Accounting Trends Every Startup Should Follow
The changing conditions of 2020 demonstrated how important vision and preparation are for businesses. Seeing what is coming early can turn challenges into opportunities. That difference can make or break…
Guidance on tax relief for deductions for food or beverages from restaurants
Businesses can temporarily deduct 100% beginning Jan. 1, 2021 The Treasury Department and the Internal Revenue Service issued guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The…
PPE Considered Deductible Medical Expense
The purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses, according to…
Flexibility for Health FSAs and Dependent Care
The IRS has released guidance on temporary special rules under the Taxpayer Certainty and Disaster Relief Act of 2020 for health flexible spending arrangements (FSAs) and dependent care assistance programs…
COVID-19 Relief for Users of the Automobile Lease Valuation Rule
The IRS has provided relief from the consistency rules to certain employers and employees that use the automobile lease valuation rule to determine the value of an employee’s personal use…
Regulations Clarify Rules Related to HRAs
The IRS has released final regulations clarifying the application of the employer shared responsibility provisions and certain nondiscrimination rules to health reimbursement arrangements (HRAs) and other account-based group health plans…
Changes to Medical and Dental Expenses
The Consolidated Appropriations Act, 2021, includes changes to tax benefits for medical expenses. The Act provides for a permanent reduction in the medical expense deduction threshold from 10% to 7.5%…
New law extends COVID tax credit for employers who keep workers on payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose to…
Modifications and Relief for Retirement Plans
The Consolidated Appropriations Act, 2021 provides emergency assistance and health care response for individuals, families and businesses as a result of the Coronavirus (COVID-19) pandemic. The Act also provides relief…
Re-Opening of the Paycheck Protection Program
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, recently announced the re-opening of the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers….
