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New York Ruling Addresses Sales Tax on Single Charge for Software and Services
When a business provides multiple products/services, each one must be separately analyzed to determine taxability for sales tax purposes. If…
Do You Know Where Your Employees Are?
Do you need a payroll tax review? As if complying with payroll-related taxes isn’t difficult enough, with telecommuting becoming the new…
IRS Approves Deduction for Entity-Level Income Tax Payment Made by Pass-Through Entities
In response to the $10,000 SALT deduction limitation under the Tax Cuts and Jobs Act, several states enacted pass-through entity-level…
Partner is Subject to California $800 LLC Fee Based on Flow-Through of Partnership Factors
When determining if a limited liability company is doing business in California and owes the $800 LLC Tax, it must…
What You Need to Know About PPP Economic Uncertainty Certification
On December 9, 2020, the Small Business Administration (SBA) released Paycheck Protection (PPP) Loan FAQ 53 which answers the question “Why are some PPP borrowers receiving a Loan Necessity Questionnaire?” As we previously…
CARES Act Reporting Requirements for Provider Relief Funds
The Department of Health and Human Service (HHS) reporting portal for Provider Relief Funds (PRF) opens on January 15, 2020…
IRS Expands Identity Protection PIN Program to All Taxpayers
Starting in Mid-January, 2021, the Internal Revenue Service will begin allowing all taxpayers to receive an Identity Protection Personal Identification…
Important Changes to 1099 Filing Process
The IRS has made changes to the annual 1099 filing process that most employers have become accustomed to. These changes…
Maryland Pass-through Entity Election Can Create Additional Federal Income Tax Deduction
Maryland residents that own a pass-through entity (i.e., partnership or S corporation) can create an additional federal income deduction by…
Technology and the American Healthcare Revolution
Perhaps the most painful realization from the past year is the fragility of the American healthcare system. As COVID-19 challenged…
Reevaluating your tax plans based on the presidential election outcome
Now that Joe Biden has been projected as the winner of the U.S. presidential election by major news outlets*, you…
PPP Loan Necessity Questionnaire and More Documentation Requirements
For many borrowers of Paycheck Protection Program (PPP) loans, the loan necessity questionnaires – Form 3509 (used by for-profit entities) and Form 3510 (used by…
3 Tech Growth Strategies For 2021 To Navigate Uncertainty
In a normal year, companies would use the final few months to set new goals and plan for the next…
SBA Releases Details of PPP Loan Borrowers
On December 1, 2020, per order from U.S. District Judge James Boasberg, the Small Business Administration (SBA) released the names,…
CARES Act Enhances Ability to Claim Charitable Deductions for Donated Food Inventory
With the Coronavirus Aid, Relief, and Economic Security (CARES) Act being signed into law on March 27, 2020, Congress added…
The Pulse – What’s happening in the Economy and the Capital Markets: 11/23/20 – 11/27/20
Executive Summary The separation between Wall Street and Main Street re-emerged this week with Wall Street reporting a very strong…
AICPA Pushes Back on PPP Loan Necessity Questionnaire Response backed by 80 National Organizations
We previously discussed the U.S. Small Business Administration’s (SBA) issuance of two loan necessity questionnaires, Form 3509 (used by for-profit entities) and Form 3510 (used by nonprofit entities). This issuance was the first…
IRS Clarifies Tax Implications of PPP Funds
On November 18, 2020, the Internal Revenue Service (IRS) issued Revenue Ruling 2020-27 (Ruling) which provides needed clarity on a taxpayers’ ability…
New Virtual Currency Tax Reporting and Compliance Measures Imminent
Despite explosive growth in the popularity of virtual currency, the Treasury Inspector General for Tax Administration (TIGTA) has determined that…
10 Ways You’ll Benefit from Sage Intacct Budgeting and Planning
The need for control over the budget has never been greater. Equally critical today is the need to quickly adjust…
New Clarity on M&E Deductions Give a Little Wiggle Room
On September 29, 2020, the IRS published the long-awaited final regulations on the deductions for meals and entertainment (“M&E”) expenses….
Is Moving to the Cloud the Right Strategy for Your Business?
