irs

PPP expenses are now Deductible

As we had anticipated in our previous posts, the IRS has changed its position in 2020-32 guidance. On January 6, 2021, the IRS released Revenue Ruling 2021-02 which confirms the deductibility of eligible PPP expenses. As mentioned by the IRS, the new ruling "...reflects changes to law contained in the COVID-related Tax Relief Act of

By |2025-01-11T11:28:50+00:00January 6th, 2021|Categories: Business|Tags: , , , , |

NJ Tax Relief for Business Owners in 2020 Taxes

NJ Tax Relief – Business Alternative Income Tax (BAIT) New NJ Law Permits State Income Tax Deduction Under Certain Circumstances Using Pass-through Entities. If you have NJ income, and a partnership, LLC or S-Corp, we recommend discussing with your accountant how to take advantage of this new law. New Jersey recently enacted the Pass-Through Business

By |2025-01-11T09:57:30+00:00December 3rd, 2020|Categories: Business|Tags: , , , , , , , |
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