COVID-19 Business Services
Supporting Your Business Through Covid-19
With an ever-changing economic environment, we find businesses need much more from their CPA than just traditional tax compliance services. Smith Schafer is here to help with a suite of services to support your business through the current challenges.
We recognize your business may be facing decisions you have never had to face, and we are here to help. We are monitoring all bills passed for their impact on our clients and will help you navigate through this season of your business.
Our Latest Blog Posts
The IRS issued Revenue Ruling 2020-27 on November 18th, formally denying the ability to deduct expenses related to PPP forgiveness. In the ruling, the IRS clarified the deduction for PPP expenditures is denied in the period the expenses were incurred (2020), even if the taxpayer waits until 2021 to apply for forgiveness.
On November 5, 2020 we held a free webinar discussing the impacts of recent tax bills and how they can provide businesses with many tax savings opportunities. We are living in a highly unpredictable time period and our tax laws are changing rapidly.
Congress passed the CARES Act and provided funding for Paycheck Protection Program (PPP) Loans. Many of you took advantage of the provisions afforded you related to PPP and the CARES Act.
On October 6, 2020 we held a free webinar discussing how COVID-19 has changed business standards such as revenue recognition, leases, and accounting for PPP loans.
Whether it is working from home, virtual school, or curbside pickup at your favorite restaurant, 2020 has had no shortages of changes and required adaptations. Accounting in 2020 is not exempt from these changes.
The Internal Revenue Service (IRS) finalized guidance regarding business interest expense limitations. Here is an overview of the rules.