Tax Department's articles on BeachFleischman CPAs

EIDL program retooled for still-struggling small businesses

September 22, 2021 Tax Department COVID-19, Tax Bites ARPA, CARES, COVID-19, EIDL, SBA disaster loans

Many small businesses are still feeling the pressure of the pandemic. If yours needs a loan, check out the SBA’s newly enhanced COVID-related EIDL program.

Tax depreciation rules for business automobiles

September 21, 2021 Tax Department Tax Bites business vehicles, depreciation, tax deductions

Claiming depreciation deductions for a passenger automobile can involve complex calculations. Here are the basic rules.

Selling a home: Will you owe tax on the profit?

September 15, 2021 Tax Department Real Estate, Tax Bites home sales, home sales tax, NIIT

If you’re selling your principal residence, some or all of the profit may be tax free. It depends on your home sale profit and your income. Here are the basic rules.

Planning for year-end gifts with the gift tax annual exclusion

September 8, 2021 Tax Department Estates & Trusts, Tax Bites annual gift tax exclusion, estate tax, estate tax exemption, estate tax law, gift tax

There have been proposals in Washington to reduce the estate and gift tax exemption amount, as well as make other changes to the estate tax laws. Making tax-free gifts by year end can reduce the size of your taxable estate and may be one way to recognize and address this potential threat.

Large cash transactions with your business must be reported to the IRS

August 11, 2021 August 12, 2021 Tax Department Cannabis, Financial & Professional Services, Hospitality, Tax Bites Form 8300, large cash transactions, related transactions

Certain types of businesses receive large payments of cash. They may be required to report the transactions to the IRS. Here are the rules.

IRS issues ERC guidance as Congress mulls early termination

August 10, 2021 August 13, 2021 Tax Department COVID-19, Tax Bites CAA, CARES, COVID-19, employee retention credit, ERC, PPP

Fresh IRS guidance is available for employers claiming the Employee Retention Credit in the third and fourth quarters of 2021.

SBA streamlines forgiveness for smaller PPP loans

August 5, 2021 August 9, 2021 Tax Department COVID-19, Tax Bites PPP, PPP Loan Forgiveness, SBA

The SBA has eased the process of forgiving a PPP loan. Here’s how.

Is an LLC the right choice for your small business?

August 3, 2021 August 20, 2021 Tax Department Tax Bites business entity, business structure, tax, tax planning

There are several options for operating your small business. For example, a sole proprietorship, an S corporation or a partnership. Take a look at why a limited liability company (LLC) might be right for you.

The deductibility of corporate expenses covered by officers or shareholders

July 27, 2021 July 28, 2021 Tax Department Financial & Professional Services, Tax Bites corporate expenses, deductible expenses

If you spend money personally on behalf of your closely held corporation, you want to make sure either you or the business can deduct the expense. Here are the rules.