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Returning Value Blog

Launching a Business? How to Treat Start-up Expenses on Your Tax Return

Posted by Jessica L. Pagan, CPA on Jun 23, 2020

While the COVID-19 crisis has devastated many existing businesses, the pandemic has also created opportunities for entrepreneurs to launch new businesses. For example, some businesses are being launched online to provide products and services to people staying at home.

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Posted in Business Tax

The CARES Act Liberalizes Net Operating Losses

Posted by Marty Williams, CPA on May 21, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates 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 with relief from the novel coronavirus (COVID-19) crisis.

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Posted in Business Tax

Fortunate Enough to Get a PPP Loan? Forgiven Expenses Aren't Deductible

Posted by Jessica L. Pagan, CPA on May 18, 2020

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:

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Posted in Business Tax

Business Charitable Contribution Rules Have Changed Under the CARES Act

Posted by Lesley L. Price, CPA on May 12, 2020

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. Here are two changes that affect businesses.

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Posted in Business Tax

A Return to Work in The New Normal

Posted by Jessica L. Pagan, CPA on Apr 27, 2020

As the response to the COVID-19 pandemic progresses, many companies have established operational crisis management teams and adjusted to global restrictions on work and movement. Executives are now beginning to ask the question: How are we going to return to work?

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Posted in Business Tax

The New COVID-19 Law Provides Businesses With More Relief

Posted by Lesley L. Price, CPA on Apr 16, 2020

On March 27, President Trump signed into law another coronavirus (COVID-19) law, which provides extensive relief for businesses and employers. Here are some of the tax-related provisions in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). 

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Posted in Business Tax

Relief From Not Making Employment Tax Deposits Due to COVID-19 Tax Credits

Posted by Nick Wheeler, CPA on Apr 13, 2020

The IRS has issued guidance providing relief from failure to make employment tax deposits for employers that are entitled to the refundable tax credits provided under two laws passed in response to the coronavirus (COVID-19) pandemic. The two laws are the Families First Coronavirus Response Act, which was signed on March 18, 2020, and the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act, which was signed on March 27, 2020.

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Posted in Business Tax

Coronavirus (COVID-19): Tax Relief for Small Businesses

Posted by Nick Wheeler, CPA on Mar 24, 2020

Businesses across the country are being affected by the coronavirus (COVID-19). Fortunately, Congress recently passed a law that provides at least some relief. In a separate development, the IRS has issued guidance allowing taxpayers to defer any amount of federal income tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest. 

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Posted in Business Tax

Determine a Reasonable Salary for a Corporate Business Owner

Posted by Lesley L. Price, CPA on Mar 12, 2020

If you’re the owner of an incorporated business, you probably know that there’s a tax advantage to taking money out of a C corporation as compensation rather than as dividends. The reason is simple. A corporation can deduct the salaries and bonuses that it pays executives, but not its dividend payments. Therefore, if funds are withdrawn as dividends, they’re taxed twice, once to the corporation and once to the recipient. Money paid out as compensation is taxed only once, to the employee who receives it.

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Posted in Business Tax

Do You Run Your Business From Home? You Might Be Eligible for Home Office Deductions

Posted by Marty Williams, CPA on Mar 04, 2020

If you’re self-employed and work out of an office in your home, you may be entitled to home office deductions. However, you must satisfy strict rules. 

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Posted in Individual Tax, Business Tax

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