents? You may be required to submit forms to the IRS to report these transactions.

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Posted in Business Tax

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