To cloud or not to cloud? If you are a growing technology company, moving to the cloud is an increasingly…
The Biden Tax Plan – How it Affects You
With Joe Biden’s presidency all but official certifications away, a hard look at his tax plan should be done between…
Key Performance Indicators (KPI) for Government Contractors
A cornerstone of financial management is understanding and monitoring financial results to achieve profitability goals. Key financial metrics or key…
IRS Liens Away From Many Repayment Requirements to Ease Taxpayers’ Burden During COVID-19 Pandemic
On Monday, November 2, the IRS announced a new initiative to help taxpayers who owe taxes to the IRS, but…
Top Tech Company Retirement Plan Options That Attract Top Talent
Attracting and retaining top talent is a ubiquitous challenge for tech companies and startups, an industry where competition is fierce…
SBA Releases Proposed PPP Loan Necessity Questionnaires for Borrowers $2M or Greater
On October 26, 2020, the U.S. Small Business Administration (SBA) issued a notice seeking approval from the Office of Management…
Missouri Issues Ruling on Taxability of Purchased and Stored Gift Cards
Even though the sale of gift cards to consumers is not subject to sales tax since those transactions are treated…
Arkansas Ruling Treats Short-Term Car Rental Platform as a Marketplace Facilitator
As the sharing economy continues to expand, businesses that create online platforms to facilitate those transactions may be required to…
North Carolina: Summary of Significant Income and Franchise Tax Legislation During the 2020 Session
The North Carolina legislature enacted a tax reform bill that made several changes to the state’s income tax code to…
California Enacts Small Business Jobs Tax Credit
The state of California enacted a jobs tax credit for small businesses that increase employment in the second half of…
Three Top Healthcare IT Growth Trends for 2021 and Beyond
The impact of COVID-19 on the American healthcare system is undeniable. From the explosive growth of telehealth services to the…
Are Your GSA Labor Categories Setting you up for Failure?
Many contractors start to panic when they receive a notice from the General Services Administration (GSA) that it is time…
New Stats Underscore the Value of UK R&D Tax Credits
Each year, Her Majesty’s Revenue & Customs (HMRC) in the UK releases an in-depth compilation of statistics analyzing UK R&D…
Which PPP Loan Forgiveness Application is right for you?
The ever-changing guidance for the Paycheck Protection Program (PPP) loan has caused borrowers to rethink their strategies several times. Now…
Maximizing the Employee Retention Credit – Determining Qualified Wages
If you aren’t familiar with the Employee Retention Credit (“ERC”), then you’ve come to the right place. We’re breaking this…
Equity Incentives: A Way to Grow Your Healthcare IT Company
If you’re involved in a Healthcare IT startup, you’ve likely lost more than a night’s sleep worrying about your technology’s…
Robotic Process Automation for Nonprofits
Efficiency and cost-effectiveness are key to realizing nonprofit organizations’ missions. With modern technology, these key goals can be achieved through…
Taxpayers with Foreign Bank Accounts Affected by U.S. Natural Disasters Get FBAR Deadline Extension
If you are a U.S. taxpayer that typically files a Foreign Bank Account Reporting (FBAR) form on FinCEN 114 and…
SBA Releases Loan Forgiveness Application for PPP Loans $50k or Less
On October 8, 2020, the U.S. Small Business Administration (SBA) released the Interim Final Rule on Additional Revisions to Loan…
Got Crypto? The IRS Doubles Down on Cryptocurrency Income
In 2019, the IRS initiated a new crackdown on virtual currencies and tax compliance. First, the IRS released new guidance…
SBA Releases Additional Interim Final Rule with Significant Changes to the PPP
On October 8, 2020, the U.S. Small Business Administration (SBA) released the Interim Final Rule on Additional Revisions to Loan…
HHS Now Accepting PRF Phase 3 Applications.
Good news for healthcare providers: the HHS just allocated another $20 Billion to the Provider Relief Fund (PRF) for a…
Healthcare IT and HIPAA Compliance: Choosing the Right Level Information Risk Management
Compliance with HIPAA and the growing list of privacy and security standards is essential to the growth of Healthcare IT…
SBA Further Clarifies Deferral of PPP Loan Repayments in FAQ 52
On October 7, the SBA released FAQ 52 to provide clarity regarding the deferral period for payments on Paycheck Protection…
Are Virtual Currency Airdrops Really Taxable? IRS Clarifies New Tax & Reporting Requirements
The IRS released a memo on August 28, 2020, as part of an ongoing campaign to provide clarity on the…
New Procedures for PPP Loans for Changes in Ownership
On October 2, 2020, the SBA released a Procedural Notice (the “Notice”) regarding Paycheck Protection Program Loans and Changes of…
The Most Effective Mechanism to Increase Valuations and Expedite the Sales Process is Anticipatory Sell-Side Diligence
When you are ready to sell your business, the two events you want to avoid are unexpected / unreasonable reductions…