Business Tax Resources
Reading Time: 2 minutes Reminder – Taxpayers who have a Sales and Use Tax liability in excess of $250,000 in the state’s prior fiscal year (July 1 to June 30), are required to make an accelerated payment of the expected June sales tax liability.
Reading Time: 2 minutes Employers can issue tax-free disaster payments to their employees under Section 139 of the Internal Revenue Code. The payments are deductible for the employer, but not included in the income of the employee.
Reading Time: < 1 minute On Thursday, April 30, the IRS released Notice 2020-32. It disallows a tax deduction for any expenses paid via a forgiven Paycheck Protection Program (PPP) loan.
Reading Time: < 1 minute The CARES Act contains a number of provisions impacting businesses. This chart is meant to highlight the tax modifications and provide some potential planning ideas.